Table of Contents Index to Financial Statements You should not place undue reliance on forward-looking statements. They are subject to known and unknown risks, uncertainties and other factors that may affect our operations, markets, products, services and prices and cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with forward-looking statements, risks, uncertainties and factors that could cause our actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:  • the timing and extent of changes in market conditions and prices for natural gas, oil and NGLs (including regional basis differentials) and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 or other pandemic; • our ability to fund our planned capital investments; • a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate (“LIBOR”); • the extent to which lower commodity prices impact our ability to service or refinance our existing debt; • the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19 or other diseases; • difficulties in appropriately allocating capital and resources among our strategic opportunities; • the timing and extent of our success in discovering, developing, producing and estimating reserves; • our ability to maintain leases that may expire if production is not established or profitably maintained; • our ability to realize the expected benefits from acquisitions, including the Merger; • costs in connection with the Merger; • integration of operations and results subsequent to the Merger; • our ability to transport our production to the most favorable markets or at all; • availability and costs of personnel and of products and services provided by third parties; • the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing or other drilling and completing techniques, climate and over-the-counter derivatives; • the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; • the effects of weather or power outages; • increased competition; • the financial impact of accounting regulations and critical accounting policies; • the comparative cost of alternative fuels; • credit risk relating to the risk of loss as a result of non-performance by our counterparties; and • any other factors listed in the reports we have filed and may file with the SEC. Should one or more of the risks or uncertainties described above or elsewhere in this Annual Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. We specifically disclaim all responsibility to update publicly any information contained in a forward-looking statement or any forward-looking statement in its entirety and therefore disclaim any resulting liability for potentially related damages. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. Market risks relating to our operations result primarily from the volatility in commodity prices, basis differentials and interest rates, as well as service costs and credit risk concentrations. We use fixed price swap agreements, options, swaptions, basis swaps and interest rate swaps to reduce the volatility of earnings and cash flow due to fluctuations in the prices of natural gas, oil and certain NGLs along with interest rates. Our Board of Directors has approved risk management policies and procedures to utilize financial products for the reduction of defined commodity price risk. Utilization of financial products for the reduction of interest rate risks is also overseen by our Board of Directors. These policies prohibit speculation with derivatives and limit swap agreements to counterparties with appropriate credit standings. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 69