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 NYMEX natural gas price on March 31, 2023 and December 31, 2022 would increase the fair value of our natural gas derivative commodity instruments by approximately $287 million and $727 million, respectively.
−Removed: A hypothetical increase of 10% in the NYMEX natural gas price on March 31, 2023 and December 31, 2022 would decrease the fair value of our natural gas derivative commodity instruments by approximately $208 million and $333 million, respectively.
−Removed: For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on March 31, 2023 and December 31, 2022 to our natural gas derivative commodity instruments as of March 31, 2023 and December 31, 2022 to calculate the hypothetical change in fair value.
+Added: A hypothetical decrease of 10% in the NYMEX natural gas price on June 30, 2023 and December 31, 2022 would increase the fair value of our natural gas derivative commodity instruments by approximately $352 million and $727 million, respectively.
+Added: A hypothetical increase of 10% in the NYMEX natural gas price on June 30, 2023 and December 31, 2022 would decrease the fair value of our natural gas derivative commodity instruments by approximately $273 million and $333 million, respectively.
+Added: For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on June 30, 2023 and December 31, 2022 to our natural gas derivative commodity instruments as of June 30, 2023 and December 31, 2022 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: There were no borrowings for the three months ended March 31, 2023 under our credit facility or Term Loan Facility.
+Added: There were no borrowings for the six months ended June 30, 2023 under our credit facility or Term Loan Facility.
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.
10 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 60%, or $938 million, of our OTC derivative contracts outstanding at March 31, 2023 had a positive fair value.
+Added: Approximately 60%, or $608 million, of our OTC derivative contracts outstanding at June 30, 2023 had a positive fair value.
Approximately 36%, or $710 million, of our OTC derivative contracts outstanding at December 31, 2022 had a positive fair value.
−Removed: As of March 31, 2023, 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 March 31, 2023, 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 June 30, 2023, 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 June 30, 2023, 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.