Risk Factors Update Summary
- Material risks related to business activities and hazards were added to the risk factors disclosure.
- No impairments were recorded in 2022 due to improved commodity pricing and industry conditions.
- The company's status as a controlled company exempts it from certain corporate governance requirements.
- Oil prices ranged from $37 to $123.70 per Bbl in 2022, with seven-year highs reached in 2022.
- Production on acreage was kept relatively flat in 2022 but increased in 2023.
- The company's cash dividend policy was modified by the board of directors in 2022.
- The company's certificate of incorporation may discourage lawsuits against the company, directors, and officers.
- Natural gas prices ranged from $1.48 to $9.68 per MMBtu, with historic lows for oil in 2020.
- Capital discipline was maintained by using excess cash flow for debt repayment.
- The company's ability to pay dividends and repurchase shares may be limited by various factors.
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=1602065&owner=exclude
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