1 unchanged sentence
An investment in our securities involves certain risks.
−Removed: Security holders and potential investors in our securities should carefully consider the risks described under “Risk Factors” set forth in Part I, Item 1A of our 2019 Form 10-K, in addition to other information in such annual report and this quarterly report (including the additional risk factor set forth below).
−Removed: The risk factors set forth in our 2019 Form 10-K and as set forth below are important factors that could cause our actual results to differ materially from those contained in any written or oral forward-looking statements made by us or on our behalf.
−Removed: The impacts from the COVID-19 pandemic 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: Changes in the supply of and demand for hydrocarbon products impacts both the volume of products that we sell and the level of services that we provide to customers, which in turn has a direct impact on our financial position, results of operations and cash flows.
−Removed: The global effects of the COVID-19 pandemic, including the consequences of international COVID-19 containment measures (e.g., quarantines, travel restrictions, temporary business closures and similar protective actions), reduced near-term demand for hydrocarbon products in 2020 by record amounts causing a significant oversupply situation.
−Removed: Also, in the early stages of the pandemic, disputes between members of the OPEC+ group over crude oil production levels led to unprecedented volatility in the global energy markets and a historic collapse in crude oil prices.
−Removed: Although the OPEC+ group and other producers subsequently reached agreements to gradually reduce the oversupply of crude oil through production cuts, the downturn in the energy industry caused by lower prices and demand negatively impacted us, the producers we work with and our other customers to varying degrees.
−Removed: Across the globe, many countries have begun to ease their COVID-19 containment measures and central banks and governments have instituted fiscal measures in an effort to stimulate economic activity.
−Removed: As a result, hydrocarbon demand has started to recover;
−Removed: however, a continuation of this trend remains dependent on successful containment of the disease and the development of approved vaccines or proven therapeutics.
−Removed: 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 on 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.
−Removed: The ultimate impact of the pandemic on our financial condition, results of operations and cash flows depends largely on developments outside our control, including the duration of the outbreak and the related impact on overall economic activity, all of which cannot be predicted with certainty.
−Removed: To the extent the pandemic adversely affects our financial condition, results of operations and cash flows, it may also have the effect of heightening many of the other risks described in Part I, Item 1A of our 2019 Form 10-K (as those risk factors are amended or supplemented by subsequent reports and documents we file with the SEC after the date of this quarterly report).
+Added: Security holders and potential investors in our securities should carefully consider the risks described under “ Risk Factors ” set forth in Part I, Item 1A of our 2020 Form 10-K, in addition to other information in such annual report and this quarterly report.
+Added: The risk factors set forth in our 2020 Form 10-K are important factors that could cause our actual results to differ materially from those contained in any written or oral forward-looking statements made by us or on our behalf.
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.