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, the S&P Oil & Gas Exploration & Production 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 and the S&P Oil & Gas Exploration & Production index.
The graph assumes that the value of the investment in our common units was $100.00 on December 30, 2017.
Cumulative return is computed assuming reinvestment of distributions.
−Removed: 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.
−Removed: 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.
−Removed: 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
6 unchanged sentences
S&P Oil & Gas E&P Index 100.00 71.90 65.11 41.73 69.51 100.82
−Removed: Alerian MLP Index 100.00 93.48 81.87 87.24 62.21 87.20
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.
30 unchanged sentences
• Under Section 17-607 of the Delaware Act, we may not make a distribution if the distribution would cause our liabilities to exceed the fair value of our assets.
−Removed: • We may lack sufficient cash to pay distributions to our unitholders due to shortfalls in cash generated from operations attributable to a number of operational, commercial, or other factors as well as increases in our operating or general and administrative expenses, principal and interest payments on our outstanding debt, working-capital requirements, and anticipated cash needs.
+Added: • We may lack sufficient cash to pay distributions to our unitholders due to shortfalls in cash generated from operations attributable to a number of operational, commercial, or other factors as well as increases in our operating or general and administrative expenses, principal and interest payments on our outstanding debt, redemption of some or all of our Series B cumulative convertible preferred units, working-capital requirements, and anticipated cash needs.
We expect to continue to distribute a substantial majority of our cash from operations to our unitholders on a quarterly basis, after, among other things, the establishment of cash reserves.
2 unchanged sentences
Any distributions paid on our common units with respect to a quarter will be paid within 60 days after the end of such quarter.
−Removed: Subordinated Units
−Removed: The limited partners of BSM’s Predecessor acquired all of our subordinated units in connection with our IPO.
−Removed: The subordination period under the partnership agreement ended on the first business day after we earned and paid an aggregate amount of at least $1.35 (the annualized minimum quarterly distribution applicable for quarterly periods ending March 31, 2019 and thereafter) multiplied by the total number of outstanding common and subordinated units for a period of four consecutive, non-overlapping quarters ending on or after March 31, 2019, and there were no outstanding arrearages on our common units.
−Removed: This test was met upon the payment of the distribution for the first quarter of 2019.
−Removed: 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.
Series B Cumulative Convertible Preferred Units
3 unchanged sentences
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 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.
+Added: 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.
+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 for a 90-day period beginning on November 28, 2023 at a redemption price of $21.41 per Series B cumulative convertible preferred unit, which is equal to 105% of par value.
+Added: Thereafter, we may redeem the preferred units at par value, equal to $20.39, within a 90-day period on each second anniversary following November 28, 2023.
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.