QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
−Removed: Oil and Natural Gas Prices
+Added: Natural Gas and Oil Prices
Our financial condition, results of operations and capital resources are highly dependent upon the prevailing market prices of natural gas and oil.
5 unchanged sentences
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 March 31, 2023, we had natural gas collars to hedge approximately 107.4 Bcf of our 2023 natural gas production with an average floor price of $3.00 per MMBtu and an average ceiling price of $10.22 per MMBtu.
+Added: As of June 30, 2023, we had natural gas price collars to hedge approximately 46.0 Bcf of our 2023 natural gas production with an average floor price of $3.00 per MMBtu and an average ceiling price of $10.28 per MMBtu and we had natural gas price swaps to hedge approximately 47.6 Bcf of our 2024 natural gas production at an average price of $3.50 per MMBtu.
None of our derivative contracts have margin requirements or collateral provisions that could require funding prior to the scheduled cash settlement date.
−Removed: An increase of 10% in the market price of natural gas on March 31, 2023 would decrease the fair value of our natural gas collars by approximately $14.2 million.
−Removed: A decrease of 10% in the market price of natural gas on March 31, 2023 would increase the fair value of our natural gas collars by approximately $12.6 million.
+Added: COMSTOCK RESOURCES, INC.
+Added: An increase of 10% in the market price of natural gas on June 30, 2023 would decrease the fair value of our natural gas price swaps and collars by approximately $17.7 million.
+Added: A decrease of 10% in the market price of natural gas on June 30, 2023 would increase the fair value of our natural gas price swaps and collars by approximately $18.9 million.
The impact of hypothetical changes in market prices of natural gas on our natural gas derivative financial instruments discussed above does not include the offsetting impact that the same hypothetical changes in market prices of natural gas may have on our physical sales of natural gas.
1 unchanged sentence
Interest Rates
−Removed: At March 31, 2023, we had approximately $2.2 billion principal amount of long-term debt outstanding.
+Added: At June 30, 2023, we had approximately $2.2 billion principal amount of long-term debt outstanding.
$965.0 million of our long-term debt bear interest at a fixed rate of 5.875% and $1.22 billion of our long-term debt bear interest at a fixed rate of 6.75%.
−Removed: As of March 31, 2023, the fair market value of the 5.875% senior notes due in 2030 and the 6.75% senior notes due in 2029 was $822.7 million and $1.1 billion, respectively, based on the market price of approximately 85% and 90%, respectively, of the face amount of such debt.
−Removed: At March 31, 2023, we had no outstanding balance under our bank credit facility, which is subject to variable rates of interest that are tied to SOFR or the corporate base rate, at our option.
+Added: As of June 30, 2023, the fair market value of the 5.875% senior notes due in 2030 and the 6.75% senior notes due in 2029 was $832.3 million and $1.1 billion, respectively, based on the market price of approximately 86% and 92%, respectively, of the face amount of such debt.
+Added: At June 30, 2023, we had $20.0 million outstanding under our bank credit facility, which is subject to variable rates of interest that are tied to SOFR or the corporate base rate, at our option.
Any increase in these interest rates would have an adverse impact on our results of operations and cash flow.
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.