7 unchanged sentences
The overall objective of our hedging program is to protect our cash flows from undue exposure to the risk of changing commodity prices.
−Removed: Our use of derivatives is further described in Note 3 to the Condensed Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations – Capital Resources and Liquidity – Commodity Risk Management." Our OTC derivative commodity instruments are placed primarily with financial institutions and the creditworthiness of those institutions is regularly monitored.
+Added: Our 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.
+Added: Our OTC derivative commodity instruments are placed primarily with financial institutions and the creditworthiness of those institutions is regularly monitored.
We primarily enter into derivative instruments to hedge forecasted sales of production.
8 unchanged sentences
We monitor price and production levels on a continuous basis and adjust quantities hedged as warranted.
−Removed: A hypothetical decrease of 10% in the NYMEX natural gas price on September 30, 2023 and December 31, 2022 would increase the fair value of our natural gas derivative commodity instruments by approximately $319 million and $727 million, respectively.
−Removed: A hypothetical increase of 10% in the NYMEX natural gas price on September 30, 2023 and December 31, 2022 would decrease the fair value of our natural gas derivative commodity instruments by approximately $323 million and $333 million, respectively.
−Removed: For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on September 30, 2023 and December 31, 2022 to our natural gas derivative commodity instruments as of September 30, 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 March 31, 2024 and December 31, 2023 would increase the fair value of our natural gas derivative commodity instruments by approximately $226 million and $204 million, respectively.
+Added: A hypothetical increase of 10% in the NYMEX natural gas price on March 31, 2024 and December 31, 2023 would decrease the fair value of our natural gas derivative commodity instruments by approximately $220 million and $482 million, respectively.
+Added: For purposes of this analysis, we applied the 10% change in the NYMEX natural gas price on March 31, 2024 and December 31, 2023 to our natural gas derivative commodity instruments as of March 31, 2024 and December 31, 2023 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 revolving credit facility and the Term Loan Facility during the nine months ended September 30, 2023 would have increased interest expense by approximately $13 million.
−Removed: 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.
−Removed: Interest rates on 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.
−Removed: For a discussion of credit rating downgrade risk, see "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" in our Annual Report on Form 10-K for the year ended December 31, 2022.
+Added: A 1% increase in interest rates for the borrowings under our revolving credit facility and the Term Loan Facility during the three months ended March 31, 2024 would have increased interest expense by approximately $1.6 million.
+Added: Interest rates for our revolving credit facility, the Term Loan Facility, our 6.125% senior notes and our 7.000% senior notes 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 "Risk Factors – Our operations have substantial capital requirements, and we may not be able to obtain needed capital or financing on satisfactory terms" in our Annual Report on Form 10-K for the year ended December 31, 2023.
Changes in interest rates affect the fair value of our fixed rate debt.
7 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 70%, or $536 million, of our OTC derivative contracts outstanding at September 30, 2023 had a positive fair value.
+Added: Approximately 73%, or $775 million, of our OTC derivative contracts outstanding at March 31, 2024 had a positive fair value.
Approximately 86%, or $912 million, of our OTC derivative contracts outstanding at December 31, 2023 had a positive fair value.
−Removed: As of September 30, 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 September 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.
+Added: As of March 31, 2024, 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, 2024, 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 revolving credit facility and the Term Loan Facility holds more than 10% and 15%, respectively, of the financial commitments under such facility.
+Added: As of March 31, 2024, no one lender of the large group of financial institutions in the syndicate for both our revolving credit facility and the Term Loan Facility holds more than 10% of the financial commitments under each 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.