18 unchanged sentences
We monitor price and production levels on a continuous basis and make adjustments to quantities hedged as warranted.
−Removed: A hypothetical decrease of 10% in the market price of natural gas on September 30, 2021 and December 31, 2020 would increase the fair value of our natural gas derivative commodity instruments by approximately $836 million and $501 million, respectively.
−Removed: A hypothetical increase of 10% in the market price of natural gas on September 30, 2021 and December 31, 2020 would decrease the fair value of our natural gas derivative commodity instruments by approximately $838 million and $495 million, respectively.
−Removed: For purposes of this analysis, we applied the 10% change in the market price of natural gas on September 30, 2021 and December 31, 2020 to our natural gas derivative commodity instruments as of September 30, 2021 and December 31, 2020 to calculate the hypothetical change in fair value.
+Added: A hypothetical decrease of 10% in the NYMEX natural gas price on March 31, 2022 and December 31, 2021 would increase the fair value of our natural gas derivative commodity instruments by approximately $763 million and $577 million, respectively.
+Added: A hypothetical increase of 10% in the NYMEX natural gas price on March 31, 2022 and December 31, 2021 would decrease the fair value of our natural gas derivative commodity instruments by approximately $769 million and $581 million, respectively.
+Added: For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on March 31, 2022 and December 31, 2021 to our natural gas derivative commodity instruments as of March 31, 2022 and December 31, 2021 to calculate the hypothetical change in fair value.
The change in fair value was determined using a method similar to our normal process for determining derivative commodity instrument fair value described in Note 4 to the Condensed Consolidated Financial Statements.
6 unchanged sentences
None of the interest we pay on our senior notes fluctuates based on changes to market interest rates.
−Removed: A 1% increase in interest rates on the borrowings under our credit facility during the nine months ended September 30, 2021 would have increased interest expense by approximately $5 million.
+Added: A 1% increase in interest rates on the borrowings under our credit facility during the three months ended March 31, 2022 would have increased interest expense by approximately $3 million.
Interest rates on our 6.125% senior notes due 2025 and 7.00% senior notes due 2030 fluctuate based on changes to the credit ratings assigned to our senior notes by Moody's, S&P and Fitch.
2 unchanged sentences
Changes in interest rates affect the fair value of our fixed rate debt.
−Removed: See Note 6 to the Condensed Consolidated Financial Statements for further discussion of our debt and Note 4 to the Condensed Consolidated Financial Statements for a discussion of fair value measurements, including the fair value of our debt.
+Added: See Note 6 to the Condensed Consolidated Financial Statements for further discussion of our debt and Note 4 to the Condensed Consolidated Financial Statements for a discussion of fair value measurements, including the fair value measurement of our debt.
Other Market Risks.
5 unchanged sentences
To manage the level of credit risk, we enter into transactions primarily with financial counterparties that are of investment grade, enter into netting agreements whenever possible and may obtain collateral or other security.
−Removed: Approximately 19%, or $1,211 million, of our OTC derivative contracts outstanding at September 30, 2021 had a positive fair value.
+Added: Approximately 16%, or $997 million, of our OTC derivative contracts outstanding at March 31, 2022 had a positive fair value.
Approximately 17%, or $477 million, of our OTC derivative contracts outstanding at December 31, 2021 had a positive fair value.
−Removed: As of September 30, 2021, we were not in default under any derivative contracts and had no knowledge of default by any counterparty to our derivative contracts.
−Removed: During the three months ended September 30, 2021, we made no adjustments to the fair value of our derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in our established fair value procedure.
+Added: As of March 31, 2022, we were not in default under any derivative contracts and had no knowledge of default by any counterparty to our derivative contracts.
+Added: During the three months ended March 31, 2022, we made no adjustments to the fair value of our derivative contracts due to credit related concerns outside of the normal non-performance risk adjustment included in our established fair value procedure.
We monitor market conditions that may impact the fair value of our 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.