15 unchanged sentences
Commodity Hedging Activities
−Removed: The price of energy commodities such as of natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control.
+Added: The price of energy commodities such as natural gas, NGLs, crude oil, petrochemicals and refined products are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control.
In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.
−Removed: At September 30, 2021, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging the fair value of commodity products held in inventory and (iii) hedging natural gas processing margins.
+Added: At March 31, 2022, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging the fair value of commodity products held in inventory and (iii) hedging natural gas processing margins.
For a summary of our portfolio of commodity derivative instruments outstanding, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
8 unchanged sentences
Classification
−Removed: September 30,
Fair value assuming no change in underlying commodity prices
7 unchanged sentences
Classification
−Removed: September 30,
Fair value assuming no change in underlying commodity prices
7 unchanged sentences
Classification
−Removed: September 30,
Fair value assuming no change in underlying commodity prices
7 unchanged sentences
This strategy may be used in controlling our overall cost of capital associated with such borrowings.
−Removed: As a result of market conditions in March 2021, we terminated our entire portfolio of forward-starting swaps, representing an aggregate $1.08 billion in notional value.
−Removed: As of the filing date of this quarterly report, we do not have any interest rate hedging derivative instruments outstanding.
+Added: As of the filing date of this quarterly report, we do not have any interest rate hedging instruments outstanding.
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.