2 unchanged sentences
The COVID-19 outbreak and its potential adverse effect on business operations and financial condition.
−Removed: The recent outbreak of COVID-19 has spread across the globe and has been declared a public health emergency by the WHO and a National Emergency by the President of the United States.
−Removed: Most states and municipalities in the United States, including Texas, have declared public health emergencies and announced aggressive actions to reduce the spread of the disease, including limiting non-essential gatherings of people, ceasing all non-essential travel, ordering certain businesses and government agencies to cease non-essential operations at physical locations and issuing “shelter-in-place” orders.
+Added: The outbreak of COVID-19 has spread across the globe and was declared a public health emergency by the WHO and a National Emergency by the President of the United States.
+Added: Most states and municipalities in the United States, including Texas, declared public health emergencies and announced aggressive actions to reduce the spread of the disease, including limiting non-essential gatherings of people, ceasing all non-essential travel, ordering certain businesses and government agencies to cease non-essential operations at physical locations and issuing “shelter-in-place” orders.
To the extent COVID-19 continues or worsens, governments may impose additional similar restrictions.
1 unchanged sentence
Many E&P companies have announced significant cuts in capital spending and production in response to reduced demand and declining prices.
−Removed: In addition, several state oil and gas authorities, including the Oklahoma Corporation Commission and the Texas Railroad Commission, have imposed or are currently considering imposing oil and gas production limits in an effort to stabilize declining commodity prices.
−Removed: To the extent adopted, such production limits could adversely impact demand for the services we provide.
−Removed: There has already been a general slowdown in E&P company activity due to the significantly reduced demand for oil and natural gas as a result of the COVID-19 pandemic and the current oversupply of oil and natural gas in the market.
−Removed: The direct impact to the Company’s operations began to take affect at the close of the first quarter ended March 31, 2020, however, the extent to which the COVID-19 outbreak impacts our results will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the actions to contain its impact.
+Added: There has been a general slowdown in E&P company activity due to the significantly reduced demand for oil and natural gas as a result of the COVID-19 pandemic and the current oversupply of oil and natural gas in the market.
+Added: The direct impact to the Company’s operations began to take affect at the close of the first quarter ended March 31, 2020, and have continued through the second quarter ended June 30, 2020, however, the extent to which the COVID-19 outbreak impacts our results will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the actions to contain its impact.
+Added: At the time of this filing, cases of COVID-19 in the U.S.
+Added: were increasing rapidly, particularly in Texas, where we conduct significant operations.
Our customers may be forced to curtail or shut in production due to a lack of storage capacity.
14 unchanged sentences
During the year ended December 31, 2019, the posted Henry Hub price for natural gas has ranged from a low of $2.07 per Million British Thermal Units (“MMbtu”) in August 2019 to a high of $3.59 per MMbtu in January 2019.
−Removed: For the period from January 1, 2020 through April 30, 2020, however, price for oil and natural gas declined significantly, reaching to lows of a negative $37.63 per Bbl.
+Added: For the period from January 1, 2020 through July 22, 2020, however, price for oil and natural gas declined significantly, reaching to lows of a negative $37.63 per Bbl.
This negative pricing resulted from the holders of expiring front month oil purchase contracts being unable or unwilling to take physical delivery of crude oil and accordingly forced to make payments to purchasers of such contracts in order to transfer the corresponding purchase obligations.
4 unchanged sentences
On April 12, 2020, OPEC Plus agreed to cut oil production by 9.7 million barrels per day in May and June 2020.
−Removed: In addition, E&P companies in the United States have announced significant cuts in capital spending and recently encouraged regulatory intervention to prorate production among operators to stabilize hydrocarbon production in the United States.
−Removed: In particular, the Texas Railroad Commission is expected to vote on proration of production on May 5, 2020.
+Added: In May 2020, the Texas Railroad Commission decided against imposing oil production cuts, however, waived fees related to new crude oil storage projects.
+Added: Several other state agencies have made similar decisions.
We cannot predict whether any of these activities will reduce the global supply and demand imbalance or whether or when oil and natural gas production and economic activities will return to normalized levels.
16 unchanged sentences
• political and economic conditions in oil and natural gas producing countries;
−Removed: global or national health concerns, including pandemics such as the outbreak of COVID-19 a the beginning of 2020;
+Added: • global or national health concerns, including pandemics such as the outbreak of COVID-19;
• actions by the members of OPEC Plus, with respect to oil production levels and announcements of potential changes in such levels, including the failure of such countries to comply with production cuts;
12 unchanged sentences
Our Credit Facility contains certain financial and other restrictive covenants, including a certain minimum fixed charge coverage ratio during certain testing periods.
−Removed: During the three months ended March 31, 2020, the Company borrowed against the Credit Facility such that the available borrowings were less than $6.25 million , causing dominion to revert to the Administrative Agent.
−Removed: For 30 consecutive days, the Company was required to either (a) maintain available borrowings of no less than the greater of $6.25 million and 12.5% of the lesser of (x) the maximum revolver amount and (y) the borrowing base (which approximated $3.9 million as of March 31, 2020 ) or (b) have no revolver drawings and available cash of at least $20.0 million for dominion to revert back to the Company.
−Removed: While the Company is subject to cash dominion, the Administrative Agent is permitted to take control of the Company’s bank accounts and sweep cash to an account of the Administrative Agent on a daily basis.
−Removed: Therefore, the total borrowings under the Credit Facility, and related issuance costs, were reclassified to current maturities of long-term debt as of March 31, 2020.
+Added: The Credit Facility is subject to a borrowing base that is calculated based upon a percentage of the value of the Company’s eligible accounts receivable less certain reserves.
+Added: The Credit Facility includes cash dominion provisions that permit the Administrative Agent to sweep cash daily from the Company’s bank accounts into an account of the Administrative Agent to repay the Company’s obligations under the Credit Facility.
+Added: Such dominion is triggered when excess availability is less than the greater of $6.25 million and 12.5% of the lesser of (x) the maximum revolver amount and (y) the borrowing base as of such date of determination.
+Added: When the Company is subject to dominion, for 30 consecutive days it is required to either (a) maintain excess availability in excess of the greater of $6.25 million and 12.5% of the lesser of (x) the maximum revolver amount and (y) the borrowing base as of such date of determination and no event of default has occurred and is continuing or (b) have no revolver drawings and available cash of at least $20.0 million for dominion to revert back to the Company.
+Added: The Credit Facility is scheduled to mature on August 16, 2022.During the three months ended March 31, 2020, the Company borrowed against the Credit Facility causing dominion to revert to the Administrative Agent, however after the 30 consecutive day period, as defined above, dominion reverted back to the Company in April 2020.
+Added: The borrowings under the Credit Facility, and related issuance costs, were included in long-term debt, net in the Condensed Consolidated Balance Sheets as of June 30, 2020, as the Company was not subject to dominion.
Please see “Part I, Item 2.
4 unchanged sentences
A lack of capital could result in a decrease in our operations, subject us to claims of breach under customer and supplier contracts and may force us to sell some of our assets or issue additional equity on an untimely or unfavorable basis, each of which could adversely affect our business, financial condition, results of operations and cash flows.
−Removed: Our Special Committee, board of directors and/or shareholders may not recommend or approve the Take Private Proposal, and even if accepted, the transactions contemplated by the Take-Private Proposal may be delayed or may not be consummated, or the terms may be materially altered, which may cause significant volatility in the trading price of our Class A Common Stock.
−Removed: Our Special Committee, board of directors and/or shareholders may not recommend or approve the Take Private Proposal.
−Removed: The Special Committee is currently evaluating the terms of the Take Private Proposal, but significant uncertainty remains as to whether the Take Private Proposal will be consummated on the terms set forth in the offer letter or at all.
−Removed: Evaluation of the Take Private Proposal may divert the attention of our management to the Take Private Proposal rather than our own operations and pursuit of other opportunities that could have been beneficial to us.
−Removed: If we ultimately enter into an agreement relating to the Take Private Proposal, the terms may be materially different than in the non-binding offer letter or could involve the participation of
−Removed: third parties not currently contemplated.
−Removed: Any of these events or other actions or uncertainties associated with the Take Private Proposal may cause significant volatility in the trading price of our Class A Common Stock.
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.