19 unchanged sentences
The demand for drilling services and solutions is derived from exploration and production companies spending money to explore and develop drilling prospects in search of crude oil and natural gas.
−Removed: Their spending is driven by their cash flow and financial strength, which is affected by trends in crude oil and natural gas commodity prices.
+Added: Their spending is driven by their cash flow, financial strength, and desires to return excess cash to shareholders, which is affected by trends in crude oil and natural gas commodity prices.
Crude oil prices are determined by a number of factors including global supply and demand, the establishment of and compliance with production quotas by oil exporting countries, worldwide economic conditions and geopolitical factors.
16 unchanged sentences
Interest Rate Risk
−Removed: Our interest rate risk exposure results primarily from short‑term rates, mainly SOFR‑based, on any borrowings from our revolving credit facility.
−Removed: There were no outstanding borrowings under this facility at September 30, 2023, and our outstanding debt consisted of $550.0 million (face amount) in senior unsecured notes, which have a fixed rate of 2.90 percent and an estimated fair value of $435.5 million and $430.7 million as of September 30, 2023 and 2022, respectively.
+Added: Our interest rate risk exposure results primarily from short‑term rates, mainly SOFR‑based, on any borrowings from the Amended credit facility.
+Added: There were no outstanding borrowings under this facility at September 30, 2024 and our outstanding debt consisted of $1.8 billion (face amount) in senior unsecured notes, and an estimated fair value of $1.7 billion as of September 30, 2024.
+Added: The $1.8 billion (face amount) in senior unsecured notes at September 30, 2024 comprised of the following:
+Added: $350.0 million aggregate principal amount of 4.65 percent senior notes due 2027, $350.0 million aggregate principal amount of 4.85 percent senior notes due 2029, $550.0 million aggregate principal amount of 2.90 percent senior notes due 2031 and $550.0 million aggregate principal amount of 5.50 percent senior notes due 2034.
Equity Price Risk
−Removed: As of September 30, 2023, we had equity securities in Tamboran with a total fair value of $9.9 million.
+Added: As of September 30, 2024 and 2023, we had equity securities in Tamboran Corp.
+Added: with a total fair value of $21.0 million and $9.9 million, respectively.
+Added: On June 4, 2024, the Company entered into a convertible note agreement with Tamboran Corp.
+Added: This note was utilized to relieve Tamboran's outstanding accounts receivable balance owed to the Company, and therefore no cash was exchanged as part of the transaction.
+Added: The convertible note agreement provided that the notes converted into shares of common stock of Tamboran Corp.
+Added: under certain circumstances in connection with an initial public offering in which its stock was listed on the New York Stock Exchange ("NYSE") or NASDAQ Stock Exchange.
+Added: On June 26, 2024,Tamboran Corp.
+Added: completed an initial public offering of its common stock on the NYSE and as a result of this offering, our convertible note of $9.4 million was converted into 0.5 million common shares in Tamboran Corp.
+Added: Our shares received in this initial public offering are subject to a 180-day lockup period.
+Added: Consistent with the provisions of ASU No.
+Added: 2022-03, contractual sale restrictions are not considered in the fair value measurement of our investment in Tamboran Resources Corporation.
As of September 30, 2024 and 2023 we had equity securities in ADNOC Drilling with a total fair value of $205.6 million and $174.8 million, respectively.
−Removed: Our investment in ADNOC Drilling is subject to a three-year lockup period.
+Added: Our investment in ADNOC Drilling was subject to a three-year lockup period, which expired during September 2024.
We have applied the guidance in Topic 820, Fair Value Measurement, in the initial accounting of the transaction and the subsequent revaluation of the investment balance, concluding that the contractual restriction on the sale of an equity security that is publicly traded is not considered in measuring fair value.
−Removed: A hypothetical 10 percent decrease in the market price for our marketable equity securities as of September 30, 2023 would decrease the fair value by $18.5 million.
+Added: A hypothetical 10 percent decrease in the market price for our marketable equity securities of Tamboran Corp and ADNOC Drilling as of September 30, 2024 would decrease the fair value by $22.7 million.
These securities are subject to a wide variety and number of market‑related risks that could substantially reduce or increase the fair value of our holdings.
−Removed: At November 1, 2023, the total fair value of our equity securities decreased to approximately $174.0 million.
+Added: Subsequent to the 2024 fiscal year end, we sold our shares of ADNOC Drilling for aggregate proceeds of approximately $197.3 million.
+Added: Refer to Note 18—Subsequent Events.
+Added: At November 6, 2024, the total fair value of our remaining equity securities in Tamboran Corp.
+Added: decreased to approximately $19.1 million.
We continually monitor the fair value of the investments but are unable to predict future market volatility and any potential impact to the Consolidated Financial Statements.
1 unchanged sentence
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.