4 unchanged sentences
the supply of and demand for oil and natural gas services, energy infrastructure services and natural sand proppant;
−Removed: the level of construction of transmission lines, substations and distribution networks in the energy infrastructure industry and the level of expenditures of utility companies;
+Added: demand for repair and construction of transmission lines, substations and distribution networks in the energy infrastructure industry and the level of expenditures of utility companies;
the level of prices of, and expectations about future prices for, oil and natural gas and natural sand proppant, as well as energy infrastructure services;
11 unchanged sentences
and merger and divestiture activity in industries in which we operate.
−Removed: The level of activity in the U.S.
−Removed: oil and natural gas exploration and production, energy infrastructure and natural sand proppant industries is volatile.
−Removed: Expected trends may not continue and demand for our products and services may not reflect the level of activity in these industries.
−Removed: Any prolonged substantial reduction in pricing environment would likely affect demand for our services.
−Removed: A material decline in pricing levels or U.S.
−Removed: activity levels could have a material adverse effect on our business, financial condition, results of operations and cash flows.
+Added: In March and April 2020, concurrent with the COVID-19 pandemic and quarantine orders in the U.S.
+Added: and worldwide, oil prices dropped sharply to below zero for the first time in history due to factors including significantly reduced demand and a shortage of storage facilities.
+Added: As a result of the oversupply, OPEC members and other oil exporting nations reached an agreement to curtail up to 10% of the world’s supply and certain U.S.
+Added: producers voluntarily curtailed production.
+Added: These actions helped to reduce a portion of the excess supply in the market and improve oil prices.
+Added: In the third quarter of 2020, many U.S.
+Added: producers resumed completion activities to stem production declines and stabilize their production base as demand for crude oil rebounded but continued to be soft.
+Added: Commodity prices are expected to continue to be weak and volatile as a result of production levels, inventories and demand, and national and international economic performance.
+Added: We cannot predict if, or when, commodity prices will stabilize and at what price points or global inventories return to normalized levels.
+Added: The COVID-19 pandemic, the broad reduction in economic activity, the current conditions in the energy industry and the adverse macroeconomic conditions have also had an adverse effect on both pricing and utilization for our oilfield services.
+Added: The levels of activity in the U.S.
+Added: oil and natural gas exploration and production, energy infrastructure and natural sand proppant industries have been and continue to be volatile.
+Added: We are unable to predict the ultimate impact of the ongoing COVID-19 pandemic, the depressed commodity markets, the reduced demand for oil and oilfield services and adverse macroeconomic conditions on our business, financial condition, results of operations, cash flows and stock price.
Interest Rate Risk
19 unchanged sentences
We have not hedged our exposure to changes in foreign currency exchange rates and, as a result, could incur unanticipated translation gains and losses.
−Removed: We provide completion and production services as well as contract land and drilling services primarily in the Utica, Permian Basin, Eagle Ford, Marcellus, Granite Wash, Cana Woodford and Cleveland sand resource plays located in the continental U.S.
−Removed: We provide infrastructure services in the northeast, southwest and midwest portions of the United States and in Puerto Rico.
+Added: Customer Credit Risk
+Added: We are also subject to credit risk due to concentration of our receivables from several significant customers.
+Added: We generally do not require our customers to post collateral.
+Added: The inability, delay or failure of our customers to meet their obligations to us due to customer liquidity issues or their insolvency or liquidation may adversely affect our business, financial condition, results of operations and cash flows.
+Added: This risk may be further enhanced by the ongoing COVID-19 pandemic, the depressed commodity price environment, the reduced demand for oil and oilfield services and adverse macroeconomic conditions.
+Added: Basis of Presentation and Significant Accounting Policies—Accounts Receivable and —Concentrations of Credit Risk and Significant Customers and Note 20.
+Added: Commitments and Contingencies—Litigation of our consolidated financial statements contained elsewhere in this annual report.
+Added: We provide infrastructure services in the northeast, southwest and midwest portions of the United States.
+Added: We provide well completion and drilling services primarily in the Utica, Permian Basin, Eagle Ford, Marcellus, Granite Wash, Cana Woodford and Cleveland sand resource plays located in the continental U.S.
We provide remote accommodation services in the oil sands in Alberta, Canada.
1 unchanged sentence
For the years ended December 31, 2020, 2019 and 2018, we generated approximately 35%, 43% and 17%, respectively, of our revenue from our operations in Ohio, Wisconsin, Minnesota, North Dakota, Pennsylvania, West Virginia and Canada where weather conditions may be severe.
−Removed: As a result, our operations may be limited or disrupted, particularly during winter and spring months, in these geographic regions, which would have a material
−Removed: adverse effect on our financial condition and results of operations.
+Added: As a result, our operations may be limited or disrupted, particularly during winter and spring months, in these geographic regions, which would have a material adverse effect on our financial condition and results of operations.
Our operations in Oklahoma and Texas are generally not affected by seasonal weather conditions.
6 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.