04-HP-876_newMDA.qxd 12/15/04 3:04 PM Page 24 Management’s Discussion & Analysis of Results of Operations and F inancial Condition RISK FACTORS AND FORWARD-LOOKING ST ATEMENTS The following discussion should be r ead in conjunction with the  consolidated financial statements and related notes included elsewhere herein. The Company’s futur operating results may be affected by  various trends and factors, which ar e beyond the Company’s control. These include, among other factors, fluctuations in oil and natural gas prices, expiration or termination of drilling contracts, currency exchange gains and losses, changes in general economic conditions, rapid or unexpected changes in technologies, risks of foreign  operations, uninsured risks, and uncertain business conditions that affect the Company’s businesses. A ccordingly, past results and trends should not be used by investors to anticipate future results or trends. With the exception of historical information, the matters discussed in Management’s Discussion Analysis of Results of Operations and Financial Condition include forwar d-looking statements. These forward- looking statements are based on v arious assumptions. The Company cautions that, while it believes such assumptions to be reasonable and makes them in good faith, assumed facts almost always vary from actual results. The differences between assumed facts and actual results can be material. The Company is including this cautionary statement to take advantage of the “safe harbor” pro visions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. The factors identified in this  cautionar statement and those factors discussed under Risk Factors beginning on page 6 of the Company’ s Annual Report are important  factors (but not necessarily all impor tant factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made by, or on behalf of the Company. 25