6 unchanged sentences
Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price.
−Removed: 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.
+Added: In order to enhance production flexibility, during the first quarter of 2021, CNX purchased, rather than sold, financial swaps for the period April through October of 2021 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.
6 unchanged sentences
For a summary of accounting policies related to derivative instruments, see Note 1 - Significant Accounting Policies in the Notes to the Audited Consolidated Financial Statements in Item 8 of this Form 10-K.
−Removed: At December 31, 2020 and 2019, our open derivative instruments were in a net asset position with a fair value of $118 million and $406 million, respectively.
+Added: CNX’s open gas derivative instruments can cause earnings volatility relative to changes in market prices until the derivative contracts are either settled or are monetized prior to settlement.
+Added: At December 31, 2021 our open derivative instruments were in a net liability position with a fair value of $976 million, and at December 31, 2020 our open gas derivative instruments were in a net asset position with a fair value of $118 million.
A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at December 31, 2021 and 2020.
29 unchanged sentences
Weighted Average Hedge Price per Mcf $ 2.36 $ 2.48 $ 2.48 $ 2.48 $ 2.45
+Added: 2027 Fixed Price Volumes
+Added: Hedged Bcf 6.8 6.9 6.9 6.9 27.5
+Added: Weighted Average Hedge Price per Mcf $ 2.50 $ 2.50 $ 2.50 $ 2.50 $ 2.50
*Quarterly volumes do not add to annual volumes inasmuch as a discrete condition in individual quarters, where basis hedge volumes exceed NYMEX hedge volumes, does not exist for the year taken as a whole.
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.