This Form 10-K and the information referenced herein contains forward-looking statements within the meaning of the Private Securities Litigations Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, except for statements of historical fact, are forward-looking statements. The words “plan,” “expect,” “project,” “estimate,” “may,” “assume,” “believe,” “anticipate,” “intend,” “budget,” “forecast,” “predict” and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. These statements appear in a number of places and include statements regarding our plans, beliefs or current expectations, including the plans, beliefs and expectations of our officers and directors, which may include, but are not limited to, the following:
| ● | our expectations of plans, strategies and objectives, including anticipated development activity and capital spending; |
| ● | our capital allocation strategy, capital structure, anticipated sources of funding, growth in long-term shareholder value and ability to preserve balance sheet strength; |
| ● | our ability to complete future acquisitions and the need for additional capital to complete future acquisitions; |
| ● | the benefits of our multi-basin portfolio, including operational and commodity flexibility; |
| ● | our ability to maximize cash flow and the application of excess cash flows to pay dividends and repurchase shares pursuant to our share repurchase program; |
| ● | estimates of our oil, natural gas and NGLs production and commodity mix; |
| ● | anticipated oil, natural gas and NGL prices; |
| ● | anticipated drilling and completions activity; |
| ● | drilling and operating risks, including accidents, equipment failures, fires, and leaks of toxic or hazardous materials; |
| ● | estimates of our oil, natural gas and NGL reserves and recoverable quantities; |
| ● | our ability to access credit facilities and other sources of liquidity to meet financial obligations throughout commodity price cycles; |
| ● | limitations on our ability to obtain funding based on environmental, social, and corporate governance (“ESG”) performance; |
| ● | future interest expense; |
| ● | our ability to manage debt and financial ratios, finance growth and comply with financial covenants; |
| ● | the implementation and outcomes of risk management programs, including exposure to commodity price and interest rate fluctuations, the volume of oil and natural gas production hedged, and the markets or physical sales locations hedged; |
| ● | the impact of changes in federal, state, provincial and local, rules and regulations; |
| ● | anticipated compliance with current or proposed environmental requirements, including the costs thereof; |
| ● | the impact of greenhouse gas (“GHG”) emissions limitations and renewable energy incentives; |
| ● | adequacy of provisions for abandonment and site reclamation costs; |
| ● | our operational and financial flexibility, discipline and ability to respond to evolving market conditions; |
| ● | the declaration and payment of future dividends and any anticipated repurchase of our outstanding common shares; |
| ● | the adequacy of our provision for taxes and legal claims; |
| ● | our ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; |
| ● | our competitiveness relative to our peers, including with respect to capital, materials, people, assets and production; |
| ● | oil, natural gas and NGL inventories and global demand for oil, natural gas and NGLs; |
| ● | the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment; |
| ● | anticipated staffing levels; |
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| ● | anticipated payments related to our commitments, obligations and contingencies, and the ability to satisfy the same; and |
| ● | the possible impact of accounting and tax pronouncements, rule changes and standards. |
Readers are cautioned against unduly relying on forward-looking statements which, by their nature, involve numerous assumptions and are subject to both known and unknown risks and uncertainties (many of which are beyond our control) that may cause actual events or results to differ materially and/or adversely from those expressed or implied, which include, but are not limited to the following assumptions:
| ● | future commodity prices and basis differentials; |
| ● | our ability to access credit facilities and shelf prospectuses; |
| ● | assumptions contained in our corporate guidance; |
| ● | the availability of attractive commodity or financial hedges and the enforceability of risk management programs; |
| ● | expectations that counterparties will fulfill their obligations pursuant to gathering, processing, transportation and marketing agreements; |
| ● | access to adequate gathering, transportation, processing and storage facilities; |
| ● | assumed tax, royalty and regulatory regimes; |
| ● | expectations and projections made in light of, and generally consistent with, our historical experience and our perception of historical industry trends; and |
| ● | the other assumptions contained herein. |
Readers are cautioned that the assumptions, risks and uncertainties referenced above, and in the other documents incorporated herein by reference (if any), are not exhaustive. Although we believe the expectations represented by our forward-looking statements are reasonable based on the information available to us as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct.
When considering any forward-looking statement, the reader should keep in mind the risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in commodity prices for oil, natural gas and NGLs, operating risks and other risk factors as described in Part I, Item 1A.Risk Factors and elsewhere in this report and as also may be described from time to time in future reports we file with the Securities and Exchange Commission. Readers should also consider such information in conjunction with our consolidated financial statements and related notes and Item 7.* Management’s Discussion and Analysis of Financial Condition and Results of Operations* in this report. There also may be other factors that we cannot anticipate or that are not described in this report, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations.
Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. Readers are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission.
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