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The Company is exposed to market risks associated with interest rates, prices of crude oil, natural gas and petroleum products, and foreign currency exchange rates.
−Removed: As described in Note M – Financial Instruments and Risk Management, Murphy makes use of derivative financial and commodity instruments to manage risks associated with existing or anticipated transactions.
−Removed: There were commodity transactions in place at December 31, 2020, covering certain future U.S.
−Removed: crude oil sales volumes in 2021 and 2022.
+Added: As described in Note L – Financial Instruments and Risk Management , Murphy makes use of derivative financial and commodity instruments to manage risks associated with existing or anticipated transactions.
+Added: There were commodity transactions in place as of December 31, 2021, covering certain future U.S.
+Added: crude oil sales volumes in 2022.
A 10% increase in the respective benchmark price of these commodities would have increased the net payable associated with these derivative contracts by approximately $100.9 million, while a 10% decrease would have decreased the recorded payable by a similar amount, resulting in a receivable.
−Removed: There were no derivative foreign exchange contracts in place at December 31, 2020.
+Added: There were no derivative foreign exchange contracts in place as of December 31, 2021.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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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.