12 unchanged sentences
See Note 4 - Commodity Derivative Financial Instruments and Note 5 - Fair Value Measurements to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.
−Removed: To estimate the effect lower prices would have on our reserves, we reduced the SEC commodity pricing for the three months ended September 30, 2022 by 10%.
−Removed: This results in an approximate 1% reduction of proved reserve volumes as compared to the unadjusted September 30, 2022 SEC pricing scenario.
+Added: Commodity prices have been historically volatile based upon the dynamics of supply and demand.
+Added: To estimate the effect lower prices would have on our reserves, we reduced the SEC commodity pricing for the three months ended March 31, 2023 by 10%.
+Added: This results in an approximate 1% reduction of proved reserve volumes as compared to the unadjusted March 31, 2023 SEC pricing scenario.
Counterparty and Customer Credit Risk
2 unchanged sentences
This evaluation includes reviewing a counterparty’s credit rating and latest financial information.
−Removed: As of September 30, 2022, we had seven counterparties, all of which were rated Baa1 or better by Moody’s and are lenders under our Credit Facility.
+Added: As of March 31, 2023, we had seven counterparties, all of which were rated Baa1 or better by Moody’s and are lenders under our Credit Facility.
Our principal exposure to credit risk results from receivables generated by the production activities of our operators.
3 unchanged sentences
We have exposure to changes in interest rates on our indebtedness.
−Removed: As of September 30, 2022, we had $60.0 million of outstanding borrowings under our Credit Facility, bearing interest at a weighted-average interest rate of 5.50%.
−Removed: The impact of a 1% increase in the interest rate on this amount of debt would have resulted in an increase in interest expense, and a corresponding decrease in our results of operations, of $0.5 million for the nine months ended September 30, 2022, assuming that our indebtedness remained constant throughout the period.
+Added: During the three months ended March 31, 2023, we had $12.2 million average outstanding borrowings under our Credit Facility, bearing interest at a weighted average interest rate of 6.65%.
+Added: The impact of a 1% increase in the interest rate on this amount of debt would have resulted in an increase in interest expense, and a corresponding decrease in our results of operations, of less than $0.1 million for the three months ended March 31, 2023, assuming that our indebtedness remained constant throughout the period.
We may use certain derivative instruments to hedge our exposure to variable interest rates in the future, but we do not currently have any interest rate hedges in place.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.