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The impacts from the outbreak of COVID-19 and certain developments in the global oil markets have had, and may continue to have, material adverse consequences for general economic, financial and business conditions, and could materially and adversely affect our business, financial condition, results of operations and liquidity and those of our customers, suppliers and other counterparties.
−Removed: The recent outbreak of COVID-19 and the responses of governmental authorities, companies and the self-imposed restrictions by many individuals across the world to slow the spread of the virus have significantly reduced global economic activity.
−Removed: The dramatic decrease in the number of businesses open for operation and people traveling for work, school or other activities has resulted in a substantial reduction in airline flights and the number of vehicles on the road.
−Removed: As a result, there has been an unprecedented decline in the near-term demand for, and corresponding decline in the market prices of, crude oil and certain refined products that we process, transport and store.
−Removed: It is currently unknown how long government mandates and travel restrictions will be in effect.
−Removed: These declines have been exacerbated by the production dispute between Russia and the members of OPEC, particularly Saudi Arabia, and the subsequent actions taken by such countries as a result thereof, including Saudi Arabia’s subsequent discounting of the price of its crude oil exports.
−Removed: Crude oil prices further collapsed in April 2020 as refiners cut back gasoline and other fuel production due to COVID-19.
−Removed: Responses to COVID-19 have affected business operations across the world, decreased demand for crude oil and other hydrocarbons, contributed to increased market and oil price volatility, led to expected domestic and international production cuts, and have diminished near-term expectations and prospects for the global economy.
−Removed: These factors, coupled with the emergence of decreasing business and consumer confidence and increasing unemployment resulting from the COVID-19 outbreak and the recent abrupt crude oil price decline, may precipitate a prolonged economic slowdown and recession.
+Added: The emergence of COVID-19 as a global pandemic in the first quarter of 2020 and the consequences of international COVID-19 containment measures (and the resulting near-term decline in end-user demand for hydrocarbons) have adversely impacted the global economy in general and the energy industry in particular.
+Added: In addition, disputes between members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (collectively, the “OPEC+” group) in March and April 2020 over crude oil production levels, resulted in major disruptions to global energy markets.
+Added: Although the OPEC+ group and other producers subsequently reached agreements to reduce the oversupply of crude oil in the near-term caused by demand destruction attributable to COVID-19, the downturn in the energy industry has negatively impacted us, the producers we work with and our other customers to varying degrees.
+Added: The COVID-19 public health emergency resulted in record, near-term decreases in hydrocarbon demand due to lockdowns, travel restrictions, quarantines, temporary business closures and other measures instituted as early as February 2020 as the virus spread across several continents.
+Added: By May 2020, several major economies across the world began to work towards reopening their economies by targeting a balance between containing and eradicating the virus and supporting their economies, versus the initial more complete shut-downs.
+Added: The U.S., China, India, much of Europe and parts of Latin America have begun to ease their COVID-19 containment measures and central banks and governments have instituted significant measures in an effort to stimulate economic activity.
+Added: As a result, crude oil demand has begun to recover in certain regions.
+Added: A continuation of this trend remains dependent on successful containment of the disease and its elimination as a widespread threat to public health through vaccines or otherwise.
+Added: While we are encouraged by efforts to reopen the global economy, the pace and the scope of the reopening is uncertain at this time and may extend well into 2021.
+Added: Responses to the pandemic have affected business operations across the world and led to diminished near-term business and consumer confidence and increasing unemployment.
Any prolonged period of economic slowdown or recession, or a protracted period of depressed demand or prices for crude oil or other products that we handle, could have significant adverse consequences for our financial condition and the financial condition of our customers, suppliers and other counterparties, and could diminish our liquidity and negatively affect the volumes of products handled by our pipelines and other facilities.
+Added: As noted in this quarterly report, we experienced a reduction in volumes on a number of our assets during the second quarter of 2020 due to reduced upstream drilling activity and lower downstream refinery activity and demand for transportation fuels, and we may continue to experience throughput declines in the second half of 2020 on our gathering systems, long-haul liquids and natural gas pipelines and at our terminal, fractionation and other facilities until the pandemic ends and economic activity is fully restored.
The ultimate extent and manner of the impact of COVID-19 and responses by our customers on our business, financial condition, results of operation and liquidity will depend largely on future developments outside our control, including the duration and spread of the outbreak and the related impact on overall economic activity, all of which are uncertain and cannot be predicted with certainty at this time.
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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.