4 unchanged sentences
Risks Related to our Business
−Removed: The COVID-19 pandemic and the significant decline in commodity prices in the first quarter of 2020 has adversely affected our business, and the ultimate effect on our financial condition, results of operations, and cash distributions to unitholders will depend on future developments, which are highly uncertain and cannot be predicted.
+Added: The COVID-19 pandemic and the significant decline in commodity prices in the first half of 2020 has adversely affected our business, and the ultimate effect on our financial condition, results of operations, and cash distributions to unitholders will depend on future developments, which are highly uncertain and cannot be predicted.
The COVID-19 pandemic has adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets.
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As a result, there has been a significant reduction in demand for and prices of oil, natural gas and natural gas liquids ("NGLs").
−Removed: This has been amplified due to the announcement by Saudi Arabia of a significant increase in its maximum oil production capacity as well as the announcement by Russia that previously agreed upon oil production cuts between members of the Organization of the Petroleum Exporting Countries and its broader partners (“OPEC+”) would expire on April 1, 2020, and the ensuing expiration thereof.
−Removed: On April 12, 2020, members of OPEC+ agreed to certain production cuts;
−Removed: however, these cuts are not expected to be enough to offset near-term demand loss attributable to the COVID-19 pandemic.
−Removed: In addition, concerns over the saturation of storage capacity for oil has further depressed prices.
−Removed: The impact of the COVID-19 pandemic and geopolitical events that increased the supply of low-priced oil have also negatively affected the oil and natural gas business environment, significantly reducing prices of oil, natural gas and NGLs.
+Added: In the first quarter of 2020 and into the second quarter of 2020, oil prices fell sharply and dramatically, due in part to significantly decreased demand as a result of the COVID-19 pandemic and the announcement by Saudi Arabia of a significant increase in its maximum oil production capacity as well as the announcement by Russia that previously agreed upon oil production cuts between members of the Organization of the Petroleum Exporting Countries and its broader partners (“OPEC+”) would expire on April 1, 2020, and the ensuing expiration thereof.
+Added: Agreed-upon production cuts by OPEC+ along with declining U.S.
+Added: production have helped to correct the supply and demand imbalance;
+Added: however, these reductions are not expected to be enough in the near-term to offset the significant inventory build caused by demand destruction from the COVID-19 pandemic in the first half of 2020.
+Added: Prices for oil were over $60 per barrel at the beginning of 2020 before declining significantly through March and further declining into April.
+Added: While oil prices modestly recovered in June and July 2020, a reversal of recent improvements or a prolonged period at current prices may materially and adversely affect our financial condition, results of operations, and cash distributions to unitholders.
+Added: The impact of the COVID-19 pandemic has negatively affected the oil and natural gas business environment, significantly reducing prices of oil, natural gas and NGLs.
While we use derivative instruments to partially mitigate the impact of commodity price volatility, our revenues and operating results depend significantly upon the prevailing prices for oil and natural gas.
3 unchanged sentences
The current price environment also caused us to determine that certain depletable units consisting of mature oil producing properties were impaired.
−Removed: Therefore, we recognized impairment of oil and natural gas properties of $ 51.0 million for three months ended March 31, 2020.
+Added: Therefore, we recognized impairment of oil and natural gas properties of $ 51.0 million for the six months ended June 30, 2020.
Additionally, the borrowing base under the Credit Facility, which takes into consideration the estimated loan value of our oil and natural gas properties, was reduced from $ 650.0 million to $ 460.0 million, effective May 1, 2020.
+Added: Effective July 21, 2020, in connection with the closing of our two asset sales in the Permian Basin, the borrowing base was further reduced to $ 430.0 million.
In a prolonged period of low commodity prices, we may be required to impair additional properties and the borrowing base under our Credit Facility could be further reduced.
In light of the challenging business environment and uncertainty caused by the pandemic, the board of directors of our general partner (the "Board") also approved a reduction in the quarterly distribution for the first quarter of 2020 to increase the amount of retained free cash flow for debt reduction and balance sheet protection.
+Added: The Board approved an increase in the quarterly distribution for the second quarter of 2020 but the distribution remains below 2019 levels.
We enter into derivative instruments to partially mitigate the impact of commodity price volatility on our cash generated from operations.
Any declines in production or production forecasts as a result of low commodity prices in light of COVID-19 pandemic and global oversupply could limit our ability to hedge future volumes.
+Added: To protect the health and well-being of our workforce in the wake of COVID-19, we have implemented remote work arrangements for all employees.
+Added: To the extent circumstances require us to maintain remote work arrangements indefinitely, our operational efficiency could be adversely affected, which could in turn adversely affect our financial condition and results of operations.
The extent to which the COVID-19 pandemic adversely affects our business, results of operations, and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.
+Added: Unregistered Sales of Equity Securities and Use of Proceeds
+Added: Recent Sales of Unregistered Securities
+Added: Purchases of Equity Securities by the Issuer and Affiliated Purchasers
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.