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Our General Partner and the Operating Partnership are Delaware limited partnerships, and the general partners of their general partners are Delaware limited liability companies.
−Removed: On March 29, 2019, pursuant to a Contribution and Exchange Agreement with H.
−Removed: Huffman & Co., A Limited Partnership, an Oklahoma limited partnership (“HHC”), The Buffalo Co., A Limited Partnership, an Oklahoma limited partnership (“TBC”
−Removed: and together with HHC, the “Acquired Entities”), Huffman Oil Co., L.L.C., an Oklahoma limited liability company, and the equity holders of the Acquired Entities, the Partnership acquired (the “Huffman Acquisition”) (i) a 96.97% net profits interest in certain working interests in various oil and gas properties owned by HHC, (ii) all of the minerals and royalty interests held by HHC, and (iii) all of the minerals and royalty interests held by TBC in exchange for 2,400,000 common units representing limited partnership interests in the Partnership (“Common Units”) valued at $43.8 million and issued pursuant to the Partnership's acquisition shelf registration statements on Form S-4.
−Removed: The mineral and royalty properties acquired consist of varying undivided interests totaling approximately 76,000 net acres located in 169 counties in 14 states.
On September 30, 2020, the Partnership and affiliates of its General Partner closed the divestiture of our Hugoton net profits interest located in Texas County, Oklahoma and Stevens County, Kansas.
This divestiture to a third party included operated working interests and related properties, our field office and our gathering system and related assets.
−Removed: The Partnership’s share of proceeds from the transaction was $5.0 million, net of transaction costs and holdbacks.
−Removed: On October 21, 2020, the Partnership and affiliates of its General Partner closed the divestiture of our immaterial HHC entity, including all associated working interest properties and net profits interest.
+Added: The Partnership’s share of proceeds from the transaction was $5.2 million, net of transaction costs.
+Added: On June 30, 2021, pursuant to a non-taxable contribution and exchange agreement with JSFM, LLC, a Wyoming limited liability company (“JSFM”), the Partnership acquired overriding royalty interests in the Bakken Trend totaling approximately 6,400 net royalty acres located in Dunn, McKenzie, McLean and Mountrail Counties, North Dakota in exchange for 725,000 common units representing limited partnership interests in the Partnership issued pursuant to the Partnership's registration statement on Form S-4.
+Added: On December 31, 2021, pursuant to a non-taxable contribution and exchange agreement with Gemini 5 Thirty, LP, a Texas limited partnership (“Gemini”), the Partnership acquired mineral and royalty interests representing approximately 4,600 net royalty acres located in 27 counties across New Mexico, Oklahoma, Texas and Wyoming in exchange for 1,580,000 common units representing limited partnership interests in the Partnership issued pursuant to the Partnership's registration statement on Form S-4.
Our business may be described as the acquisition, ownership and administration of Royalty Properties and NPI.
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If we were to lose a significant customer, such loss could impact revenue.
−Removed: The loss of any single customer is mitigated by our diversified customer base, and we do not believe that the loss of any single customer would have a long-term material adverse effect on our financial position or the results of operations.
+Added: The loss of any single customer is mitigated by our diversified customer base and individually insignificant properties, and we do not believe that the loss of any single customer would have a long-term material adverse effect on our financial position or the results of operations.
+Added: Royalty revenues from properties operated by Pioneer Natural Resources Company represented approximately 13% of total operating revenues for the year ended December 31, 2021.
Customer and Commodity Price Risks
−Removed: The pricing of oil and natural gas sales is primarily determined by supply and demand in the marketplace and can fluctuate considerably.
−Removed: As a royalty owner and non-operator, we have extremely limited access to timely information and involvement and no operational control over the volumes of oil and natural gas produced and sold and the terms and conditions on which such volumes are marketed and sold.
+Added: The pricing of oil and natural gas sales is primarily determined by supply and demand in the global marketplace and can fluctuate considerably.
+Added: As a royalty owner and non-operator, we have extremely limited access to timely information and involvement and no operational control over the volumes of oil and natural gas produced and sold or the terms and conditions on which such volumes are marketed and sold.
Our profitability is affected by oil and natural gas market prices.
Oil and natural gas market prices have fluctuated significantly in recent years in response to changes in the supply and demand for oil and natural gas in the market, along with domestic and international political and economic conditions.
−Removed: In January 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (“COVID-19”) and the risks to the international community as the virus spreads globally beyond its point of origin.
−Removed: In March 2020, the WHO classified COVID-19 as a pandemic, based on the rapid increase in exposure globally, and subsequently, throughout the second, third, and fourth quarters of 2020 and thereafter, COVID-19 continued to spread throughout the U.S.
+Added: In January 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (“COVID-19”) and the significant risks to the international community and economies as the virus spreads globally beyond its point of origin.
+Added: In March 2020, the WHO classified COVID-19 as a pandemic, based on the rapid increase in exposure globally, and thereafter, COVID-19 continued to spread throughout the U.S.
and worldwide.
−Removed: In addition, after OPEC, and a group of oil producing nations led by Russia failed in March 2020 to agree on oil production cuts, Saudi Arabia announced that it would cut oil prices and increase production, leading to a sharp, further decline in oil and natural gas prices.
−Removed: While OPEC, Russia and other oil producing countries reached an agreement in April 2020 to reduce production levels, and U.S.
−Removed: production has declined, oil prices remain low.
−Removed: The COVID-19 pandemic and oil and natural gas market volatility have resulted in a significant decrease in oil prices and significant disruption and uncertainty in the oil and natural gas market.
−Removed: These recent events have negatively impacted operators throughout the energy industry in 2020.
−Removed: While these market disruptions may be temporary and continue into 2021, we cannot reliably estimate the duration of the COVID-19 pandemic or current market conditions, or the ultimate impact these events will have on our future financial position, results of operations, cash flows or liquidity.
+Added: In addition, in early March 2020, oil prices dropped sharply and continued to decline, briefly reaching negative levels, as a result of multiple factors affecting the supply and demand in global oil and natural gas markets, including (i) actions taken by OPEC members and other exporting nations impacting commodity price and production levels and (ii) a significant decrease in demand due to the COVID-19 pandemic.
+Added: Additionally, multiple variants emerged in 2021 and became highly transmissible, which contributed to additional pricing and demand volatility during 2021 to date.
+Added: However, certain restrictions on conducting business that were implemented in response to the COVID-19 pandemic have been lifted as improved treatments and vaccinations became available for COVID-19 since late 2020.
+Added: As a result, in addition to other changing market conditions, oil and natural gas market prices have improved in response to the increase in demand.
+Added: Commodity prices have historically been volatile and we cannot predict events which may lead to future fluctuations in these prices.
+Added: However, additional actions may be required in response to the COVID-19 pandemic on a national, state and local level by governmental authorities, and such actions may further adversely affect general and local economic conditions (including further closures of businesses), particularly if the 2021 resurgence and spread of the COVID-19 pandemic continues.
+Added: The COVID-19 pandemic continues to be dynamic and evolving, and its ultimate duration and effects remain uncertain.
The energy industry in which we compete is subject to intense competition among many companies, both larger and smaller than we are, many of which have financial and other resources greater than we have.
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As of February 24, 2022, the Operating Partnership had 24 full-time employees in our Dallas, Texas corporate office.
−Removed: Due to state and locally imposed COVID-19 restrictions on the maximum number of personnel working from the office at any time, we have a rotational work from home program in place.
+Added: Due to the ongoing COVID-19 pandemic, we have a rotational work from home program in place.
The health and safety of our employees is a high priority.
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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.