−Removed: There have been no material changes from the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
+Added: This section augments and updates certain risk factors disclosed under “Item 1A.
+Added: Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2020.
+Added: The following risk factor supplement the corresponding risks described in the Annual Report and should be read together with the other risk factors disclosed in the Annual Report.
+Added: Risks Related to COVID-19
+Added: The outbreak of COVID-19 and 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.
+Added: The outbreak of COVID-19 and the responses of governmental authorities, companies and individuals across the world to stem the spread of the virus significantly reduced global economic activity.
+Added: Although the demand and price of crude oil has improved as COVID-19 vaccines have become more widely deployed and available worldwide, any prolonged recovery from the negative effects of COVID-19 on economic and business prospects across the world may negatively impact crude oil prices and the demand for our products, and could have significant adverse consequences to our financial condition and the financial condition of our customers, suppliers and other counterparties.
+Added: The ultimate extent of the impact of the COVID-19 pandemic on our business, financial condition, results of operation and liquidity will depend largely on the pace and level of the recovery from the pandemic and whether overall economic activity returns to pre-pandemic levels, all of which are uncertain and cannot be predicted with certainty at this time.
The following Exhibits are filed herewith:
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Incorporated herein by reference as indicated.
−Removed: Management contract or compensatory plan or arrangement required to be filed as an Exhibit to this Form 10-Q.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
DRIL-QUIP, INC.
−Removed: April 29, 2021
+Added: July 29, 2021
/s/ Raj Kumar
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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.