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for the year ended December 31, 2019 reference risk factors related to commodity supply and demand, and public health.
−Removed: These risk factors encompass, among other things, production oversupply, as a result of increased production in key producing countries as well as demand reduction due to the COVID-19 pandemic that was characterized as a global pandemic in March, 2020, and have led to volatility in commodity prices.
−Removed: As a result of COVID-19, governments in many countries have mandated quarantines, closures, stay-at-home
+Added: These risk factors encompass, among other things, production oversupply, as a result of increased production in key producing countries as well as demand reduction due to the COVID-19
+Added: pandemic that was characterized as a global pandemic in March, 2020, and have led to volatility in commodity prices.
+Added: As a result of COVID-19,
+Added: governments in many countries have mandated quarantines, closures, stay-at-home
orders and travel restrictions that have had a significant impact on demand for the company’s products.
−Removed: While these effects are expected to be temporary and there has been some movement toward pre-pandemic
+Added: While these effects are expected to be temporary, a resurgence of cases of COVID-19
+Added: leads to a highly uncertain business environment.
+Added: Although there has been some movement toward pre-pandemic
activity levels, the duration of the business disruptions internationally and related financial impact cannot be reasonably estimated at this time and continued or new restrictions could continue to impact the demand for products.
−Removed: Imperial’s future business results, including cash flows and financing needs, will be affected by the extent and duration of these conditions and the effectiveness of responsive actions that the company and others take, including our actions to reduce capital and operating expenses and government actions to address the COVID-19 pandemic.
−Removed: The impact of COVID-19 could also have an effect on the financial markets and result in an increase to the cost of capital.
+Added: Imperial’s future business results, including cash flows and financing needs, will be affected by the extent and duration of these conditions and the effectiveness of responsive actions that the company and others take, including our actions to reduce capital and operating expenses and government actions to address the COVID-19
+Added: The impact of COVID-19
+Added: could also have an effect on the financial markets and result in an increase to the cost of capital due to risk.
The company’s results will also be affected by any resulting negative impacts on national and global economies and markets from a prolonged decrease of economic activity.
−Removed: The company has had positive COVID-19 cases at its operating sites that have not had a material impact on its operations or business.
−Removed: However, if the company’s mitigation and response efforts prove insufficient, large outbreaks of epidemics, pandemics or other health crises such as COVID-19 at operating sites, particularly in remote locations and where work camps are utilized, could impact the company’s personnel and its operations.
+Added: The company has had positive COVID-19
+Added: cases at its operating sites that have not had a material impact on its operations or business.
+Added: However, if the company’s mitigation and response efforts prove insufficient, large outbreaks of epidemics, pandemics or other health crises such as COVID-19
+Added: at operating sites, particularly in remote locations and where work camps are utilized, could impact the company’s personnel and its operations.
The company could also be impacted by disruption to supply chains, methods of distribution and key third-party service providers, which could impact the ability to produce or sell its products, as well as increasing the costs associated with its operations and decreasing revenues and margins.
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If the company is not able to effectively operate and manage through these plans and alternative arrangements, the negative impacts could include reduced productivity and increased costs.
−Removed: The COVID-19 pandemic continues to evolve and it is difficult to predict the ultimate impact of it or the timing of any resolution of the current supply imbalances.
+Added: pandemic continues to evolve, with an increase of cases in many areas and the potential for additional public health restrictions.
+Added: The evolution of the pandemic remains highly uncertain, and it is difficult to predict the ultimate impact of it or the timing of any resolution of the current supply imbalances.
We continue to monitor market developments and evaluate the impacts of decreased demand on our production levels, as well as impacts on project development and future production.
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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.