2 unchanged sentences
The following discussion provides additional detail regarding CNX's exposure to the risks of changing commodity prices, interest rates and foreign exchange rates.
−Removed: CNX is exposed to market price risk in the normal course of selling natural gas.
−Removed: CNX uses fixed-price contracts, options and derivative commodity instruments to minimize exposure to market price volatility in the sale of natural gas and NGLs.
+Added: CNX is exposed to market price risk in the normal course of selling natural gas and liquids.
+Added: CNX uses fixed-price contracts, options and derivative commodity instruments (over-the-counter swaps) to minimize exposure to market price volatility in the sale of natural gas.
Under our risk management policy, it is not our intent to engage in derivative activities for speculative purposes.
+Added: Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price.
+Added: During the second quarter of 2020, CNX purchased, rather than sold, financial swaps for the period May through November of 2020 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties.
CNX has established risk management policies and procedures to strengthen the internal control environment of the marketing of commodities produced from its asset base.
11 unchanged sentences
CNX's interest expense is sensitive to changes in the general level of interest rates in the United States.
−Removed: At December 31, 2019 and 2018 , CNX had $1,797 million and $1,703 million , respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, each including unamortized debt issuance costs of $9 million .
+Added: The Company uses derivative instruments to manage risk related to interest rates.
+Added: These instruments change the variable-rate cash flow exposure on the debt obligations to fixed cash flows.
+Added: At December 31, 2020 and 2019, CNX had $1,980 million and $1,797 million, respectively, aggregate principal amount of debt outstanding under fixed-rate instruments, including unamortized debt issuance costs of $27 million and $9 million, respectively.
At December 31, 2020 and 2019, CNX had $452 million and $973 million, respectively, of debt outstanding under variable-rate instruments.
−Removed: CNX’s primary exposure to market risk for changes in interest rates relates to our Credit Facility, under which there were $661 million of borrowings at December 31, 2019 and $612 million of borrowings at December 31, 2018 , and CNXM's revolving credit facility, under which there were $312 million of borrowings at December 31, 2019 and $84 million at December 31, 2018 .
−Removed: A hypothetical 100 basis-point increase in the average rate for CNX's and CNXM's revolving credit facilities would decrease pre-tax future earnings as of December 31, 2019 and 2018 by $10 million and $7 million , respectively, on an annualized basis.
+Added: CNX’s primary exposure to market risk for changes in interest rates relates to our Credit Facility, under which there were $161 million of borrowings at December 31, 2020 and $661 million at December 31, 2019, and CNXM's revolving credit facility, under which there were $291 million of borrowings at December 31, 2020 and $312 million at December 31, 2019.
+Added: A hypothetical 100 basis-point increase in the average rate for CNX's variable-rate instruments would decrease pre-tax future earnings as of December 31, 2020 and 2019 by $5 million and $10 million, respectively, on an annualized basis.
All of CNX's transactions are denominated in U.S.
3 unchanged sentences
For the Three Months Ended
−Removed: September 30,
−Removed: 2020 Fixed Price Volumes
−Removed: Weighted Average Hedge Price per Mcf
+Added: March 31, June 30, September 30, December 31, Total Year
2021 Fixed Price Volumes
+Added: Hedged Bcf 126.3 112.1 115.2 119.2 472.1*
Weighted Average Hedge Price per Mcf $ 2.57 $ 2.45 $ 2.45 $ 2.52 $ 2.50
2022 Fixed Price Volumes
+Added: Hedged Bcf 101.4 96.9 97.9 95.1 391.3
Weighted Average Hedge Price per Mcf $ 2.41 $ 2.32 $ 2.32 $ 2.30 $ 2.34
2023 Fixed Price Volumes
+Added: Hedged Bcf 70.2 71.0 71.8 71.8 284.8
Weighted Average Hedge Price per Mcf $ 2.24 $ 2.21 $ 2.21 $ 2.23 $ 2.22
2024 Fixed Price Volumes
+Added: Hedged Bcf 67.6 64.7 65.4 65.4 263.1
Weighted Average Hedge Price per Mcf $ 2.32 $ 2.27 $ 2.27 $ 2.27 $ 2.28
2025 Fixed Price Volumes
+Added: Hedged Bcf 25.4 25.7 26.0 25.9 103.0
Weighted Average Hedge Price per Mcf $ 2.10 $ 2.10 $ 2.10 $ 2.10 $ 2.10
1 unchanged sentence
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.