16 unchanged sentences
S&P Oil & Gas E&P Index 100.00 167.58 244.21 253.58 251.80 246.96
−Removed: The information in this Annual Report appearing under the heading “Common Unit Performance Graph” is being furnished pursuant to Item 201(e) of Regulation S-K and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act.
+Added: The information in this Annual Report appearing under the heading “Common Unit Performance Graph” is being furnished pursuant to Item 201(e) of Regulation S-K and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201(e) of Regulation S-K, or to the liabilities of Section 18 of the Securities Exchange Act of 1934 ('the Exchange Act').
Securities Authorized for Issuance under Equity Compensation Plans
5 unchanged sentences
Our partnership agreement generally provides that any distributions are paid each quarter in the following manner:
−Removed: • first , to the holders of the Series B cumulative convertible preferred units in an amount equal to 7.0% of the face amount of the preferred units per annum, through November 27, 2023, adjusted to 9.8% effective November 28, 2023 and subject to readjustment every two years thereafter;
+Added: • first , to the holders of the Series B cumulative convertible preferred units in an amount equal to 7.0% of the face amount of the preferred units per annum, through November 27, 2023, then adjusting on November 28, 2023 and readjusting every two years thereafter, to a rate equal to the greater of (i) the rate in effect immediately prior to the relevant readjustment and (ii) the 10-year Treasury Rate as of such readjustment date plus 5.5% per annum (which rate adjusted to 9.8% effective November 28, 2023 and remained the same at 9.8% for November 28, 2025);
• second , to the holders of common units.
2 unchanged sentences
The cash generated from operations for each quarter will generally equal our Adjusted EBITDA for the quarter, less cash needed for debt service, other contractual obligations, fixed charges, and reserves for future operating or capital needs that the Board may determine are appropriate.
−Removed: It is our intent, for at least the next several years, to finance most of our acquisitions and working interest capital needs with cash generated from operations, borrowings under our Credit Facility, our executed farmout agreements, and, in certain circumstances, proceeds from future equity and debt issuances.
+Added: It is our intent, for at least the next several years, to finance most of our acquisitions and working interest capital needs with cash generated from operations, borrowings under our Credit Facility, and, in certain circumstances, proceeds from future equity and debt issuances.
We may also borrow to make distributions to our unitholders where, for example, we believe that the distribution level is sustainable over the long term, but short-term factors may cause cash generated from operations to be insufficient to pay distributions at the then-current distribution levels on our common units.
22 unchanged sentences
Series B Cumulative Convertible Preferred Units
−Removed: The holders of our Series B cumulative convertible preferred units were initially entitled to receive cumulative quarterly distributions in an amount equal to 7.0% of the face amount of the preferred units per annum (the “Distribution Rate”).
−Removed: On November 28, 2023, the Distribution Rate was adjusted to 9.8% and will be readjusting every two years thereafter (each, a “Readjustment Date”).
+Added: The Series B cumulative convertible preferred units were initially entitled to quarterly distributions in an amount equal to 7.0% of the face amount of the preferred units per annum (the “Distribution Rate”).
+Added: The Distribution Rate adjusted on November 28, 2023, and will be readjusted every two years thereafter (each, a “Readjustment Date”).
The rate set on each Readjustment Date is equal to the greater of (i) the Distribution Rate in effect immediately prior to the relevant Readjustment Date and (ii) the 10-year Treasury Rate as of such Readjustment Date plus 5.5% per annum;
provided, however, that for any quarter in which quarterly distributions are accrued but unpaid, the then-Distribution Rate shall be increased by 2.0% per annum for such quarter.
−Removed: We cannot pay any distributions on any junior securities, including any of our common units, prior to paying the quarterly distribution payable to the preferred units, including any previously accrued and unpaid distributions.
+Added: The Distribution Rate was adjusted to 9.8% effective November 28, 2023 and remained the same at 9.8% for November 28, 2025.
+Added: We cannot pay any distributions on any junior securities, including common units, prior to paying the quarterly distribution payable to the preferred units, including any previously accrued and unpaid distributions.
The Series B cumulative convertible preferred units may be converted by each holder at its option, in whole or in part, into common units on a one-for-one basis at the purchase price of $20.39, adjusted to give effect to any accrued but unpaid accumulated distributions on the applicable Series B cumulative convertible preferred units through the most recent declaration date.
However, we shall not be obligated to honor any request for such conversion if such request does not involve an underlying value of common units of at least $10.0 million based on the closing trading price of common units on the trading day immediately preceding the conversion notice date, or such lesser amount to the extent such exercise covers all of a holder's Series B cumulative convertible preferred units.
−Removed: We have the option to redeem all or a portion (equal to or greater than $100 million) of the Series B cumulative convertible at par value, equal to $20.39, within a 90-day period beginning on November 28, 2025, and each second anniversary thereafter.
+Added: We have the option to redeem all or a portion (equal to or greater than $100 million) of the Series B cumulative convertible preferred units during biennial 90-day windows.
+Added: On August 21, 2025, we entered into an agreement with the holders of its Series B cumulative convertible preferred units.
+Added: Under the agreement, we agreed not to exercise our redemption option, and the holders agreed to vote their preferred units in accordance with the recommendations of our Board of Directors on ordinary course matters and to certain customary transfer and standstill restrictions.
+Added: These provisions remain in effect through November 27, 2027, with the next redemption window opening on November 28, 2027.
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.