1 unchanged sentence
The COVID-19 pandemic and efforts to contain the virus could adversely affect the operators of the Underlying Properties, the Net Profits Interest and the cash available for distribution to unitholders.
−Removed: 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 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).
−Removed: 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: The effect of the recent outbreak of COVID-19 and response efforts to contain the pandemic are unprecedented and continue to evolve.
+Added: A rapid and sharp decline in oil prices occurred in the first quarter of 2020.
+Added: Oil prices have ranged widely during the second and third quarters of 2020 and remain depressed.
+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 continues to evolve and affect the operators of the Underlying Properties and production activity.
It is not possible to reliably estimate the impact these developments will have on future periods.
3 unchanged sentences
The ability or willingness of OPEC and other oil exporting nations to set and maintain production levels has a significant impact on oil and natural gas commodity prices, which could reduce the amount of cash available for distribution to Trust unitholders.
−Removed: OPEC is an intergovernmental organization that seeks to manage the price and supply of oil on the global energy market.
+Added: The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization that seeks to manage the price and supply of oil on the global energy market.
Actions taken by OPEC members, including those taken alongside other oil exporting nations, have a significant impact on global oil supply and pricing.
The extent and duration of production cuts by OPEC members and other oil exporting nations to support crude oil prices have fluctuated and may continue to do so.
−Removed: When Russias agreement to oil production cuts expired, an immediate and steep decrease in oil prices occurred, with prices reaching a closing NYMEX price low of negative $37.63 per Bbl of crude oil in April 2020.
−Removed: There can be no assurance that OPEC members and other oil exporting nations will agree to future production cuts or other actions to support and stabilize oil prices, nor can there be any assurance that they will not further reduce oil prices or increase production.
+Added: There can be no assurance that OPEC members and other oil exporting nations will continue to agree to production cuts or other actions to support and stabilize oil prices, nor can there be any assurance that they will not further reduce oil prices or increase production.
Uncertainty regarding future actions to be taken by OPEC members or other oil exporting countries could lead to increased volatility in the price of oil, which could adversely affect the financial condition and economic performance of the operators of the Underlying Properties and may reduce net profits income and significantly reduce or completely eliminate the amount of cash available for distribution to Trust unitholders for an unknown period of time.
12 unchanged sentences
Senior Vice President
−Removed: August 14, 2020
+Added: November 16, 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.