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1. 1Natural gas, oil and natural gas liquids prices can change sharply; lower prices can reduce sales income and make drilling less economical, while hedging can limit gains when prices rise.
2. 2Pipeline or gathering-system capacity limits and transportation interruptions can prevent the company from delivering production or reaching buyers, and minimum-volume contracts can still require payments.
3. 3Drilling can be unsuccessful or affected by accidents, water constraints or changing rules; if production falls or reserves are smaller than estimated, the company may not replace reserves or sustain output.