Risk-factor diff
FY 2025 10-K vs. FY 2024Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
“We cannot predict the impact of armed conflicts, including the ongoing military conflicts between Russia and Ukraine and in the Middle East.”
“Approximately 39% of our total proved reserves at December 31, 2025 consisted of undeveloped and developed non-producing reserves, and those reserves may not ultimately be developed or produced.”
“Dividend payments and repurchases of common stock are at the discretion of our Board of Directors and subject to numerous factors.”
“The prices we receive for the oil, natural gas and NGLs we produce heavily influence our revenue, profitability, cash flow available for capital expenditures, the repayment of debt, the payment of cash dividends, if any, the repurchase of our common stock, if any, access to capital, borrowing capacity under our Credit Agreement and future rate of growth. Oil, natural gas and NGLs are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor changes in supply and demand. Historically, the markets for oil, natural gas and NGLs have been volatile an…”
“speculative trading of, and other financial market conditions affecting, oil and natural gas futures contracts;”
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.