7 unchanged sentences
On June 29, 2020, the Bankruptcy Court entered an order authorizing the joint administration of the Chapter 11 Cases under the caption In re Chesapeake Energy Corporation, Case No.
−Removed: 20-33233 (DRJ).
Subsidiaries with noncontrolling interests, consolidated variable interest entities and certain de minimis subsidiaries (collectively, the “Non-Filing Entities”) were not part of the Bankruptcy Filing.
5 unchanged sentences
If the reduced demand for crude oil in the global market as a result of the economic effects of the outbreak of the COVID-19 pandemic continues, and a continued low level of demand and prices for oil and natural gas or otherwise persists for the near future or longer, or if the outbreak adversely affects employees of Chesapeake and such employees’ ability to conduct Chesapeake’s operations, such factors could have a negative impact on the financial condition and economic performance of Chesapeake.
+Added: Risk Factors Relating to the Sale of the Underlying Properties of the Trust
+Added: The sale of the Underlying Properties of the Trust may result in the ownership and management of the Trust by a party that is unfamiliar with the operation of the Trust or the Underlying Properties.
+Added: On October 13, 2020, Chesapeake filed a notice with the Bankruptcy Court that it had reached an agreement with Tapstone Energy, LLC as the “Stalking Horse” bidder to sell its Mid-Continent asset, which includes the Underlying Properties of the Trust, for $85 million in a 363 transaction under the Bankruptcy Code.
+Added: A Bankruptcy Court supervised auction was held on November 10, 2020, in which other pre-qualified buyers were able to submit bids for the asset.
+Added: At the conclusion of the auction, the successful bidder was Tapstone Energy, LLC and KL CHK SPV, LLC for an aggregate purchase price of $130.45 million.
+Added: Chesapeake will present these auction results to the Bankruptcy Court for its final approval of the sale on November 13, 2020.
+Added: If the sale of the Underlying Properties of the Trust is approved by the Bankruptcy Court, duties currently performed by Chesapeake with respect to the Trust will be performed by another party.
+Added: The purchaser of the Underlying Properties may have less experience with the operation of the Trust or the Underlying Properties, or may interpret or perform its responsibilities with respect to the Trust and the Underlying Properties in a different manner than Chesapeake.
Risk Factors Relating to the COVID-19 Pandemic
The ongoing COVID-19 pandemic and related economic turmoil have affected and could continue to adversely affect proceeds to the Trust and quarterly cash distributions to unitholders.
−Removed: The global spread of COVID-19 created significant volatility, uncertainty, and economic disruption during the first six months of 2020.
+Added: The global spread of COVID-19 created significant volatility, uncertainty, and economic disruption during the first nine months of 2020.
The ongoing COVID-19 outbreak has reached more than 200 countries and has continued to be a rapidly evolving economic and public health situation.
11 unchanged sentences
While an agreement to cut production has since been announced by OPEC+ and its allies, the situation, coupled with the impact of COVID-19, has continued to result in a significant downturn in the oil and gas industry.
−Removed: Although OPEC+ finalized an agreement in April 2020 to cut oil production by 9.7 million barrels per day during May and June 2020, and OPEC+ agreed in June 2020 to extend such production cuts until the end of July 2020, crude oil prices have remain depressed as a result of an increasingly utilized global storage network and the decrease in crude oil demand due to COVID-19.
−Removed: Oil and natural gas prices are expected to continue to be volatile as a result of the near term production increases and the ongoing COVID-19 outbreak and as changes in oil and natural gas inventories, industry demand and national and economic performance are reported, and we cannot predict when prices will improve and stabilize.
+Added: In April 2020, OPEC+ finalized an agreement to cut oil production by 9.7 million barrels per day during May and June 2020.
+Added: On June 6, 2020, OPEC+ agreed to extend such production cuts until the end of July 2020.
+Added: In July 2020, OPEC+ reduced the cut in production to 7.7 million barrels per day for August through December 2020.
+Added: Despite the production cuts, crude oil prices have remain depressed as a result of an increasingly utilized global storage network and the decrease in crude oil demand due to COVID-19.
+Added: Oil and natural gas prices are expected to continue to be volatile as a result of the near term production increases and the ongoing COVID-19 outbreak and as changes in oil and natural gas inventories, industry demand and national and economic performance
+Added: are reported, and we cannot predict when prices will improve and stabilize.
We cannot predict the full impact that COVID-19 or the significant disruption and volatility currently being experienced in the oil and natural gas markets will have on Chesapeake’s business, financial condition and results of operations or on proceeds to the Trust and the Trust’s reserves and quarterly cash distributions to unitholders due to numerous uncertainties.
10 unchanged sentences
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
−Removed: August 14, 2020
+Added: November 12, 2020
CHESAPEAKE GRANITE WASH TRUST
7 unchanged sentences
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.