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The Company is exposed to various market risks, including the effects of adverse changes in commodity prices and credit risk as described below.
−Removed: The Company continually monitors its market risk exposure, including the impact and developments related to global geopolitical issues, foreign and domestic trade policies under the Trump Administration and response thereto and monetary policy addressing the interest rate and inflation trend, which continued to have significant impact on volatility and uncertainties in the financial markets during 2025.
+Added: The Company continually monitors its market risk exposure, including the impact of regional and international political instability, foreign and domestic trade policies under the Trump Administration and monetary policy addressing the interest rate and inflation trend, which continued to have significant impact on volatility and uncertainties in the financial markets during 2025.
Commodity Price Risk
−Removed: The results of the Company’s operations may be affected by the market prices of oil and natural gas.
−Removed: A portion of the Company’s revenue is directly tied to local crude, natural gas, NGLs and condensate prices in the Permian Basin.
+Added: The results of the Company’s operations may be affected by the market prices of oil, natural gas and NGLs.
+Added: A portion of the Company’s revenue is directly tied to local crude, natural gas, NGLs and condensate prices in the Permian Basin and the U.S.
Fluctuations in commodity prices also impact operating cost elements both directly and indirectly.
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Interest Rate Risk
−Removed: As of September 30, 2025, the Company had $2.11 billion of floating rate debt outstanding.
−Removed: A hypothetical 1.0% change in interest rates would result in a maximum potential change to interest expense by approximately $21.1 million for the Revolving Credit Agreement, the Term Loan Credit Agreement and the Amended A/R Facility annually.
+Added: As of March 31, 2026, the Company had $1.81 billion of floating rate debt outstanding.
+Added: A hypothetical 1.0% change in interest rates would result in a maximum potential change to annual interest expense of approximately $18.1 million for the Revolving Credit Agreement, the Term Loan Credit Agreement and the Amended A/R Facility.
Refer to Note 12—Derivatives and Hedging Activities in the Notes to Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for additional discussion regarding our related hedging strategies and objectives.
−Removed: There have been no material changes in the Company’s credit risk exposure that would affect the quantitative or qualitative disclosures presented as of December 31, 2024, in Part II, Item 7A in our 2024 Form 10-K filed on March 3, 2025.
+Added: There have been no material changes in the Company’s credit risk exposure that would affect the quantitative or qualitative disclosures presented as of December 31, 2025, in Part II, Item 7A in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Commission on February 26, 2026.
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.