8 unchanged sentences
In addition, we focus on utilizing counterparties for these transactions whose financial condition is appropriate for the credit risk involved in each specific transaction.
−Removed: We have entered into hedging transactions as of March 31, 2022 to protect a portion of our commodity price risk exposure.
−Removed: These hedging arrangements are in the form of swaps and options for NGLs.
−Removed: We have instruments totaling a gross notional quantity of 80,000 barrels settling during the period from April 30, 2022 through May 31, 2022.
−Removed: These instruments settle against the applicable pricing source for each grade and location.
−Removed: These instruments are recorded on our Consolidated and Condensed Balance Sheets at March 31, 2022 in "Fair value of derivatives" as a current asset of $0.2 million.
−Removed: Based on the current net notional volume hedged as of March 31, 2022, a $0.10 change in the expected settlement price of these contracts would result in an impact to our net income of approximately $0.3 million.
Our hedging strategy is designed to protect us from excessive pricing volatility.
However, since we do not typically hedge 100% of our exposure, abnormal price volatility in any of these commodity markets could influence operating income.
+Added: We have no outstanding hedging positions as of June 30, 2022.
For derivatives designated in cash flow hedging relationships, we record the gains and losses from the use of these instruments in accumulated other comprehensive income (loss) on the consolidated balance sheets and subsequently recognize the accumulated gains and losses into cost of products sold in the same period when the associated underlying transactions occur.
−Removed: At March 31, 2022, accumulated other comprehensive income (loss) included $0.4 million in unrealized losses for these derivative instruments.
+Added: At June 30, 2022, accumulated other comprehensive income (loss) included $0.2 million in unrealized gains for these derivative instruments.
All other commodity derivatives are marked-to-market and recognized into cost of products sold with the offset recognized as an asset or accrued liability.
1 unchanged sentence
Interest Rate Risk.
−Removed: We are exposed to changes in interest rates as a result of our credit facility, which had a weighted-average interest rate of 4.50% as of March 31, 2022.
−Removed: Based on the amount of unhedged floating rate debt owed by us on March 31, 2022, the impact of a 100 basis point increase in interest rates on this amount of debt would result in an increase in interest expense and a corresponding decrease in net income of approximately $1.4 million annually.
+Added: We are exposed to changes in interest rates as a result of our credit facility, which had a weighted-average interest rate of 5.00% as of June 30, 2022.
+Added: Based on the amount of unhedged floating rate debt owed by us on June 30, 2022, the impact of a 100 basis point increase in interest rates on this amount of debt would result in an increase in interest expense and a corresponding decrease in net income of approximately $1.5 million annually.
We are not exposed to changes in interest rates with respect to our 2024 Notes and 2025 Notes as these obligations are fixed rate.
−Removed: Based on the quoted prices for identical liabilities in markets that are not active at March 31, 2022, the estimated fair value of the 2024 Notes and 2025 Notes was $54.8 million and $302.8 million, respectively.
+Added: Based on the quoted prices for identical liabilities in markets that are not active at June 30, 2022, the estimated fair value of the 2024 Notes and 2025 Notes was $53.8 million and $290.1 million, respectively.
Market risk is estimated as the potential decrease in fair value of our long-term debt resulting from a hypothetical increase of a 100 basis point increase in interest rates .
−Removed: Such an increase in interest rates at March 31, 2022, would result in a $0.6 million decrease in the fair value of our 2024 Notes and a $2.6 million decrease in the fair value of our 2025 Notes.
+Added: Such an increase in interest rates at June 30, 2022, would result in a $0.6 million decrease in the fair value of our 2024 Notes and a $5.9 million decrease in the fair value of our 2025 Notes.
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.