Item 3 Quantitative and Qualitative Disclosures About Market Risk
−Removed: For the three and six months ended June 30, 2021, there were no material changes to market risks from the information provided under Item 305 of Regulation S-K included under the caption Part II, Item 7A – Quantitative and Qualitative Disclosures About Market Risk in the 2020 Annual Report, except as discussed below .
+Added: For the three and nine months ended September 30, 2021, there were no material changes to market risks from the information provided under Item 305 of Regulation S-K included under the caption Part II, Item 7A – Quantitative and Qualitative Disclosures About Market Risk in the 2020 Annual Report, except as discussed below .
Commodity Price Risk
2 unchanged sentences
The primary market risk relating to our derivative contracts relates to fluctuations in market prices as compared to the fixed contract price for a notional amount of our production.
−Removed: As of June 30, 2021, we had net liabilities of $421 million for our derivative commodity positions which are carried at fair value, using industry-standard models with various inputs, including the forward curve for the relevant price index.
−Removed: For more information on our derivative positions as of June 30, 2021, refer to Part I, Item 1 – Financial Statements, Note 8 Derivatives.
+Added: As of September 30, 2021, we had net liabilities of $418 million for our derivative commodity positions which are carried at fair value, using industry-standard models with various inputs, including the forward curve for the relevant price index.
+Added: For more information on our derivative positions as of September 30, 2021, refer to Part I, Item 1 – Financial Statements, Note 9 Derivatives.
Interest-Rate Risk
2 unchanged sentences
The contracts expired on May 4, 2021.
−Removed: We did not report any gains or losses on these contracts for the three months ended June 30, 2021 or the three months ended June 30, 2020.
+Added: We did not report any gains or losses on these contracts for the nine months ended September 30, 2021 or September 30, 2020.
No settlement payments were received in either 2021 or 2020.
4 unchanged sentences
We actively manage this credit risk by selecting counterparties that we believe to be financially strong and continuously monitor their financial health.
−Removed: Concentration of credit risk is regularly reviewed to ensure that counterparty credit risk is adequately diversified.
−Removed: As of June 30, 2021, the majority of the credit exposures related to our business was with investment-grade counterparties.
−Removed: We believe exposure to counterparty credit-related losses related to our business at June 30, 2021 was not material and losses associated with counterparty credit risk have been insignificant for all periods presented.
+Added: As of September 30, 2021, the majority of the credit exposures related to our business was with investment-grade counterparties.
+Added: We believe exposure to counterparty credit-related losses related to our business at September 30, 2021 was not material and losses associated with counterparty credit risk have been insignificant for all periods presented.
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.