2 unchanged sentences
Our primary market risk exposure is the volatility of future prices for natural gas and NGLs.
−Removed: Due to the volatility of commodity prices, we are unable to predict future potential movements in the
−Removed: market prices for natural gas and NGLs at our ultimate sales points and, thus, cannot predict the ultimate impact of prices on our operations.
+Added: Due to the volatility of commodity prices, we are unable to predict future potential movements in the market prices for natural gas and NGLs at our ultimate sales points and, thus, cannot predict the ultimate impact of prices on our operations.
Prolonged low, or significant, extended declines in, natural gas and NGLs prices could adversely affect, among other things, our development plans, which would decrease the pace of development and the level of our proved reserves.
12 unchanged sentences
We may also use other contractual agreements when executing our commodity hedging strategy.
−Removed: We monitor price and production levels on a continuous basis and make adjustments to quantities hedged as warranted.
+Added: We monitor price and production levels on a continuous basis and adjust quantities hedged as warranted.
A hypothetical decrease of 10% in the NYMEX natural gas price on December 31, 2023 and 2022 would increase the fair value of our natural gas derivative commodity instruments by approximately $204 million and $727 million, respectively.
7 unchanged sentences
Interest Rate Risk.
−Removed: Changes in market interest rates affect the amount of interest we earn on cash, cash equivalents and short-term investments and the interest rate we pay on borrowings under our credit facility and Term Loan Facility.
+Added: Changes in market interest rates affect the amount of interest we earn on cash, cash equivalents and short-term investments and the interest rate we pay on borrowings under our revolving credit facility and the Term Loan Facility.
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 year ended December 31, 2022 would have increased interest expense by approximately $5 million.
−Removed: We had no borrowings under our Term Loan Facility as of December 31, 2022.
−Removed: 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.
−Removed: Interest rates on our other outstanding senior notes do not
−Removed: fluctuate based on changes to the credit ratings assigned to our senior notes by Moody's, S&P and Fitch.
−Removed: For a discussion of credit rating downgrade risk, see Item 1A., "Risk Factors – Our exploration and production operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms." Changes in interest rates affect the fair value of our fixed rate debt.
+Added: A 1% increase in interest rates for the borrowings under our revolving credit facility and the Term Loan Facility during 2023 would have increased interest expense by approximately $12.9 million.
+Added: Interest rates for our revolving credit facility, the Term Loan Facility, our 6.125% senior notes due 2025 and our 7.000% senior notes due 2030 fluctuate based on changes to the credit ratings assigned to our senior notes by Moody's, S&P and Fitch.
+Added: Interest rates for our other outstanding senior notes do not fluctuate based on changes to the credit ratings assigned to our senior notes by Moody's, S&P and Fitch.
+Added: For a discussion of credit rating downgrade risk, see Item 1A., "Risk Factors – Our operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms." Changes in interest rates affect the fair value of our fixed rate debt.
See Note 8 to the Consolidated Financial Statements for further discussion of our debt and Note 4 to the Consolidated Financial Statements for a discussion of fair value measurements, including the fair value measurement of our debt.
9 unchanged sentences
As of December 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 year ended December 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.
+Added: During 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.
2 unchanged sentences
We also contract with certain processors to market a portion of our NGLs on our behalf.
−Removed: No one lender of the large group of financial institutions in the syndicate for our credit facility holds more than 10% of the financial commitments under such facility.
+Added: No one lender of the large group of financial institutions in the syndicate for our revolving credit facility and the Term Loan Facility holds more than 10% of the financial commitments under either facility.
The large syndicate group and relatively low percentage of participation by each lender are expected to limit our 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.