PR — what changed in the latest 10-Q
A section-by-section comparison of PR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −67 | ~18 | 13 |
| Market risk (Item 3) | Text added/removed | +4 | −3 | ~7 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~2 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
Oil prices declined through the end of 2025 and into early 2026, reflecting concerns regarding global economic growth, elevated interest rates, persistent inflation, increased global oil supply, and evolving tariffs and international trade policies. While global demand remained relatively strong and…
Lower commodity prices and lower futures curves for oil and gas prices can result in impairments of our proved oil and natural gas properties or undeveloped acreage and may materially and adversely affect our operating cash flows, liquidity, financial condition, results of operations, future busines…
On January 7, 2026, we completed a corporate reorganization pursuant to which we, among other things, reorganized under a new public holding company (the “Reorganization”). In connection with the Reorganization, the public holding company prior to the Reorganization became a wholly owned subsidiary …
In connection with the Reorganization, certain holders of our Class C Common Stock exchanged all of their Common Units for Class A Common Stock on a one-for-one basis (and their corresponding shares of Class C Common Stock were cancelled for no consideration).
Separate from and subsequent to the Reorganization, the remaining Class C Common stockholders exchanged all of their outstanding Common Units for Class A Common Stock, which fully eliminated our noncontrolling interest as of March 31, 2026.
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Concerns of global economic growth, elevated interest rates, inflation, increases in global oil supply, tariffs and international trade policies have resulted in lower oil prices over the past year. Despite recent geopolitical tensions and strong global demand, higher than anticipated supply increas…
Lower commodity prices and lower futures curves for oil and gas prices can result in impairments of our proved oil and natural gas properties or undeveloped acreage and may materially and adversely affect our operating cash flows, liquidity, financial condition, results of operations, future busines…
On June 16, 2025, we completed an acquisition of approximately 13,000 net leasehold acres with Apache Corporation for an unadjusted purchase price of $608 million. The acreage acquired is predominately located directly offsetting our existing asset position in the core of our New Mexico operating ar…
Additionally, during the nine months ended September 30, 2025, we completed multiple acquisitions of oil and natural gas properties for a cumulative adjusted purchase price of approximately $225.6 million. These acquisitions are part of our ongoing bolt-on and grassroots acquisition programs.
During the nine months ended September 30, 2025, we declared and paid quarterly base dividends totaling $0.45 per share of Class A Common Stock and distributions totaling $0.45 per share of Class C Common Stock (each of which has an underlying common unit of OpCo (“Common Units”)). The cash dividend…
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
(2) These natural gas basis swap contracts are settled utilizing the HSC price and the NYMEX Henry Hub price of natural gas.
Changes in the fair value of derivative contracts from December 31, 2025 to March 31, 2026, are presented below:
Net fair value of oil and gas derivative contracts outstanding as of December 31, 2025$279,835
Commodity hedge contract settlement payments, net of any receipts(29,373)
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Changes in the fair value of derivative contracts from December 31, 2024 to September 30, 2025, are presented below:
Net fair value of oil and gas derivative contracts outstanding as of December 31, 2024$111,356
Commodity hedge contract settlement payments, net of any receipts(147,478)
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice