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and merger and divestiture activity in industries in which we operate.
−Removed: In March and April 2020, concurrent with the COVID-19 pandemic and quarantine orders in the U.S.
−Removed: and worldwide, oil prices dropped sharply to below zero dollars per barrel for the first time in history due to factors including significantly reduced demand and a shortage of storage facilities.
−Removed: In 2021, U.S.
−Removed: oil production stabilized as commodity prices increased and demand for crude oil rebounded.
−Removed: We saw improvements in the oilfield services industry and in both pricing and utilization of our well completion and drilling services during 2022.
Throughout 2023, pricing for crude oil and natural gas declined from levels seen in 2022, which slowed down completion activities for our customers, in particular, in the Utica and Marcellus Shale natural gas plays, and, as a result, reduced demand for our well completion services.
−Removed: These factors have continued into the first quarter of 2024.
−Removed: Despite this short-term softness, however, we are seeing indications that activity levels will begin to ramp back up in mid-2024, creating the opportunity to reactivate additional fleets, if appropriate.
−Removed: The ongoing war in Ukraine and the recent Israel-Hamas war, however, could continue to have an adverse impact on the global energy markets and volatility of commodity prices, which could further adversely impact demand for our well completion services.
+Added: Throughout 2024, we continued to experience persistent challenges in our well completion business and other oilfield services associated with lower U.S.
+Added: onshore activity and sustained weakness in the natural gas basins in which we operate.
+Added: We expect 2025 completions activity to be relatively steady, with the potential for upside compared to 2024 driven by incremental demand associated with natural gas.
+Added: Positive trends that may contribute to increased activity will come from LNG export capacity coming online and general electricity and power demand enhancements.
Although the levels of activity in the U.S.
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We do not enter into investments for trading or speculative purposes.
−Removed: Interest under the new revolving credit facility equals the Tranche Rate (as defined in the new revolving credit facility) plus an applicable margin, which can fluctuate based on multiple facts, including rates set by the U.S.
−Removed: Federal Reserve (which increased its benchmark interest rate by an aggregate of 4.75 percentage points throughout 2022 and 2023, and may continue to increase interest rates), the supply and demand for credit and general economic conditions, plus an applicable margin.
−Removed: Interest under our new term credit facility equals the SOFR Interest Rate (as defined in the new term credit facility) plus 7.50%.
−Removed: At December 31, 2023, we had no outstanding borrowings under the new credit facility and $45.0 million outstanding under our term loan with an interest rate of 12.9%.
−Removed: Based on the outstanding borrowings under our term loan as of December 31, 2023, a 1% increase or decrease in the interest rate would have increased or decreased our interest expense by approximately $0.5 million per year.
+Added: Interest under our revolving credit facility equals the Tranche Rate (as defined in the revolving credit facility) plus an applicable margin, which can fluctuate based on multiple facts, including rates set by the U.S.
+Added: Federal Reserve, the supply and demand for credit and general economic conditions, plus an applicable margin.
+Added: At December 31, 2024, we had no outstanding borrowings under our revolving credit facility.
We do not currently hedge our interest rate exposure.
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District Court for the District of Puerto Rico.
−Removed: 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.
“Summary of 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 for additional information.
+Added: “Commitments and Contingencies—Litigation” to our consolidated financial statements included elsewhere in this annual report for additional information.
We provide infrastructure services in the northeastern, southwestern, midwestern and western portions of the United States.
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Our operations in Oklahoma and Texas are generally not affected by seasonal weather conditions.
−Removed: Although the impact of inflation has been insignificant on our operations in prior years, inflation in the U.S.
−Removed: has been rising at its fastest rate in over 40 years, creating inflationary pressure on the cost of services, equipment and other goods in our industries and other sectors and contributing to labor and materials shortages across the supply-chain.
−Removed: Throughout 2022 and 2023, the Federal Reserve increased its benchmark interest rates by an aggregate of 4.75 percentage points, and may continue increasing benchmark interest rates in the future.
−Removed: If the efforts to control inflation are not successful and inflationary pressures persist, our business, results of operations and financial condition may be adversely affected.
+Added: During the last two years, inflation in the U.S.
+Added: reached some of the highest levels in over 40 years, creating inflationary pressure on the cost of services, equipment and other goods in our industries and other sectors and contributing to labor and materials shortages across the supply-chain.
+Added: Although inflation has recently moderated and the Federal Reserve has begun lowering interest rates, there can be no assurance regarding the timing of any such interest rate cuts or their impact on inflation or any future price changes.
+Added: If the inflationary pressures on our operating costs and capital expenditures persist, our business, results of operations and financial condition may be adversely affected.
Financial Statements and Supplementary Data
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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.