18 unchanged sentences
The Company monitors price and production levels on a continuous basis and makes adjustments to quantities hedged as warranted.
−Removed: A hypothetical decrease of 10% in the market price of natural gas from March 31, 2020 and December 31, 2019 would increase the fair value of the Company's natural gas derivative commodity instruments by approximately $403.5 million and $389.4 million, respectively.
−Removed: A hypothetical increase of 10% in the market price of natural gas from March 31, 2020 and December 31, 2019 would decrease the fair value of the Company's natural gas derivative commodity instruments by approximately $402.6 million and $394.5 million, respectively.
−Removed: For purposes of this analysis, the Company applied the 10% change in the market price of natural gas from March 31, 2020 and December 31, 2019 to the Company's natural gas derivative commodity instruments as of March 31, 2020 and December 31, 2019 to calculate the hypothetical change in fair value.
+Added: A hypothetical decrease of 10% in the market price of natural gas from June 30, 2020 and December 31, 2019 would increase the fair value of the Company's natural gas derivative commodity instruments by approximately $347.8 million and $389.4 million, respectively.
+Added: A hypothetical increase of 10% in the market price of natural gas from June 30, 2020 and December 31, 2019 would decrease the fair value of the Company's natural gas derivative commodity instruments by approximately $346.9 million and $394.5 million, respectively.
+Added: For purposes of this analysis, the Company applied the 10% change in the market price of natural gas from June 30, 2020 and December 31, 2019 to the Company's natural gas derivative commodity instruments as of June 30, 2020 and December 31, 2019 to calculate the hypothetical change in fair value.
The change in fair value was determined using a method similar to the Company's normal process for determining derivative commodity instrument fair value described in Note 4 to the Condensed Consolidated Financial Statements.
4 unchanged sentences
Interest Rate Risk
−Removed: Changes in market interest rates affect the amount of interest the Company earns on cash, cash equivalents and short-term investments and the interest rates the Company pays on borrowings on its credit facility and term loan facility.
+Added: Changes in market interest rates affect the amount of interest the Company earns on cash, cash equivalents and short-term investments and the interest rates the Company pays on borrowings on its credit facility and, prior its full redemption on June 30, 2020, term loan facility.
None of the interest the Company pays on its senior notes fluctuate based on changes to market interest rates.
−Removed: A 1% increase in interest rates on the Company's borrowings on its credit facility and term loan facility during the three months ended March 31, 2020 would have increased interest expense by approximately $10 million.
+Added: A 1% increase in interest rates on the Company's borrowings on its credit facility and term loan facility during the six months ended June 30, 2020 would have increased interest expense by approximately $8 million.
Interest rates on the Adjustable Rate Notes fluctuate based on changes to the credit ratings assigned to the Company's senior notes by Moody's, S&P and Fitch.
10 unchanged sentences
To manage the level of credit risk, the Company enters into transactions primarily with financial counterparties that are of investment grade, enters into netting agreements whenever possible and may obtain collateral or other security.
−Removed: Approximately 69%, or $898.9 million, of the Company's OTC derivative contracts outstanding at March 31, 2020 had a positive fair value.
+Added: Approximately 60%, or $781.6 million, of the Company's OTC derivative contracts outstanding at June 30, 2020 had a positive fair value.
Approximately 75%, or $718.0 million, of the Company's OTC derivative contracts outstanding at December 31, 2019 had a positive fair value.
−Removed: As of March 31, 2020, the Company was not in default under any derivative contracts and had no knowledge of default by any counterparty to its derivative contracts.
−Removed: During the three months ended March 31, 2020, the Company made no adjustments to the fair value of its derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in the Company's established fair value procedure.
+Added: As of June 30, 2020, the Company was not in default under any derivative contracts and had no knowledge of default by any counterparty to its derivative contracts.
+Added: During the three months ended June 30, 2020, the Company made no adjustments to the fair value of its derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in the Company's established fair value procedure.
The Company monitors market conditions that may impact the fair value of its derivative contracts.
2 unchanged sentences
The Company also contracts with certain processors to market a portion of NGLs on behalf of the Company.
−Removed: No one lender of the large group of financial institutions in the syndicate for the Company's credit facility and term loan facility holds more than 10% and 15%, respectively, of the financial commitments under such facilities.
+Added: No one lender of the large group of financial institutions in the syndicate for the Company's credit facility holds more than 10% of the financial commitments under such facility.
The large syndicate group and relatively low percentage of participation by each lender are expected to limit the Company's exposure to disruption or consolidation in the banking industry.
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.