20 unchanged sentences
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.
−Removed: 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.
−Removed: producers voluntarily curtailed production.
−Removed: These actions helped to reduce a portion of the excess supply in the market and improve oil prices.
−Removed: In the third quarter of 2020, many U.S.
−Removed: producers resumed completion activities to stem production declines and stabilize their production base as demand for crude oil rebounded but continued to be soft.
−Removed: 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.
−Removed: We cannot predict if, or when, commodity prices will stabilize and at what price points or global inventories return to normalized levels.
−Removed: 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: In 2021, U.S.
+Added: oil production stabilized as commodity prices increased and demand for crude oil rebounded.
+Added: Despite the recent improvement in the U.S.
+Added: and global economic activity, easing of the COVID-19 pandemic related restrictions, the availability of vaccines and treatments and rising energy use and commodity prices, the U.S.
+Added: production outlook remains cautious and we continue to expect the challenging market for oilfield services for the foreseeable future, which has had, and is likely to continue to have, an adverse effect on both pricing and utilization for our oilfield services and our financial condition and results of operations.
The levels of activity in the U.S.
oil and natural gas exploration and production, energy infrastructure and natural sand proppant industries have been and continue to be volatile.
−Removed: 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.
+Added: We are unable to predict the ultimate impact the ongoing COVID-19 pandemic, the volatility in commodity prices, the challenging market for oilfield services and any adverse changes in macroeconomic conditions would have on our business, financial condition, results of operations, cash flows and stock price.
Interest Rate Risk
5 unchanged sentences
Additionally, at our request, outstanding balances are permitted to be converted to LIBOR rate plus applicable margin tranches.
+Added: LIBOR tends to fluctuate based on multiple facts, including general short-term interest rates, rates set by the U.S.
+Added: Federal Reserve, which indicated plans for multiple interest rate increases in 2022, and other central banks, the supply of and demand for credit in the London interbank market and general economic conditions.
The applicable margin for either the base rate or the LIBOR rate option can vary from 2.0% to 3.5%, based upon a calculation of the excess availability of the line as a percentage of the maximum credit limit.
3 unchanged sentences
Foreign Currency Risk
−Removed: Our energy services business generates revenue and incurs expenses that are denominated in the Canadian dollar.
+Added: Our remote accommodation business, which is included in our other services division, generates revenue and incurs expenses that are denominated in the Canadian dollar.
These transactions could be materially affected by currency fluctuations.
3 unchanged sentences
A 10% increase in the strength of the Canadian dollar versus the U.S.
−Removed: dollar would have resulted in a decrease in pre-tax income of approximately $0.04 million as of December 31, 2020.
+Added: dollar would have resulted in an increase in pre-tax income of approximately $0.1 million as of December 31, 2021.
Conversely, a corresponding decrease in the strength of the Canadian dollar would have resulted in a comparable increase in pre-tax income.
4 unchanged sentences
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.
−Removed: 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.
−Removed: Basis of Presentation and Significant Accounting Policies—Accounts Receivable and —Concentrations of Credit Risk and Significant Customers and Note 20.
−Removed: Commitments and Contingencies—Litigation of our consolidated financial statements contained elsewhere in this annual report.
+Added: This risk may be further enhanced by the ongoing COVID-19 pandemic, the volatility in commodity prices, the reduced demand for oilfield services and challenging macroeconomic conditions.
+Added: Specifically, we had receivables due from PREPA totaling $337.8 million as of December 31, 2021.
+Added: PREPA is currently subject to bankruptcy proceedings pending in the U.S.
+Added: District Court for the District of Puerto Rico.
+Added: As a result, PREPA’s ability to meet its payment obligations under the contracts is largely dependent upon funding from the FEMA or other sources.
+Added: Summary of Significant Accounting Policies—Accounts Receivable and —Concentrations of Credit Risk and Significant Customers and Note 19.
+Added: Commitments and Contingencies—Litigation of our consolidated financial statements contained elsewhere in this annual report for additional information.
We provide infrastructure services in the northeast, southwest and midwest portions of the United States.
12 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.