5 unchanged sentences
Under our risk management policy, it is not our intent to engage in derivative activities for speculative purposes.
−Removed: Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price.
−Removed: 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.
+Added: Typically, CNX “sells” swaps under which it receives a fixed price from counterparties and pays a floating market price, but occasionally CNX may find it advantageous to purchase, rather than “sell”, financial swaps.
CNX has established risk management policies and procedures to strengthen the internal control environment of the marketing of commodities produced from its asset base.
1 unchanged sentence
They are used primarily to mitigate uncertainty and volatility and cover underlying exposures.
−Removed: The Company's market risk strategy incorporates fundamental risk management tools to assess market price risk and establish a framework in which management can maintain a portfolio of transactions within pre-defined risk parameters.
+Added: The Company's market risk strategy incorporates fundamental risk management tools to assess market price risk and establish a framework in which management can maintain a portfolio of transactions within predefined risk parameters.
CNX believes that the use of derivative instruments, along with our risk assessment procedures and internal controls, mitigates our exposure to material risks.
3 unchanged sentences
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.
−Removed: 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.
+Added: At December 31, 2022 and December 31, 2021 our open derivative instruments were in a net liability position with fair values of $1,905 million and $976 million, respectively.
A sensitivity analysis has been performed to determine the incremental effect on future earnings related to open derivative instruments at December 31, 2022 and 2021.
6 unchanged sentences
At December 31, 2022 and 2021, CNX had $154 million and $377 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 $192 million of borrowings at December 31, 2021 and $161 million at December 31, 2020, and CNXM's revolving credit facility, under which there were $185 million of borrowings at December 31, 2021 and $291 million at December 31, 2020.
+Added: CNX’s primary exposure to market risk for changes in interest rates relates to CNX’s revolving credit facility, under which there were no borrowings at December 31, 2022 and $192 million at December 31, 2021, and CNXM's revolving credit facility, under which there were $154 million of borrowings at December 31, 2022 and $185 million at December 31, 2021.
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, 2022 and 2021 by $2 million and $4 million, respectively, on an annualized basis.
20 unchanged sentences
Weighted Average Hedge Price per Mcf $ 3.29 $ 3.32 $ 3.32 $ 3.46 $ 3.35
−Removed: 2027 Fixed Price Volumes
−Removed: Hedged Bcf 6.8 6.9 6.9 6.9 27.5
−Removed: 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.