Sentence 1: Many factors beyond our control affect oil and natural gas prices, including, but not limited to: the cost of exploring for, producing and delivering oil and natural gas; the discovery and development rate of new oil and natural gas reserves, especially shale and other unconventional natural gas resources for which we market our rigs; the rate of decline of existing and new oil and natural gas reserves; available pipeline and other oil and natural gas transportation capacity; the levels of oil and natural gas storage; the ability of oil and natural gas exploration and production companies to raise capital; economic conditions in the United States and elsewhere; actions by the Organization of Petroleum Exporting Countries; political instability in the Middle East and other major oil and natural gas producing regions; governmental regulations, sanctions and trade restrictions, both domestic and foreign; domestic and foreign tax policy; the availability of and constraints in pipeline, storage and other transportation capacity in the basins in which we operate, including, for example, takeaway constraints experienced in the Permian Basin; weather conditions in the United States; the pace adopted by foreign governments for the exploration, development and production of their national reserves; the price of foreign imports of oil and natural gas; the strength or weakness of the United States dollar; the overall supply and demand for oil and natural gas; and the development of alternate energy sources and the long-term effects of worldwide energy conservation measures.
Sentence 2: These factors include the following: worldwide and regional economic conditions impacting the global supply and demand for crude oil, natural gas and NGLs; the actions of the Organization of Petroleum Exporting Countries ("OPEC") and other non-OPEC oil-producing countries, including Russia; the price and quantity of imports of foreign crude oil, natural gas and NGLs;   Table of Contents political conditions in or affecting other crude oil, natural gas and NGL producing countries, including the current conflicts in and among the Middle East and conditions in South America, China, India and Russia; the level of global exploration and production; the level of global crude oil, natural gas and NGL inventories; events that impact global market demand, including impacts from global health epidemics and concerns, such as the COVID-19 pandemic; localized supply and demand fundamentals and regional, domestic and international transportation availability; weather conditions and natural disasters; domestic and foreign governmental regulations and policies, including environmental requirements; speculation as to future commodity prices and the speculative trading of crude oil and natural gas futures contracts; stockholder activism or activities by non-governmental organizations to limit certain sources of funding for the energy sector or restrict the exploration, development and production of crude oil, natural gas and NGLs and related infrastructure; price and availability of competitors" supplies of crude oil, natural gas and NGLs; technological advances affecting energy consumption; and the price and availability of alternative fuels.
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