Risk Factors Update Summary
- Industry conditions are influenced by numerous factors, including political and economic conditions, supply chain disruptions, and governmental regulations.
- Legislation and regulatory programs aimed at reducing emissions of GHGs could impact the demand for services and interfere with business activities.
- Prices for oil and gas historically have been volatile, with the average WTI spot price decreasing from $94.90 in 2022 to $77.58 in 2023.
- The loss of significant customers ConocoPhillips and its affiliates accounted for approximately 33% of total consolidated revenues in 2023.
- Adverse changes in the global economic environment and capital markets have caused reductions in capital budgets.
- The company may face increased costs for insurance and security due to cybersecurity attacks and threats.
- Changes in interest rates may impact future borrowings, credit facilities, and debt offerings, potentially increasing financing costs.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1865187&owner=exclude
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