7 unchanged sentences
The overall objective of the Company's hedging program is to protect cash flows from undue exposure to the risk of changing commodity prices.
−Removed: The Company's use of derivatives is further described in Note 3 to the Condensed Consolidated Financial Statements and "Commodity Risk Management" under "Capital Resources and Liquidity" in Item 2., "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company's over the counter (OTC) derivative commodity instruments are placed primarily with financial institutions and the creditworthiness of those institutions is regularly monitored.
+Added: The Company's use of derivatives is further described in Note 3 to the Condensed Consolidated Financial Statements and "Commodity Risk Management" under "Capital Resources and Liquidity" in Item 2., "Management's Discussion and Analysis of Financial Condition and Results of Operations." The Company's OTC derivative commodity instruments are placed primarily with financial institutions and the creditworthiness of those institutions is regularly monitored.
The Company primarily enters into derivative instruments to hedge forecasted sales of production.
8 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 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.
−Removed: 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.
−Removed: 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.
+Added: A hypothetical decrease of 10% in the market price of natural gas on September 30, 2020 and December 31, 2019 would increase the fair value of the Company's natural gas derivative commodity instruments by approximately $501.4 million and $389.4 million, respectively.
+Added: A hypothetical increase of 10% in the market price of natural gas on September 30, 2020 and December 31, 2019 would decrease the fair value of the Company's natural gas derivative commodity instruments by approximately $489.3 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 on September 30, 2020 and December 31, 2019 to the Company's natural gas derivative commodity instruments as of September 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, prior its full redemption on June 30, 2020, 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 to 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 six months ended June 30, 2020 would have increased interest expense by approximately $8 million.
+Added: A 1% increase in interest rates on the Company's borrowings on its credit facility and term loan facility during the nine months ended September 30, 2020 would have increased interest expense by approximately $5 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 60%, or $781.6 million, of the Company's OTC derivative contracts outstanding at June 30, 2020 had a positive fair value.
+Added: Approximately 36%, or $436.8 million, of the Company's OTC derivative contracts outstanding at September 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 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.
−Removed: 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.
+Added: As of September 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 September 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.
5 unchanged sentences
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.