15 unchanged sentences
We use a VaR model to estimate the loss in fair value that could potentially result on a single day from the effect of adverse changes in market conditions on the derivative financial instruments and derivative commodity contracts we hold or issue, including commodity purchases and sales contracts recorded on the balance sheet at December 31, 2023.
−Removed: Using Monte Carlo simulation, a 95 percent confidence level and a one-day holding period, the VaR for those instruments issued or held for trading purposes or held for purposes other than trading at December 31, 2022 and 2021, was immaterial to our consolidated cash flows and net income attributable to ConocoPhillips.
+Added: Using Monte Carlo simulation, a 95 percent confidence level and a one-day holding period, the VaR for those instruments issued or held for trading purposes or held for purposes other than trading at December 31, 2023 and 2022, was immaterial to our consolidated cash flows and net income.
ConocoPhillips 2023 10-K
34 unchanged sentences
We have foreign currency exchange rate risk resulting from international operations.
−Removed: We do not comprehensively hedge the exposure to currency exchange rate changes although we may choose to selectively hedge certain foreign currency exchange rate exposures, such as firm commitments for capital projects or local currency tax payments, dividends and cash returns from net investments in foreign affiliates to be remitted within the coming year, investments in equity securities and acquisitions.
−Removed: At December 31, 2022 and 2021, we held foreign currency exchange forwards hedging cross-border commercial activity and foreign currency exchange swaps for purposes of mitigating our cash-related exposures.
−Removed: Although these forwards and swaps hedge exposures to fluctuations in exchange rates, we elected not to utilize hedge accounting.
+Added: We do not comprehensively hedge the exposure to currency exchange rate changes although we may choose to selectively hedge certain foreign currency exchange rate exposures, such as firm commitments for capital projects or local currency tax payments, dividends and cash returns from net investments in foreign affiliates to be remitted within the coming year and acquisitions.
+Added: At December 31, 2023 and 2022, we had outstanding foreign currency exchange forward contracts hedging cross-border commercial activity and for purposes of mitigating our cash-related exposures.
+Added: Although these forwards hedge exposures to fluctuations in exchange rates, we elected not to utilize hedge accounting.
As a result, the change in the fair value of these foreign currency exchange derivatives is recorded directly in earnings.
−Removed: At December 31, 2022, we had outstanding foreign currency exchange forward swap contracts.
−Removed: Since the gain or loss on the swaps is offset by the gain or loss from remeasuring cash related balances, and since our aggregate position in the forwards was not material, there would be no material impact to our income from an adverse hypothetical 10 percent change in the December 2022 exchange rates.
−Removed: At December 31, 2021, we had outstanding foreign currency exchange forward contracts to buy $1.9 billion AUD at $0.715 AUD against the U.S.
−Removed: Based on the assumed volatility in the fair value calculation, the net fair value of these foreign currency contracts at December 31, 2021, was a before-tax gain of $21 million.
−Removed: Based on an adverse hypothetical 10 percent change in the December 31, 2021 exchange rate, this would result in an additional before-tax loss of $134 million.
−Removed: The sensitivity analysis is based on changing one assumption while holding all other assumptions constant, which in practice may be unlikely to occur, as changes in some of the assumptions may be correlated.
−Removed: The contracts settled in the first quarter of 2022.
+Added: Since the gain or loss on the exchange contracts is offset by the gain or loss from remeasuring cash related balances, and since our aggregate position in the forwards was not material, there would be no material impact to our income from an adverse hypothetical 10 percent change in the December 2023 or December 2022 exchange rates.
The gross notional and fair value of these positions at December 31, 2023 and 2022, were as follows:
4 unchanged sentences
dollar CAD 5 15 — (1)
−Removed: Buy Australian dollar, sell U.S.
−Removed: dollar AUD — 1,850 — 21
Sell British pound, buy euro GBP 52 312 (2) 7
3 unchanged sentences
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.