6 unchanged sentences
Our revenue generally would have increased or decreased along with any increases or decreases in oil or natural gas prices, but the exact impact on our income is indeterminable given the variety of expenses associated with producing and selling oil that also increase and decrease along with oil prices.
−Removed: We enter into derivative contracts to achieve a more predictable cash flow by reducing our exposure to oil price volatility.
−Removed: All derivative positions are carried at their fair value on the balance sheet and are marked-to-market at the end of each period.
+Added: We enter into derivative contracts to achieve a more predictable cash flow by reducing our exposure to commodity price volatility.
+Added: All derivative positions are carried at their fair value in the balance sheet and are marked-to-market at the end of each period.
Any realized gains and losses on settled derivatives, as well as mark-to-market gains or losses, are aggregated and recorded to gain (loss) on derivative instruments, net on the statements of operations rather than as a component of other comprehensive income or other income (expense).
3 unchanged sentences
Any interim cash needs are funded by cash from operations or borrowings under our Revolving Credit Facility.
−Removed: The following table summarizes our open commodity swap contracts as of December 31, 2019, by fiscal quarter.
+Added: The following table summarizes our open oil swap contracts as of December 31, 2020, by fiscal quarter.
Settlement Period Oil (Barrels) Weighted Average Price ($)
8 unchanged sentences
Q4 115,000 49.14
−Removed: Q1 453,780 53.07
−Removed: Q2 312,280 52.30
−Removed: Q3 306,576 52.33
−Removed: Q4 300,230 52.35
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2 unchanged sentences
If the counterparties exercise all such options, the notional volume of our existing crude oil derivative contracts will increase as follows for 2022:
−Removed: (i) for the first quarter of 2021, by 67,500 barrels at a weighted average price of $57.63 per barrel and (ii) for the second quarter of 2021, by 68,250 barrels at a weighted average price of $57.63 per barrel.
+Added: (i) for the first quarter of 2022, by 1,010,250 barrels at a weighted average price of $53.20 per barrel, (ii) for the second quarter of 2022, by 1,021,475 barrels at a weighted average price of $53.20 per barrel, (iii) for the third quarter of 2022, by 549,700 barrels at a weighted average price of $51.71 per barrel, and (iv) for the fourth quarter of 2022, by 549,700 barrels at a weighted average price of $51.71 per barrel.
(2) We have entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for additional periods.
−Removed: Options covering a notional volume of 2.4 million barrels for 2022 are exercisable on or
−Removed: Tab le of Contents
−Removed: about December 31, 2021.
+Added: Options covering a notional volume of 1.5 million barrels for 2023 are exercisable on or about December 31, 2022.
If the counterparties exercise all such options, the notional volume of our existing crude oil derivative contracts will increase as follows for 2023:
(i) for the first quarter of 2023, by 630,000 barrels at a weighted average price of $49.80 per barrel, (ii) for the second quarter of 2023, by 273,000 barrels at a weighted average price of $46.59 per barrel, (iii) for the third quarter of 2023, by 276,000 barrels at a weighted average price of $46.59 per barrel, and (iv) for the fourth quarter of 2023, by 276,000 barrels at a weighted average price of $46.59 per barrel.
+Added: From time to time, we also hedge our oil basis differential to mitigate price risk associated with fluctuations in takeaway capacity.
+Added: As of December 31, 2020, we have hedged approximately 1.5 million barrels for 2021 at a weighted average price of $(2.39) per barrel.
+Added: See Note 12 to our financial statements.
+Added: The following table summarizes our open natural gas swap contracts as of December 31, 2020, by fiscal quarter.
+Added: Contract Period Gas (MMBTU) Weighted Average Price ($)
+Added: Swaps-Natural Gas
+Added: Q1 3,375,000 $ 2.47
+Added: Q2 3,185,000 2.51
+Added: Q3 3,220,000 2.51
+Added: Q4 3,220,000 2.51
+Added: Q1 900,000 $ 2.61
+Added: Q2 910,000 2.61
+Added: Q3 920,000 2.61
+Added: Q4 920,000 2.61
Interest Rate Risk
10 unchanged sentences
All outstanding principal is due and payable upon termination of the Revolving Credit Facility.
+Added: The Company uses interest rate swaps to effectively convert a portion of its variable rate indebtedness to fixed rate indebtedness.
+Added: As of December 31, 2020, we had interest rate swaps with a total notional amount of $200.0 million.
As a result, changes in interest rates can impact results of operations and cash flows.
A 1% increase in short-term interest rates on our floating-rate debt outstanding at December 31, 2020 would cost us approximately $3.3 million in additional annual interest expense.
−Removed: Financial Statements and Supplementary Data
−Removed: The financial statements and supplementary financial information required by this item are included on the pages immediately following the Index to Financial Statements appearing on page F-1.
−Removed: Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
−Removed: Tab le of Contents
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.