4 unchanged sentences
In the past several years, global fossil fuel commodity prices have experienced periodic downturns and sustained volatility.
−Removed: In particular, since being sworn into office, President Trump has issued numerous Executive Orders aimed to
−Removed: increase oil production and decrease commodity prices for consumers.
+Added: Since being sworn into office, President Trump has issued numerous Executive Orders aimed to increase oil production and decrease commodity prices for consumers.
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).
1 unchanged sentence
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.
+Added: 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
+Added: and/or taxes.
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.
2 unchanged sentences
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 that are used directly or indirectly in the normal course of coal and oil & gas production such as steel, electricity and other supplies.
+Added: 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.
We manage our risk for these items through strategic sourcing contracts for normal quantities required by our operations.
17 unchanged sentences
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 March 31, 2025.
+Added: We did not have an outstanding balance under either the Revolving Credit Facility or the Securitization Facility at June 30, 2025.
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, 2024.
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.