What changed in this filing

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Item 1A. Risk Factors

2020-08-10 compared with 2020-05-11 · 36 added, 32 removed, 40 unchanged (63% of the section changed)

1 unchanged sentence

Except as provided below, there have not

been any material changes from the risk factors previously disclosed in the Trust’s response to Item 1A to Part 1 of

been any material changes from the risk factors previously disclosed in the Trust’s response to Item 1A to Part I of

the Form 10-K.

2 unchanged sentences

recent outbreak of the novel form of coronavirus known as COVID-19 and its development into a global pandemic is negatively

impacting worldwide economic and commercial activity and financial markets, as well as global demand for crude oil and

The West Texas Intermediate spot price of crude oil has dropped sharply since the beginning of 2020, from $61.18

per barrel on January 2, 2020 to $12.34 per barrel on April 28, 2020, primarily attributable to the economic effects

of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of

Petroleum Exporting Countries (“OPEC”), including Saudi Arabia, which resulted in an oversupply of crude oil and

exacerbated the decline in crude oil prices.

COVID-19 and the responses by federal, state and local governmental authorities

to the pandemic have also resulted in significant business and operational disruptions, including business closures, supply

chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces.

impact of COVID-19 is unknown and is rapidly evolving.

The extent to which COVID-19 negatively impacts the operators of and

production from the underlying properties will depend on the severity, location and duration of the effects and spread of

COVID-19, the actions undertaken by federal, state and local governments and health officials to contain the virus or treat

its effects, and how quickly and to what extent economic conditions improve and normal business and operating conditions

A prolonged period of low crude oil prices would adversely affect the operators of the underlying properties.

commodity prices for crude oil remain at reduced levels, quarterly cash distributions to unitholders will be substantially

lower than historical distributions, and in certain periods there may be no distribution to unitholders.

Continued low prices

of oil may ultimately reduce

the amount of oil that is economic to produce from the underlying properties.

As a result, the operator of the underlying properties could determine during periods of low commodity prices to shut in or curtail production on the underlying properties.

In addition, the operator of the underlying properties could determine during periods of

low commodity prices to plug and abandon marginal wells that otherwise may have been allowed to continue to produce for a

longer period under conditions of higher prices.

impacting worldwide economic and commercial activity and financial markets, as well as global demand for crude oil and natural

The West Texas Intermediate spot price of crude oil has declined since the beginning of 2020, from $63.27 per barrel

on January 6, 2020 to $41.95 per barrel on August 6,

During this time frame, the monthly average price, which is the base price that crude oil sales are based on, reached

a low of $16.70 for April 2020.

The decline in oil prices is primarily attributable to the economic effects of the COVID-19

pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries

(“OPEC”), which resulted in an oversupply of crude oil and exacerbated the decline in crude oil prices.

the responses by federal, state and local governmental authorities to the pandemic have also resulted in significant business and

operational disruptions, including business closures, supply chain disruptions, travel restrictions, stay-at-home orders

and limitations on the availability of workforces.

The full impact of COVID-19 is unknown and is rapidly evolving.

extent to which COVID-19 negatively impacts the operators of and production from the underlying properties will depend

on the severity, location and duration of the effects and spread of COVID-19, the actions undertaken by federal, state

and local governments and health officials to contain the virus or treat its effects, and how quickly and to what extent economic

conditions improve and normal business and operating conditions resume.

A prolonged period of low crude oil prices will adversely

affect the operators of the underlying properties.

If commodity prices for crude oil remain at reduced levels, quarterly cash

distributions to unitholders will be substantially lower than historical distributions, and in certain periods there may be no

distribution to unitholders.

As a result of the decreased price of crude oil during the second quarter of 2020, there was no distribution

made to unitholders in the third quarter of 2020.

Continued low prices of oil may ultimately

reduce the amount of oil that is economic to produce from the underlying properties.

As a result, the operator of the underlying

properties could determine, during periods of low commodity prices, to shut in or curtail production on the underlying properties.

In addition, the operator of the underlying properties could determine, during periods of low commodity prices, to plug and abandon

marginal wells that otherwise may have been allowed to continue to produce for a longer period under conditions of higher prices.

To the extent COVID-19 adversely affects

production from the underlying properties or the business, results of operations and financial condition of the operators of the

underlying properties, it may also have the effect of heightening many of the other risks described in the Trust’s 2019 Annual

Report on Form 10-K.

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.

underlying properties, it may also have the effect of heightening many of the other risks described in the Form 10-K.

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.

OPEC is an intergovernmental organization

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March 2020, members of OPEC and Russia considered extending and potentially increasing these oil production cuts.

However, those

negotiations were unsuccessful.

those negotiations were unsuccessful.

As a result, Saudi Arabia announced an immediate reduction in export prices and Russia announced

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Vice President

August 10, 2020

The Registrant, VOC Energy Trust, has no

4 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.

What changed 10-Q

Item 1A. Risk Factors