−Removed: There were no material changes during the six months ended June 30, 2020 to the risk factors identified in the Company’s fiscal 2019 Annual Report on Form 10-K, except as noted below.
+Added: There were no material changes during the nine months ended September 30, 2020 to the risk factors identified in the Company’s fiscal 2019 Annual Report on Form 10-K, except as noted below.
The current COVID-19 Pandemic and certain developments in the global oil markets have had, and may continue to have, an adverse impact on our business, our future results of operations and our overall financial performance.
The COVID-19 Pandemic could materially adversely affect our business and operations during 2020 and possibly beyond.
−Removed: In early 2020, global health care systems and economies began to experience strain from the spread of the COVID-19 coronavirus.
+Added: In early 2020, global health care systems and economies began to experience strain from the spread of the COVID-19 Pandemic.
As the virus spread, global economic activity began to slow and future economic activity was forecast to slow with a resulting forecast of a decline in oil and gas demand.
19 unchanged sentences
Such impairment charges could be material.
−Removed: The full impact of the COVID-19 Pandemic is unknown and is rapidly evolving.
−Removed: The ultimate extent of the impact of COVID-19 on our business, financial condition, results of operation and liquidity will depend largely on future developments, including the duration and spread of the virus outbreak, particularly within the geographic areas where we operate, actions taken by national, state, and local governments and health officials to contain the virus or treat its effects, and the related impact on overall economic activity, all of which are uncertain and cannot be predicted with certainty at this time.
+Added: The full impact of the ongoing COVID-19 Pandemic is unknown and is rapidly evolving.
+Added: It is difficult to predict how significant the impact of the COVID-19 Pandemic including any responses to it, will be on the United States and global economies and our business or for how long disruptions are likely to continue.
+Added: The extent of such impact will depend on future developments and factors outside of our control, including new information which may emerge concerning the severity or duration of the COVID-19 Pandemic and the evolving governmental and private sector actions to contain the Pandemic or treat its health, economic, and other impacts.
The ultimate extent of the impact of the volatile conditions in the oil and gas industry on our business, financial condition, results of operation and liquidity will also depend largely on future developments, including the extent and duration of any price reductions, any additional decisions by OPEC and disputes between the members of OPEC+.
To the extent COVID-19 and the developments in the global oil markets adversely affects our business, financial condition, results of operation and liquidity, they may also have the effect of heightening many of the other risks described in the “Risk Factors” section included in our Annual Report on Form 10-K for the year ended December 31, 2019 and in this Quarterly Report on Form 10-Q, as those risk factors are amended or supplemented by subsequent Quarterly Reports on Form 10-Q and other reports and documents we file with the SEC after the date hereof.
+Added: We have suspended our quarterly dividend and cannot assure you when we will declare dividends in the future.
+Added: In the fourth quarter of 2020, we suspended our quarterly dividend of $0.31 per share on our common stock in order to conserve capital in response to the impact of the COVID-19 Pandemic and related market activity.
+Added: We are not obligated to declare or pay any dividend.
+Added: Any future declaration, amount and payment of dividends will be at the sole discretion of our Board of Directors;
+Added: however, because the impact of the COVID-19 Pandemic and related market activity is difficult to predict, we cannot provide assurance as to when our Board of Directors will declare a dividend in the future.
+Added: The declaration of future dividends on our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our results of operations, financial condition, earnings, capital requirements, restrictions in our debt agreements and legal requirements.
+Added: As a result, if our Board of Directors does not declare or pay dividends, you may not receive any return on an investment in our common stock unless you sell our common stock for a price greater than that which you paid for it.
We are particularly vulnerable to disruptions to our refining operations because our refining operations are concentrated in four facilities.
7 unchanged sentences
We are also subject to unscheduled down time for unanticipated maintenance or repairs.
−Removed: Refinery operations may also be disrupted by external factors, such as a suspension of feedstock deliveries, cyber-attacks, a global pandemic such as the recent outbreak of the novel coronavirus, or an interruption of electricity, natural gas, water treatment or other utilities.
+Added: Refinery operations may also be disrupted by external factors, such as a suspension of feedstock deliveries, cyber-attacks, an interruption of electricity, natural gas, water treatment or other utilities, or a global pandemic such as the recent outbreak of the novel coronavirus.
+Added: A large number of positive COVID-19 cases at one or more of our refineries could substantially impact our business, financial condition, results of operations and liquidity.
Other potentially disruptive factors include natural disasters, severe weather conditions, workplace or environmental accidents, interruptions of supply, work stoppages, losses of permits or authorizations or acts of terrorism.
9 unchanged sentences
Aron having the sole discretion to further extend to May 30, 2025 by providing at least six months prior notice to the current maturity date.
−Removed: As part of this amendment, there were changes to the underlying market index, annual fee, the crude purchase fee, crude roll fees and timing of cash settlements related to periodic price adjustments ("PPA") on the differentials.The PPA are calculated semi-annually on October 01 and May 01 ("re-pricing dates") and will result in cash settlements, (either payments to J.
+Added: As part of this amendment, there were changes to the underlying market index, annual fee, the crude purchase fee, crude roll fees and timing of cash settlements related to periodic price adjustments ("PPA") on the differentials.
+Added: The PPA are calculated semi-annually on October 1 and May 1 ("re-pricing dates") and will result in cash settlements, (either payments to J.
Aron or receipts of additional funds from J.
−Removed: Aron), based on the market value of the underlying commodity differential compared to the contractual differential, subject to a set threshold amount.
+Added: Aron), based on the market value of the underlying commodity differential compared to the contractual differential, subject to a set threshold
In the event that the periodic price adjustments are triggered on the re-pricing dates, we may be required to make earlier cash payments within three months following the re-pricing date.
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.