1 unchanged sentence
Industry Risk
−Removed: The demand, pricing and terms for hydraulic fracturing services and related goods provided by us are largely dependent upon the level of drilling activity in the U.S.
+Added: The demand, pricing and terms for hydraulic fracturing services and related goods provided by us are largely dependent upon the level of drilling and completions activity in the U.S.
oil and natural gas industry, as well as the available supply of hydraulic fracturing equipment.
16 unchanged sentences
The level of U.S.
−Removed: oil and natural gas drilling is volatile.
+Added: oil and natural gas drilling can be volatile.
Expected trends in oil and natural gas production activities may not materialize and demand for our services may not reflect the level of activity in the industry.
4 unchanged sentences
At December 31, 2023, we had $140.0 million of debt outstanding, with a weighted average interest rate of 7.6%.
−Removed: Interest is calculated under the terms of our Credit Facilities based on our selection, from time to time, of one of the index rates available to us plus an applicable margin that varies based on certain factors.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations—Debt Agreements.” Assuming no change in the amount outstanding, the impact on interest expense of a 1% increase or decrease in the weighted average interest rate would be approximately $2.2 million per year.
+Added: Interest is calculated under the terms of our ABL Facility based on our selection, from time to time, of one of the index rates available to us plus an applicable margin that varies based on certain factors.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.
+Added: Assuming no change in the amount outstanding, the impact on interest expense of a 1% increase or decrease in the weighted average interest rate would be approximately $1.4 million per year.
We do not currently have or intend to enter into any derivative arrangements to protect against fluctuations in interest rates applicable to our outstanding indebtedness.
2 unchanged sentences
Material costs primarily include inventory consumed while performing hydraulic fracturing services.
−Removed: Fuel costs consist of diesel fuel used by trucks and other motorized equipment used for hydraulic fracturing services.
+Added: Fuel costs consist of diesel fuel and natural gas used by trucks and other motorized equipment used for hydraulic fracturing services.
At times, we have been able to pass along price increases for material costs and fuel costs to customers and conversely have been required to pass along price decreases for material costs to our customers, depending on market conditions.
Further, we have purchase commitments with certain vendors to supply proppant inventory used in our operations at a fixed purchase price, including certain commitments which include minimum purchase obligations.
−Removed: Refer t o Note 15 — Commitments and Contingencies included in “Item 8.
−Removed: Financial Statements and Supplementary Data” for further discussion regarding pur chase commitments.
+Added: Refer t o Note 15 — Commitments & Contingencies included in Part II, Item 8.
+Added: of this Annual Report for further discussion regarding pur chase commitments.
Foreign Translation Risk
4 unchanged sentences
Adjustments resulting from the translation of the subsidiary’s financial statements are reported in other comprehensive income (loss).
−Removed: During the years ended December 31, 2022 and 2021, the Company recorded foreign currency translation losses to comprehensive income (loss) of $7.1 million and $0.1 million, respectively.
+Added: During the years ended December 31, 2023 and 2022, the Company recorded a foreign currency translation gain of $1.3 million and foreign currency translation loss of $7.1 million to comprehensive income (loss), respectively.
Financial Statements and Supplementary Data
2 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.