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These commodity prices are subject to wide fluctuations and market uncertainties due to a variety of factors, some of which are beyond our control.
−Removed: Factors influencing oil and natural gas prices include the level of global demand for crude oil, the foreign supply of oil and natural gas, the establishment of and compliance with production quotas by oil exporting countries, weather conditions that determine the demand for natural gas, the price and availability of alternative fuels and overall economic conditions.
+Added: Factors influencing oil and natural gas prices include the level of global demand for oil, the foreign supply of oil and natural gas, the establishment of and compliance with production quotas by oil exporting countries, weather conditions that determine the demand for natural gas, the price and availability of alternative fuels and overall economic conditions.
It is impossible to predict future oil and natural gas prices with any degree of certainty.
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Similarly, any improvements in natural gas and oil prices can have a favorable impact on our financial condition, results of operations and capital resources.
−Removed: As of September 30, 2020, we had natural gas price swap agreements which hedge approximately 201.2 Bcf of our 2020 through 2022 natural gas production at an average price of $2.57 per MMBtu and natural gas swaption contracts where the counterparty has the right to exercise a call option to enter into a price swap with the Company on 120.5 Bcf of our 2021 through 2022 natural gas production at an average price of $2.52 per MMBtu.
−Removed: We also had natural gas two-way collars to hedge approximately 121.9 Bcf of our 2020 and 2021 natural gas production with an average floor price of $2.45 per MMBtu and an average ceiling price of $2.94 per MMBtu and natural gas three-way collars to hedge 4.6 Bcf of our 2020 natural gas production with an average floor price of $2.63 per MMBtu, an average ceiling price of $2.99 per MMBtu and an average put price of $2.32 per MMBtu.
−Removed: We also have oil collars to hedge 442,000 barrels with an average floor price of $45.49 per barrel and an average ceiling price of $56.06 per barrel.
+Added: As of March 31, 2021, we had natural gas price swap agreements which hedge approximately 182.9 Bcf of our 2021 through 2022 natural gas production at an average price of $2.54 per MMBtu and natural gas swaption contracts where the counterparty has the right to exercise a call option to enter into a price swap with the Company on 43.8 Bcf of our 2022 natural gas production at an average price of $2.51 per MMBtu.
+Added: We also had natural gas collars to hedge approximately 129.0 Bcf of our 2021 and 2022 natural gas production with an average floor price of $2.48 per MMBtu and an average ceiling price of $3.06 per MMBtu.
+Added: We also have oil collars to hedge 412,500 Bbls with an average floor price of $41.67 per Bbl and an average ceiling price of $51.67 per Bbl.
None of our derivative contracts have margin requirements or collateral provisions that could require funding prior to the scheduled cash settlement date.
−Removed: The change in the fair value of our natural gas swaps that would result from a 10% change in commodities prices at September 30, 2020 would be $45.0 million.
+Added: The change in the fair value of our natural gas swaps that would result from a 10% change in commodities prices at March 31, 2021 would be $39.4 million.
Such a change in fair value could be a gain or a loss depending on whether prices increase or decrease.
−Removed: Based on our oil and natural gas production for the three months ended September 30, 2020 and our outstanding natural gas price swap agreements, a $0.10 change in the price per Mcf of natural gas would have changed our cash flow by approximately $5.5 million.
−Removed: Our natural gas two-way collars, which cover the period October 1, 2020 through December 31, 2020, will result in natural gas prices on 8.7 Bcf of our future production to be subject to a floor price of $2.43 per MMBtu and an average ceiling price of $2.95 per MMBtu.
−Removed: Our natural gas three-way collars, which cover the period October 1, 2020 through December 31, 2020, will result in natural gas prices on 4.6 Bcf of our future production to be subject to a floor price of $2.63 per MMBtu, an average ceiling price of $2.99 per MMBtu and an average put price of $2.32 per MMBtu.
−Removed: Our crude oil price collars which cover the period October 1, 2020 through December 31, 2020 will result in oil prices on 259,500 barrels of our future oil production to be subject to a floor price of $49.35 per barrel and an average ceiling price of $63.83 per barrel.
+Added: Based on our oil and natural gas production for the three months ended March 31, 2021 and our outstanding natural gas price swap agreements, a $0.10 change in the price per Mcf of natural gas would have changed our cash flow by approximately $5.8 million.
+Added: Our natural gas collars, which cover the period April 1, 2021 through December 31, 2021, will result in natural gas prices on 103.6 Bcf of our future production to be subject to a floor price of $2.47 per MMBtu and an average ceiling price of $3.02 per MMBtu.
+Added: Our crude oil price collars which cover the period April 1, 2021 through December 31, 2021 will result in oil prices on 412,500 Bbls of our future oil production to be subject to a floor price of $41.67 per Bbl and an average ceiling price of $51.67 per Bbl.
These collars may increase or decrease our cash flow depending upon whether future prices are below the floor or above the ceiling prices.
Interest Rates
−Removed: At September 30, 2020, we had approximately $2.8 billion principal amount of long-term debt outstanding.
−Removed: $1,650.0 million of our long-term debt bear interest at a fixed rate of 9¾% (the "2026 Notes") and $619.4 million of our long-term debt bear interest at a fixed rate of 7½% (the "2025 Notes").
−Removed: The fair market value of our 2026 Notes and 2025 Notes as of September 30, 2020 was $1,687.1 million and $586.9 million, respectively, based on the market price of approximately 102% and 95% of the face amount of such debt.
−Removed: At September 30, 2020, we had $500.0 million outstanding under our bank credit facility, which is subject to variable rates of interest that are tied to LIBOR or the corporate base rate, at our option.
+Added: At March 31, 2021, we had approximately $2.4 billion principal amount of long-term debt outstanding.
+Added: $1,250.0 million of our long-term debt bear interest at a fixed rate of 6.75% (the "2029 Notes"), $872.9 million of our long-term debt bear interest at a fixed rate of 9.75% (the "2026 Notes") and $244.4 million of our long-term debt bear interest at a fixed rate of 7.50% (the "2025 Notes").
+Added: The fair market value of our 2029 Notes, 2026 Notes and 2025 Notes as of March 31, 2021 was $1,275.0 million, $951.5 million and $253.6 million, respectively, based on the market price of approximately 102%, 109% and 104% of the face amount of such debt.
+Added: At March 31, 2021, we had $550.0 million outstanding under our bank credit facility, which is subject to variable rates of interest that are tied to LIBOR or the corporate base rate, at our option.
We have interest rate swap agreements that fix LIBOR at 0.33% for $500.0 million of our floating rate long-term debt.
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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.