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The effect of the recent outbreak of COVID-19 and response efforts to contain the pandemic are unprecedented and continuously evolving.
−Removed: A rapid and sharp decline in oil and gas prices occurred in the first quarter of 2020 and the extent and duration of the decline and curtailed economic activity related to COVID-19 is unknown and rapidly evolving.
+Added: A rapid and sharp decline in oil and gas prices occurred in the first quarter of 2020, and continued in the second quarter of 2020, including briefly trading negative in April 2020 in response to COVID-19 and the dispute over production levels between Russia and the other members of the Organization of Petroleum Exporting Countries (OPEC).
+Added: The extent and duration of the decline and curtailed economic activity, including business and operational disruptions, closures, limitations and restrictions on travel, and supply chain and workforce disruptions, is unknown and rapidly evolving, and continues to affect the operators of the Underlying Properties and production activity.
+Added: It is not possible to reliably estimate the impact these developments will have on future periods.
The value of the Net Profits Interest and the Trusts ultimate cash available for distribution is highly dependent on the financial condition of Boaz Energy and other third-party operators, oil and natural gas prices, supply and demand, and other factors, which are being negatively impacted by the COVID-19 pandemic.
−Removed: Restrictions on non-essential businesses and shelter in place orders have and will continue to affect the operators of the Underlying Properties and production activity.
−Removed: Boaz Energy or any third-party operator of the Underlying Properties could shut in or curtail production from wells on the Underlying Properties or plug and abandon marginal wells that otherwise may have been allowed to continue to produce for a longer period under conditions of higher prices, without the consent of the Trust or the Trust unitholders.
+Added: Boaz Energy shut in production of certain wells during May 2020 and Boaz Energy or any third-party operator of the Underlying Properties could, in future periods, shut in or curtail production from wells on the Underlying Properties or plug and abandon marginal wells that otherwise may have been allowed to continue to produce for a longer period under conditions of higher prices, without the consent of the Trust or the Trust unitholders.
Substantial and extended declines in economic activity and oil, natural gas and natural gas liquids prices have resulted and may continue to result in a reduction in the amount of oil and natural gas that is economic to produce from the Underlying Properties, reduced net proceeds to which the Trust is entitled, and elimination of cash available for distribution to Trust unitholders for an unknown period of time.
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Senior Vice President
+Added: August 14, 2020
The registrant, PermRock Royalty Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.
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.