5 unchanged sentences
Common Unit Performance Graph
−Removed: The graph below compares the cumulative five-year total return to unitholders on our common units as compared to the cumulative five-year total returns on the S&P 500 index and the Alerian MLP index.
+Added: The graph below compares the cumulative five-year total return to unitholders on our common units as compared to the cumulative five-year total returns on the S&P 500 index, the S&P Oil & Gas Exploration & Production index, and the Alerian MLP index.
The graph assumes that the value of the investment in our common units was $100.00 on December 30, 2016.
Cumulative return is computed assuming reinvestment of distributions.
+Added: We are changing our industry index from the Alerian MLP index to the S&P Oil & Gas Exploration & Production index for the year ended December 31, 2021.
+Added: The Alerian MLP index was initially selected because it indexed a representative sample of master limited partnerships, but it has become a midstream-focused index over time and no longer presents a meaningful comparison.
+Added: This year, we are presenting both indices in accordance with SEC rules, which require that if a company selects a different index from that used in the immediately preceding fiscal year, the company’s unit performance must be compared against both the newly selected index and previous index in the year of change.
Comparison of Cumulative Total Return
5 unchanged sentences
S&P 500 Index 100.00 121.83 116.49 153.17 181.35 233.41
+Added: S&P Oil & Gas E&P Index 100.00 90.53 65.09 58.93 37.76 62.89
Alerian MLP Index 100.00 93.48 81.87 87.24 62.21 87.20
20 unchanged sentences
If we make distributions, our Series B cumulative convertible preferred unitholders have priority with respect to rights to share in those distributions over our common unitholders for so long as our Series B cumulative convertible preferred units are outstanding.” For a description of the relative rights and privileges of our Series B cumulative convertible preferred units to distributions, please read "Series B Cumulative Convertible Preferred Units" below.
−Removed: Replacement capital expenditures are expenditures necessary to replace our existing oil and natural gas reserves or otherwise maintain our asset base over the long term.
−Removed: The Board established a replacement capital expenditure estimate of $11.0 million for the period of April 1, 2018 to March 31, 2019.
−Removed: Due to the expiration of the subordination period, we do not intend to establish a replacement capital expenditure estimate for periods subsequent to March 31, 2019.
Limitations on Cash Distributions and Our Ability to Change Our Cash Distribution Policy
2 unchanged sentences
• Our common unitholders have no contractual or other legal right to receive cash distributions from us on a quarterly or other basis, and if distributions are paid, common unitholders will receive distributions only to the extent the distribution amount exceeds distributions that are required to be paid to our Series B cumulative convertible preferred unitholders.
−Removed: • Our Credit Facility restricts our distributions if there is a default under our Credit Facility or if our borrowing base is lower than the outstanding loans under our Credit Facility.
• Among other covenants, our Credit Facility requires we maintain a ratio of total debt to EBITDAX of 3.50:1.00 or less and a current ratio of 1.00:1.00 or greater.
+Added: Our Credit Facility restricts our distributions if there is a default under our Credit Facility, if the availability under our Credit Facility is less than 10% of the lender's commitments, or if total debt to EBITDAX is greater than 3.0.
If we are unable to comply with these financial covenants or if we breach any other covenant under our Credit Facility or any future debt agreements, we could be prohibited from making distributions notwithstanding our stated distribution policy.
13 unchanged sentences
Accordingly, 96,328,836 subordinated units converted into 96,328,836 common units on May 24, 2019 and common units are no longer entitled to arrearages.
−Removed: Series A Redeemable Preferred Units
−Removed: Until March 31, 2018, the holders of our outstanding Series A redeemable preferred units had the option to elect to have us redeem, effective as of December 31, 2017, their Series A redeemable preferred units at face value, plus any accrued and unpaid distributions.
−Removed: All Series A redeemable preferred units not redeemed by March 31, 2018 automatically converted to common and subordinated units effective as of January 1, 2018 or as soon as practicable thereafter.
−Removed: Therefore, there are currently no Series A redeemable preferred units outstanding.
Series B Cumulative Convertible Preferred Units
The holders of our Series B cumulative convertible preferred units receive cumulative quarterly distributions in an amount equal to 7.0% of the face amount of the preferred units per annum (the “Distribution Rate”), provided that the Distribution Rate will be adjusted as follows:
−Removed: commencing on the sixth anniversary of November 28, 2017 and readjusting every two years thereafter (each, a “Readjustment Date”), the rate will equal 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;
+Added: commencing on November 28, 2023 and readjusting every two years thereafter (each, a “Readjustment Date”), the rate will equal 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.
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.
−Removed: SELECTED FINANCIAL DATA
−Removed: The financial information below should be read in conjunction with “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 8.
−Removed: Financial Statements and Supplementary Data” of this Annual Report.
−Removed: At December 31,
−Removed: 2020 2019 2018 2017 2016
−Removed: (in thousands, except per unit amounts)
−Removed: Total revenue $ 342,751 $ 487,821 $ 609,568 $ 429,659 $ 260,833
−Removed: Net income (loss) 121,819 214,368 295,560 157,153 20,188
−Removed: Net income (loss) attributable to the general partner and common units and subordinated units 100,819 193,368 274,511 152,145 14,437
−Removed: Net income (loss) attributable to limited partners per common and subordinated unit (basic) 1
−Removed: Per common unit (basic) $ 0.49 $ 1.01 $ 1.46 $ 1.01 $ 0.26
−Removed: Per subordinated unit (basic) — 0.64 1.25 0.56 (0.11)
−Removed: Net income (loss) attributable to limited partners per common and subordinated unit (diluted) 1
−Removed: Per common unit (diluted) $ 0.49 $ 1.01 $ 1.45 $ 1.01 $ 0.26
−Removed: Per subordinated unit (diluted) — 0.64 1.25 0.56 (0.11)
−Removed: Cash distributions declared per common and subordinated unit
−Removed: Per common unit $ 0.68 $ 1.48 $ 1.33 $ 1.20 $ 1.10
−Removed: Per subordinated unit — 0.74 1.13 0.79 0.74
−Removed: Total assets 2
−Removed: $ 1,243,978 $ 1,545,208 $ 1,750,124 $ 1,576,451 $ 1,128,827
−Removed: Long-term debt 121,000 394,000 410,000 388,000 316,000
−Removed: Total mezzanine equity 298,361 298,361 298,361 322,422 54,015
−Removed: 1 See Note 13 – Earnings Per Unit in the consolidated financial statements included elsewhere in this Annual Report.
−Removed: 2 We recorded noncash impairments of oil and natural gas properties in the amounts of $51.0 million and $6.8 million for the years ended December 31, 2020 and 2016, respectively.
−Removed: We did not have impairments of oil and natural gas properties for the years ended 2019, 2018, and 2017.
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.