2 unchanged sentences
STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
−Removed: September 30, December 31,
+Added: March 31, December 31,
ASSETS (unaudited) (audited)
6 unchanged sentences
Trust corpus (230,172,696 royalty trust units authorized, issued and
−Removed: outstanding as of September 30, 2021 and December 31, 2020) 776,879 931,058
+Added: outstanding as of March 31, 2022 and December 31, 2021) 950,816 1,219,756
Total liabilities and trust corpus $ 2,005,548 $ 2,274,280
2 unchanged sentences
STATEMENTS OF DISTRIBUTABLE INCOME (Unaudited)
−Removed: Three Months Ended Nine Months Ended,
−Removed: September 30, September 30,
−Removed: 2021 2020 2021 2020
+Added: Three Months Ended
Royalty income $ 451,030 $ 238,183
8 unchanged sentences
STATEMENTS OF CHANGES IN TRUST CORPUS (Unaudited)
−Removed: Three Months Ended Nine Months Ended,
−Removed: September 30, September 30,
−Removed: 2021 2020 2021 2020
+Added: Three Months Ended
Trust corpus, beginning of period $ 1,219,756 $ 931,058
15 unchanged sentences
All such adjustments are, in the opinion of the Trustee, of a normal recurring nature.
−Removed: Operating results for the three- and nine-month periods ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.
+Added: Operating results for the three-month period ended March 31, 2022, are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
The Royalty Trust was created to hold a 5% gross overriding royalty interest (collectively, the overriding royalty interests) in future production from specified Inboard Lower Tertiary/Cretaceous exploration prospects, located in the shallow waters of the Gulf of Mexico and onshore in South Louisiana that existed as of December 5, 2012 (collectively, the subject interests).
1 unchanged sentence
OVERRIDING ROYALTY INTERESTS
−Removed: No impairment charges were recorded during the three- or nine-month periods ended September 30, 2021 or 2020.
The onshore Highlander subject interest is the only producing subject interest in which the Royalty Trust holds an overriding royalty interest, and began commercial production on February 25, 2015.
Prior to this date there had been no commercial production of hydrocarbons from any of the subject interests.
−Removed: Amortization charges related to production volumes associated with the onshore Highlander subject interest reduced the carrying value of the overriding royalty interests by $36,955 and $112,231 during the three- and nine-month periods ended September 30, 2021, respectively, and $54,854 and $168,195 during the three- and nine-month periods ended September 30, 2020, respectively.
−Removed: Accumulated amortization was $6,259,125 and $6,146,894 at September 30, 2021, and December 31, 2020, respectively.
+Added: Amortization charges related to production volumes associated with the onshore Highlander subject interest reduced the carrying value of the overriding royalty interests by $38,121 and $44,564 during the three-month periods ended March 31, 2022 and 2021, respectively.
+Added: Accumulated amortization was $6,331,514 and $6,293,393 at March 31, 2022, and December 31, 2021, respectively.
Highlander Oil & Gas Assets LLC (HOGA) has a 72 percent working interest and an approximate 48 percent net revenue interest in the onshore Highlander subject interest.
5 unchanged sentences
In accordance with the terms of the master conveyance, royalties are paid to the Royalty Trust on the last day of the month following the month in which production payments are received by HOGA.
−Removed: As of September 30, 2021, only the onshore Highlander subject interest had established commercial production.
−Removed: The Royalty Trust received royalties of $134,631 and $586,196 during the three- and nine-month periods ended September 30, 2021, respectively, and $163,604 and $597,667 during the three- and nine-month periods ended September 30, 2020, respectively, relating to production from the onshore Highlander subject interest.
+Added: As of March 31, 2022, only the onshore Highlander subject interest had established commercial production.
+Added: The Royalty Trust received royalties of $451,030 and $238,183 during the three-month periods ended March 31, 2022 and 2021, respectively.
Royalties received by the Royalty Trust must first be used to (i) satisfy Royalty Trust administrative expenses and (ii) reduce Royalty Trust indebtedness.
−Removed: The Royalty Trust had no indebtedness outstanding as of September 30, 2021.
−Removed: Additionally, the Trustee has established a minimum cash reserve of $250,000.
−Removed: As a result, distributions will be made to Royalty Trust unitholders only when royalties received less administrative expenses incurred and repayment of any indebtedness exceeds the $250,000 minimum cash reserve.
−Removed: In November 2021, the Trustee notified HOGA that the Trustee intends to withhold a portion of the funds otherwise available for distribution each quarter to gradually build a cash reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022.
+Added: The Royalty Trust had no indebtedness outstanding as of March 31, 2022.
+Added: Each quarter, the trustee will determine the amount of funds available for distribution to the Royalty Trust unitholders.
+Added: Available funds will equal the excess cash received by the Royalty Trust from the royalty interests and other sources during that quarter over the Royalty Trust’s liabilities for that quarter.
+Added: Available funds will be reduced by any cash the trustee decides to hold as a reserve against future liabilities.
+Added: As of March 31, 2022, the Trustee has established a minimum cash reserve of $267,500.
+Added: Commencing with the distribution to unitholders in the first quarter of 2022, the Trust has been withholding, and in the future intends to withhold, $8,750 from the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $350,000.
+Added: This cash is reserved for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.
The Trustee may increase or decrease the targeted cash reserve amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders.
5 unchanged sentences
(FCX) has agreed to pay annual trust expenses up to a maximum amount of $350,000, with no right of repayment or interest due, to the extent the Royalty Trust lacks sufficient funds to pay administrative expenses.
−Removed: No such contributions were made during the three- and nine-month periods ended September 30, 2021 or 2020.
+Added: No such contributions were made during the three-month periods ended March 31, 2022 or 2021.
In addition to such annual contributions, FCX has agreed to lend money, on an unsecured, interest-free basis, to the Royalty Trust to fund the Royalty Trust's ordinary administrative expenses as set forth in the royalty trust agreement.
−Removed: No loans were outstanding at September 30, 2021 or December 31, 2020.
+Added: No loans were outstanding at March 31, 2022 or December 31, 2021.
Pursuant to the royalty trust agreement, FCX agreed to provide and maintain a $1.0 million stand-by reserve account or an equivalent letter of credit for the benefit of the Royalty Trust to enable the Trustee to draw on such reserve account or letter of credit to pay obligations of the Royalty Trust if its funds are inadequate to pay its obligations at any time.
2 unchanged sentences
The $1.0 million, plus interest collected thereon, is reflected as reserve fund cash, with a corresponding reserve fund liability in the accompanying Statements of Assets, Liabilities and Trust Corpus.
−Removed: As of September 30, 2021, the Royalty Trust had not drawn any funds from the reserve account, and FCX had not requested a reduction of such reserve account.
+Added: As of March 31, 2022, the Royalty Trust had not drawn any funds from the reserve account, and FCX had not requested a reduction of such reserve account.
Administration.
6 unchanged sentences
Royalty Trust Units Held by FCX and HOGA.
−Removed: At September 30, 2021, the Royalty Trust had 230,172,696 royalty trust units outstanding, HOGA held 31,143,150 royalty trust units, and FCX, through its indirect wholly owned subsidiary McMoRan, held 31,143,149 royalty trust units.
+Added: At March 31, 2022, the Royalty Trust had 230,172,696 royalty trust units outstanding, HOGA held 31,143,150 royalty trust units, and FCX, through its indirect wholly owned subsidiary McMoRan, held 31,143,149 royalty trust units.
FCX and HOGA each hold 13.5% of the outstanding royalty trust units.
DISTRIBUTIONS
−Removed: Natural gas sales volumes (measured in thousands of cubic feet, or “Mcf”), average sales price and net cash proceeds available for distribution for the three- and nine-month periods ended September 30, 2021 and 2020, are set forth in the table below.
−Removed: Three Months Ended Nine Months Ended,
−Removed: September 30, September 30,
−Removed: 2021 2020 2021 2020
+Added: Natural gas sales volumes (measured in thousands of cubic feet, or “Mcf”), average sales price and net cash proceeds available for distribution for the three-month periods ended March 31, 2022 and 2021, are set forth in the table below.
+Added: Three Months Ended
Natural gas sales volumes (Mcf) (a)
+Added: 115,517 111,410
Natural gas average sales price (per Mcf) $ 4.30 $ 2.51
5 unchanged sentences
Income in excess of administrative expenses 266,880 32,589
+Added: Adjustment to minimum cash reserve (8,750) —
Net cash proceeds available for distribution $ 258,130 $ 32,589
(a) Attributable to the onshore Highlander subject interest, which is the only subject interest with commercial production.
−Removed: A summary of quarterly per unit distributions for the three-month periods ended March 31, 2021 and 2020, for the three-month periods ended June 30, 2021 and 2020, and for the three-month periods ended September 30, 2021 and 2020, is set forth in the table below.
+Added: A summary of quarterly per unit distributions for the three-month periods ended March 31, 2022 and 2021, is set forth in the table below.
Amount Per Unit Amount Record Date Payment Date Amount Per Unit Amount Record Date Payment Date
$ 258,130 $0.001121 4/29/2022 5/13/2022 $ 32,589 $0.000142 4/30/2021 5/14/2021
−Removed: $ 47,999 $0.000209 7/30/2021 8/13/2021 $ 1,702 $0.000007 7/30/2020 8/13/2020
−Removed: $ 29,304 $0.000127 10/29/2021 11/12/2021 $ 25,391 $0.000110 10/30/2020 11/13/2020
These distributions are not necessarily indicative of future distributions.
2 unchanged sentences
SUBSEQUENT EVENTS
−Removed: On October 15, 2021, the Royalty Trust declared a cash distribution of $0.000127 per unit payable on November 12, 2021, to Royalty Trust unitholders of record on October 29, 2021.
+Added: On April 14, 2022, the Royalty Trust declared a cash distribution of $0.001121 per unit payable on May 13, 2022, to Royalty Trust unitholders of record on April 29, 2022.
For additional information, see Note 4.
−Removed: The Royalty Trust evaluated all other events subsequent to September 30, 2021, and through the date the Royalty Trust ’ s financial statements were issued, and determined that all events or transactions occurring during this period requiring recognition or disclosure were appropriately addressed in these financial statements.
+Added: The Royalty Trust evaluated all other events subsequent to March 31, 2022, and through the date the Royalty Trust ’ s financial statements were issued, and determined that all events or transactions occurring during this period requiring recognition or disclosure were appropriately addressed in these financial statements.
Trustee's Discussion and Analysis of Financial Condition and Results of Operations .
7 unchanged sentences
COVID-19 Pandemic and Market Conditions Update
−Removed: In March 2020, the World Health Organization designated the outbreak of the novel coronavirus known as COVID-19 as a pandemic.
The COVID-19 pandemic and related economic repercussions have created significant volatility, uncertainty, and turmoil in the oil and natural gas industry.
−Removed: If there is a resurgence of the virus across the U.S.
−Removed: and other locations around the world, the extent of these impacts on the oil and natural gas industry and further effects on the Royalty Trust cannot be reasonably predicted at this time.
+Added: As the global economy continues to recover from the effects of the COVID-19 pandemic, economic indicators have continued to strengthen.
+Added: However, the economy has begun to experience elevated inflation levels as a result of global supply and demand imbalances and current geopolitical events.
+Added: Inflationary pressures and labor shortages could result in increases to the Royalty Trust’s operating costs and the current increase in natural gas prices may not be sustained for any significant period of time.
Business Overview
12 unchanged sentences
In connection with the merger, on June 3, 2013, (1) FCX, as depositor, McMoRan, as grantor, the Trustee and the Delaware Trustee entered into the amended and restated royalty trust agreement to govern the Royalty Trust and the respective rights and obligations of FCX, the Trustee, the Delaware Trustee, and the Royalty Trust unitholders with respect to the Royalty Trust (the royalty trust agreement);
−Removed: and (2) McMoRan, as grantor, and the Royalty Trust, as grantee, entered into the master conveyance of overriding royalty interests (the master conveyance) pursuant to which McMoRan conveyed to the Royalty Trust the overriding royalty interests in future production from the subject interests.
−Removed: Other than (a) its formation, (b) its receipt of contributions and loans from FCX for administrative and other
−Removed: expenses as provided for in the royalty trust agreement, (c) its payment of such administrative and other expenses, (d) its repayment of loans from FCX, (e) its receipt of the conveyance of the overriding royalty interests from McMoRan pursuant to the master conveyance, (f) its receipt of royalties from McMoRan and HOGA, and (g) its cash distributions to Royalty Trust unitholders, the Royalty Trust has not conducted any activities.
+Added: and (2) McMoRan, as grantor, and the Royalty Trust, as grantee, entered into the master conveyance of overriding royalty interests (the master conveyance) pursuant to which McMoRan conveyed to the Royalty Trust the overriding royalty interests in future production from the subject
+Added: Other than (a) its formation, (b) its receipt of contributions and loans from FCX for administrative and other expenses as provided for in the royalty trust agreement, (c) its payment of such administrative and other expenses, (d) its repayment of loans from FCX, (e) its receipt of the conveyance of the overriding royalty interests from McMoRan pursuant to the master conveyance, (f) its receipt of royalties from McMoRan and HOGA, and (g) its cash distributions to Royalty Trust unitholders, the Royalty Trust has not conducted any activities.
The Trustee has no involvement with, control over, or responsibility for, any aspect of any operations on or relating to the subject interests.
3 unchanged sentences
The Trustee has a lien on the Royalty Trust’s assets to secure payment of its compensation and any indemnification expenses and other amounts to which it is entitled under the royalty trust agreement.
−Removed: As of September 30, 2021, only the onshore Highlander subject interest had established commercial production.
+Added: As of March 31, 2022, only the onshore Highlander subject interest had established commercial production.
On February 5, 2019, McMoRan completed the sale of all of its rights, title and interest in and to the onshore Highlander subject interest pursuant to a purchase and sale agreement with HOGA (the Highlander Sale).
6 unchanged sentences
In connection with the Highlander Sale, McMoRan sold its interests in substantially all of its oil and gas leases associated with the Highlander subject interest to HOGA.
−Removed: At September 30, 2021, HOGA owned interests in approximately 131 gas leases onshore in South Louisiana, covering approximately 9,000 gross acres (6,476 acres net to HOGA's interest) associated with the onshore Highlander subject interest.
+Added: At March 31, 2022, HOGA owned interests in approximately 131 gas leases onshore in South Louisiana, covering approximately 9,000 gross acres (6,476 acres net to HOGA's interest) associated with the onshore Highlander subject interest.
McMoRan has informed the Trustee that it has no plans to pursue, has relinquished, has allowed to expire or has sold all of its subject interests.
2 unchanged sentences
Pursuant to the royalty trust agreement, FCX has agreed to pay annual trust expenses up to a maximum amount of $350,000, with no right of repayment or interest due, to the extent the Royalty Trust lacks sufficient funds to pay administrative expenses.
−Removed: No such contributions by FCX were made during the three- and nine-month periods ended September 30, 2021 or 2020.
+Added: No such contributions by FCX were made during the three-month periods ended March 31, 2022 or 2021.
In addition to such annual contributions, FCX has agreed to lend money, on an unsecured, interest-free basis, to the Royalty Trust to fund the Royalty Trust's ordinary administrative expenses as set forth in the royalty trust agreement.
−Removed: No loans were outstanding as of September 30, 2021, or December 31, 2020.
+Added: No loans were outstanding as of March 31, 2022, or December 31, 2021.
All funds the Trustee borrows to cover expenses or liabilities, whether from FCX or from any other source, must be repaid before the Royalty Trust unitholders receive any distributions.
3 unchanged sentences
The $1.0 million, plus interest collected thereon, is held in reserve fund cash.
−Removed: As of September 30, 2021, the Royalty Trust had not drawn any funds from the reserve account, and FCX had not requested a reduction of such reserve account.
+Added: As of March 31, 2022, the Royalty Trust had not drawn any funds from the reserve account, and FCX had not requested a reduction of such reserve account.
In connection with the completion of the Highlander Sale, HOGA assumed all administrative and reporting responsibilities with respect to the Royalty Trust, including those described in Article III of the royalty trust agreement.
In accordance with the terms of the master conveyance, royalties are paid to the Royalty Trust on the last day of the month following the month in which production payments are received by HOGA.
−Removed: As of September 30, 2021, only the onshore Highlander subject interest had established commercial production.
−Removed: The Royalty Trust received
−Removed: royalties of $134,631 and $586,196 during the three- and nine-month periods ended September 30, 2021, respectively, and $163,604 and $597,667 during the three- and nine-month periods ended September 30, 2020, respectively, relating to production from the onshore Highlander subject interest.
+Added: As of March 31, 2022, only the
+Added: onshore Highlander subject interest had established commercial production.
+Added: The Royalty Trust received royalties of $451,030 and $238,183 during the three-month periods ended March 31, 2022 and 2021, respectively.
Royalties received by the Royalty Trust must first be used to (i) satisfy Royalty Trust administrative expenses and (ii) reduce Royalty Trust indebtedness.
−Removed: The Royalty Trust had no indebtedness outstanding as of September 30, 2021.
−Removed: Additionally, the Trustee has established a minimum cash reserve of $250,000.
−Removed: As a result, distributions will be made to Royalty Trust unitholders only when royalties received less administrative expenses incurred and repayment of any indebtedness exceeds the $250,000 minimum cash reserve.
−Removed: In November 2021, the Trustee notified HOGA that the Trustee intends to withhold a portion of the funds otherwise available for distribution each quarter to gradually build a cash reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022.
+Added: The Royalty Trust had no indebtedness outstanding as of March 31, 2022.
+Added: Each quarter, the trustee will determine the amount of funds available for distribution to the Royalty Trust unitholders.
+Added: Available funds will equal the excess cash received by the Royalty Trust from the royalty interests and other sources during that quarter over the Royalty Trust’s liabilities for that quarter.
+Added: Available funds will be reduced by any cash the trustee decides to hold as a reserve against future liabilities.
+Added: As of March 31, 2022, the Trustee has established a minimum cash reserve of $267,500.
+Added: Commencing with the distribution to unitholders in the first quarter of 2022, the Trust has been withholding, and in the future intends to withhold, $8,750 from the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $350,000.
+Added: This cash is reserved for the payment of future known, anticipated or contingent expenses or liabilities of the Trust.
The Trustee may increase or decrease the targeted cash reserve amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders.
1 unchanged sentence
Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds.
−Removed: Distributable income totaled $29,304 and $109,892 during the three- and nine-month periods ended September 30, 2021, respectively, and $25,391 and $103,912 during the three- and nine-month periods ended September 30, 2020, respectively.
−Removed: On October 15, 2021, the Royalty Trust declared a cash distribution of $0.000127 per unit payable on November 12, 2021, to Royalty Trust unitholders of record on October 29, 2021.
+Added: Distributable income totaled $258,130 and $32,589 during the three-month periods ended March 31, 2022 and 2021, respectively.
+Added: On April 14, 2022, the Royalty Trust declared a cash distribution of $0.001121 per unit payable on May 13, 2022, to Royalty Trust unitholders of record on April 29, 2022.
These distributions are not necessarily indicative of future distributions.
6 unchanged sentences
Royalty Income.
−Removed: As of September 30, 2021, only the onshore Highlander subject interest had established commercial production.
−Removed: In accordance with the terms of the master conveyance, during the three-month period ended September 30, 2021, the Royalty Trust received royalties of $134,631 related to 52,667 thousand cubic feet (“Mcf”) of natural gas production attributable to the onshore Highlander subject interest with average post-production costs of $0.45 per Mcf and an average sales price of $3.01 per Mcf.
−Removed: During the three-month period ended September 30, 2020, the Royalty Trust received royalties of $163,604 related to 130,604 Mcf of natural gas production attributable to the onshore Highlander subject interest with average post-production costs of $0.34 per Mcf and an average sales price of $1.59 per Mcf.
−Removed: During the nine-month period ended September 30, 2021, the Royalty Trust received royalties of $586,196 related to 240,857 Mcf of natural gas production attributable to the onshore Highlander subject interest with average post-production costs of $0.42 per Mcf and an average sales price of $2.85 per Mcf.
−Removed: During the nine-month period ended September 30, 2020, the Royalty Trust received royalties of $597,667 related to 400,463 Mcf of natural gas production attributable to the onshore Highlander subject interest with average post-production costs of $0.34 per Mcf and an average sales price of $1.83 per Mcf.
−Removed: Royalty income was lower during the three- and nine-month periods ended September 30, 2021, as compared to the corresponding 2020 periods primarily due to lower production, partially offset by higher natural gas prices.
+Added: As of March 31, 2022, only the onshore Highlander subject interest had established commercial production.
+Added: In accordance with the terms of the master conveyance, during the three-month period ended March 31, 2022, the Royalty Trust received royalties of $451,030 related to 115,517 thousand cubic feet (“Mcf”) of natural gas production with average post-production costs of $0.40 per Mcf and an average sales price of $4.30 per Mcf.
+Added: During the three-month period ended March 31, 2021, the Royalty Trust received royalties of $238,183 related to 111,410 Mcf of natural gas production attributable to the onshore Highlander subject interest with average post-production costs of $0.38 per Mcf and an average sales price of $2.51 per Mcf.
+Added: Royalty income was higher during the three-month period ended March 31, 2022, as compared to the corresponding 2021 period, primarily due to higher natural gas prices and higher production.
Administrative Expenses.
Administrative expenses consist primarily of audit, legal and trustee expenses incurred in connection with the administration of the Royalty Trust.
−Removed: During the three-month periods ended September 30, 2021 and 2020, the Royalty Trust paid administrative expenses of $105,335 and $138,236, respectively.
−Removed: During the nine-month periods ended September 30, 2021 and 2020, the Royalty Trust paid administrative expenses of $476,328
−Removed: and $495,600, respectively.
−Removed: Administrative expenses were lower for the three- and nine-month periods ended September 30, 2021 as compared to the corresponding 2020 periods, primarily because of the timing of payments for professional fees.
+Added: During the three-month periods ended March 31, 2022 and 2021, the Royalty Trust paid administrative expenses of $184,167 and $205,602, respectively.
+Added: Administrative expenses were lower for the three-month period ended March 31, 2022, as compared to the corresponding 2021 period, primarily because of the timing of payments for professional fees.
NEW ACCOUNTING STANDARDS
1 unchanged sentence
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
−Removed: Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the future financial condition of the Royalty Trust or the trading market for the royalty trust units, all statements regarding the respective plans of McMoRan or HOGA for the subject interests, the potential results of any drilling on the subject interests by the applicable operator, anticipated interests of McMoRan or HOGA and the Royalty Trust in any of the subject interests, HOGA's geologic models and the nature of the geologic trend onshore in South Louisiana discussed in this Form 10-Q, the amount and date of quarterly distributions to Royalty Trust unitholders, the potential impact of a resurgence of COVID-19 on the oil and gas industry and on the Royalty Trust, and all statements regarding any belief or understanding of the nature or potential of the subject interests.
+Added: Forward-looking statements are all statements other than statements of historical facts, such as any statements regarding the future financial condition of the Royalty Trust or the trading market for the royalty trust units, all statements regarding the respective plans of McMoRan or HOGA for the subject interests, the potential results of any drilling on the subject interests by the applicable operator, anticipated interests of McMoRan or HOGA and the Royalty Trust in any of the subject interests, HOGA's geologic models and the nature of the geologic trend onshore in South Louisiana discussed in this Form 10-Q, the amount and date of quarterly distributions to Royalty Trust unitholders, and all statements regarding any belief or understanding of the nature or potential of the subject interests.
The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be,” “potential,” and any similar expressions and/or statements that are not historical facts are intended to identify those assertions as forward-looking statements.
21 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.