1 unchanged sentence
Commodity Price Risk
−Removed: We have significant long-term coal sales contracts.
−Removed: Most of the long-term sales contracts are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
−Removed: In the past several years, global fossil fuel commodity prices have experienced periodic downturns and sustained volatility.
−Removed: Since being sworn into office, President Trump has issued numerous Executive Orders aimed to increase oil production and decrease commodity prices for consumers.
−Removed: For example, President Trump declared a “national energy emergency” in early January 2025, and gave the executive branch more power to expedite approvals for energy resource infrastructure (including coal, oil and gas).
−Removed: Additionally, President Trump’s “Unleashing American Energy” and “Reinvigorating America’s Beautiful Clean Coal Industry” Executive Orders incorporated numerous provisions aimed at unburdening and removing impediments to the development of various domestic energy resources, such as coal, oil and
−Removed: In April 2025, President Trump signed an Executive Order that, among other matters, directed the U.S.
−Removed: Attorney General to investigate certain state laws that may adversely impact the development of energy resources, including state laws relating to climate change, environmental, social and governance initiatives, and funds collecting carbon penalties and/or taxes.
−Removed: We cannot predict what impact these Executive Orders or other executive actions may ultimately have on production or the prices we receive for our coal, oil and natural gas.
+Added: We have significant long-term sales contracts.
+Added: Many of the long-term sales contracts are subject to price adjustment provisions, which periodically permit an increase or decrease in the contract price, typically to reflect changes in specified indices or changes in production costs resulting from regulatory changes, or both.
Our results of operations are highly dependent upon the prices we receive for our coal, oil and natural gas.
Regarding coal, the short-term sales contracts favored by some of our coal customers leave us more exposed to risks of declining coal price periods.
−Removed: Also, a significant decline in oil & gas prices would have a significant impact on our oil & gas royalty revenues.
−Removed: We have exposure to coal and oil & gas sales prices and price risk for supplies used directly or indirectly in the normal course of coal and oil & gas production such as steel, electricity and other materials.
+Added: Also, a significant change in oil & gas prices would have a significant impact on our oil & gas royalty revenues.
+Added: We have exposure to coal and oil & gas sales prices and price risk for supplies that are used directly or indirectly in the normal course of coal and oil & gas production such as electricity, steel and other supplies.
We manage our risk for these items through strategic sourcing contracts for normal quantities required by our operations.
9 unchanged sentences
Exchange Rate Risk
−Removed: Almost all our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
−Removed: However, because coal is sold internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
+Added: The majority of our transactions are denominated in United States dollars, and as a result, we do not have material exposure to currency exchange-rate risks.
+Added: However, because we periodically sell our coal internationally in United States dollars, general economic conditions in foreign markets and changes in foreign currency exchange rates may provide our foreign competitors with a competitive advantage.
If our competitors’ currencies decline against the United States dollar or against foreign purchasers’ local currencies, those competitors may be able to offer lower prices for coal to these purchasers.
2 unchanged sentences
Interest Rate Risk
−Removed: Borrowings under the Revolving Credit Facility and Securitization Facility are at variable rates and, as a result, we have interest rate exposure on any amounts drawn under these facilities.
+Added: Borrowings under the Revolving Credit Facility, Term Loan and Securitization Facility are at variable rates and, as a result, we have interest rate exposure on any amounts drawn under these facilities.
Historically, our earnings have not been materially affected by changes in interest rates and we have not utilized interest rate derivative instruments related to our outstanding debt.
−Removed: We did not have an outstanding balance under either the Revolving Credit Facility or the Securitization Facility at September 30, 2025.
+Added: We had $28.1 million in borrowings under Term Loan at March 31, 2026.
+Added: We did not have an outstanding balance under the Revolving Credit Facility and had $45.0 million outstanding under the Securitization Facility at March 31, 2026.
There were no other changes in our quantitative and qualitative disclosures about market risk as set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.