9 unchanged sentences
Our financial
−Removed: condition, results of operations, and capital resources are highly dependent upon the prevailing market prices of, and demand for, oil
+Added: condition, results of operations, and capital resources are highly dependent on the prevailing market prices of, and demand for, oil
and natural gas.
−Removed: Prices for oil and natural gas production has been volatile and unpredictable for several years, and we expect this
+Added: Prices for oil and natural gas production have been volatile and unpredictable for several years, and we expect this
volatility to continue in the future.
3 unchanged sentences
example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from
−Removed: a low of $61.73 per bbl in September 2024 to a high of $82.89 per bbl in April 2024.
−Removed: The Henry Hub Spot Market Price (“Henry Hub”)
−Removed: for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $9.86 per MMBtu in January 2025.
+Added: a low of $51.25 per bbl in December 2025 to a high of $98.86 per bbl in March 2026.
+Added: The Henry Hub Spot Market Price (“Henry
+Added: Hub”) for natural gas has ranged from a low of $2.65 per MMBtu in June and October 2025 to a high of $30.72 per MMBtu in
+Added: January 2026, reflecting a temporary price spike during a period of severe weather and significant market volatility.
March 31, 2026, the WTI posted price for crude oil was $97.36 per bbl, and the Henry Hub spot price for natural gas was $2.88 per MMBtu.
See Results of Operations above for realized prices.
−Removed: Pipeline capacity constraints and maintenance in the Permian Basin area has contributed
+Added: Pipeline capacity constraints and maintenance in the Permian Basin area have contributed
to a wider difference between the Waha Hub and the Henry Hub, and at times realized prices were negative.
2 unchanged sentences
in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing, and operating
−Removed: Changes in oil and gas prices impact both estimated future net revenue and the estimated quantity of proved reserves.
+Added: Changes in oil and gas prices affect both estimated future net revenues and the estimated quantity of proved reserves.
Any reduction
3 unchanged sentences
In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting
−Removed: rules if prices declined significantly, even if it is only for a short period of time.
+Added: rules if prices declined significantly, even if only for a short period of time.
See Critical Accounting Policies and Estimates —
Ceiling Test under Item 7 of this report on Form 10-K.
−Removed: Lower prices may also reduce the amount of crude oil and natural gas that
−Removed: can be produced economically.
−Removed: Thus, we may experience material increases or decreases in reserve quantities solely as a result of price
−Removed: changes and not as a result of drilling or well performance.
+Added: Lower prices may also reduce the amount of crude oil and natural gas that can
+Added: be produced economically.
+Added: Thus, we may experience material increases or decreases in reserve quantities solely as a result of price changes,
+Added: not drilling or well performance.
any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations, and capital resources.
8 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.