3 unchanged sentences
We have not declared or paid cash dividends on our common stock in the past nor do we intend to pay cash dividends in the foreseeable future.
−Removed: We currently intend to retain earnings, if any, for the future operation and growth of our business.
−Removed: In addition, our current financing arrangements restrict the payment of cash dividends on our common stock.
+Added: In addition, our financing arrangements may place certain limitations on the payment of cash dividends on our common stock.
+Added: We currently intend to reinvest any retained earnings, if any, for the future operation and growth of our business, or to use for potential acquisition opportunities or share repurchases.
+Added: Our Board will review this matter on a regular basis in light of our earnings, financial position and market opportunities.
See Management’s Discussion and Analysis of Financial Condition and Results of Operations “— Liquidity and Capital Resources.”
2 unchanged sentences
(ii) the Philadelphia Oil Service Sector index (the “OSX”), a price-weighted index of leading oil service companies, assuming the reinvestment of dividends;
−Removed: and (iii) a peer group selected by us as of January 2021 (the “Peer Group”) including the following companies:
−Removed: Archrock, Inc., Core Laboratories N.V., Dril-Quip, Inc., Expro Group Holdings N.V., Forum Energy Technologies, Inc., Halliburton Company, Helmerich & Payne, Inc., Nabors Industries Ltd., Newpark Resources, Inc., NOV Inc., Oceaneering International, Inc., Oil States International, Inc., RPC, Inc., Schlumberger Limited, TETRA Technologies, Inc., and Transocean Ltd.
−Removed: The returns of each member of the Peer Group have been weighted according to each individual company’s equity market capitalization as of December 31, 2021 and have been adjusted for the reinvestment of any dividends.
−Removed: We believe that the members of the Peer Group provide services and products more comparable to us than those companies included in the OSX.
+Added: and (iii) a peer group selected by us as of January 2022 (the “2022 Performance Peer Group”) including the following companies:
+Added: Archrock, Inc., ChampionX Corporation, Core Laboratories N.V., Dril-Quip, Inc., Forum Energy Technologies, Inc., Helmerich & Payne, Inc., Nabors Industries Ltd., Newpark Resources, Inc., NexTier Oilfield Solutions Inc., Oceaneering International, Inc., Oil States International, Inc., Patterson-UTI Energy, Inc., ProPetro Holding Corp., RPC, Inc., Select Energy Services, Inc., TETRA Technologies, Inc., Tidewater Inc., Transocean Ltd.
+Added: and USA Compression Partners, LP.
+Added: The returns of each member of the 2022 Performance Peer Group have been weighted according to each individual company’s equity market capitalization as of December 31, 2022 and have been adjusted for the reinvestment of any dividends.
+Added: We believe that in 2022 the members of the 2022 Performance Peer Group provided services and products more comparable to us than those companies included in the OSX.
The graph assumes $100 was invested on December 31, 2017 in our common stock at the closing price on that date price and on December 31, 2017 in the three indices presented.
2 unchanged sentences
our stock — (2.1)%;
−Removed: the Peer Group — (58.5)%;
+Added: the 2022 Performance Peer Group — (41.4)%;
the OSX — (38.5)%;
4 unchanged sentences
As of December 31,
−Removed: Peer Group Index
+Added: 2022 Performance Peer Group Index
Oil Service Index
Issuer Purchases of Equity Securities
−Removed: Total number of
number of shares
part of publicly
−Removed: that may yet be
−Removed: purchased under
+Added: announced plans
+Added: under the plans
purchased (1)
−Removed: the program (2) (3)
+Added: or programs (2) (3)
October 1 to October 31, 2022
1 unchanged sentence
December 1 to December 31, 2022
−Removed: (1) Includes shares forfeited in satisfaction of tax obligations upon vesting of restricted shares.
−Removed: (2) Under the terms of our stock repurchase program, we may repurchase shares of our common stock in an amount equal to any equity granted to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (Note 14), and such shares increase the number of shares available for repurchase.
−Removed: For additional information regarding our stock repurchase program, see Note 11.
+Added: (1) Represents shares forfeited in satisfaction of tax obligations upon vesting of restricted shares.
+Added: (2) Under the terms of this share repurchase program, we were authorized to repurchase shares of our common stock in an amount equal to any equity granted to our employees, officers and directors under our share-based compensation plans, including share-based awards under our existing long-term incentive plans and shares issued to our employees under our Employee Stock Purchase Plan (Note 13).
+Added: On February 20, 2023, we announced that our Board authorized a new share repurchase program for repurchase of up to $200 million issued and outstanding shares of our common stock (Note 10).
+Added: At the same time, our Board revoked the prior authorization relating to this repurchase program.
(3) In December 2022, we issued 175,882 shares of restricted stock to independent members of our Board.
In January 2023, we issued 9,210 shares of restricted stock to certain independent members of our Board who elected to take their 2022 quarterly fees in stock in lieu of cash.
−Removed: These issuances increase the number of shares available for repurchase under our stock repurchase program by a corresponding amount.
+Added: These issuances increase the number of shares available for repurchase under our previously authorized share repurchase program by a corresponding amount.
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.