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.
+Added: Properties - Proved Reserves Sensitivity by Price Scenario” for estimates of how a decrease in oil and gas prices from the 2022 SEC Case to the $70 Flat Case would reduce our proved reserves volumes and the PV-10 value thereof.
We enter into derivative contracts to achieve a more predictable cash flow by reducing our exposure to commodity price volatility.
5 unchanged sentences
Any interim cash needs are funded by cash from operations or borrowings under our Revolving Credit Facility.
−Removed: The following table summarizes our open crude oil swap contracts as of December 31, 2021, by fiscal quarter.
−Removed: Settlement Period Oil (Barrels) Weighted Average Price ($)
−Removed: Swaps-Crude Oil (1)
+Added: The following table summarizes our open crude oil derivative contracts as of December 31, 2022, by fiscal quarter.
+Added: Crude Oil Contracts
+Added: Settlement Period Volume (Bbls) Weighted Average Price
+Added: ($/Bbl) Volume (Bbls) Weighted Average Ceiling Price
+Added: ($/Bbl) Weighted Average Floor Price
Q1 2,020,500 72.39 996,750 92.00 76.68
12 unchanged sentences
(1) This table does not include volumes subject to swaptions and call options, which are crude oil derivative contracts we have entered into which may increase our swapped volumes at the option of our counterparties.
−Removed: See Note 12 to our financial statements for further details regarding our commodity derivatives, including the swaptions and call options that are not included in the foregoing table.
−Removed: The following table summarizes our open natural gas swap contracts as of December 31, 2021, by fiscal quarter.
−Removed: Contract Period Gas (MMBTU) Weighted Average Price ($)
−Removed: Swaps-Natural Gas (1)
−Removed: Q1 7,157,291 $ 3.32
−Removed: Q2 7,735,000 3.14
−Removed: Q3 7,360,000 3.17
−Removed: Q4 9,360,000 3.39
+Added: See Note 12 to our financial
+Added: statements for further details regarding our commodity derivatives, including the swaptions and call options that are not included in the foregoing table.
+Added: The following table summarizes our open natural gas derivative contracts as of December 31, 2022, by fiscal quarter.
+Added: Natural Gas Contracts
+Added: Contract Period Volume
+Added: (MMBTU) Weighted Average Price
+Added: ($/MMBTU) Volume
+Added: (MMBTU) Weighted Average Ceiling Price
+Added: ($/MMBTU) Weighted Average Floor Price
Q1 7,285,000 4.11 2,065,000 6.96 4.14
7 unchanged sentences
_____________
−Removed: (1) This table does not include volumes subject to collars.
−Removed: See Note 12 to our financial statements for further details regarding our commodity derivatives, including the collars that are not included in the foregoing table.
−Removed: See Note 12 to our financial statements for further details regarding our commodity derivatives, including basis swap contracts for both crude oil and natural gas, which are not included in the foregoing tables.
+Added: (1) This table does not include volumes subject to call options, which are natural gas derivative contracts we have entered into which may increase our swapped volumes at the option of our counterparties.
+Added: This table also does not include basis swaps.
+Added: See Note 12 to our financial statements for further details regarding our commodity derivatives, including the call options and basis swaps that are not included in the foregoing table.
Interest Rate Risk
−Removed: Our long-term debt as of December 31, 2021 is comprised of borrowings that contain fixed and floating interest rates.
−Removed: Our 2028 Notes bear cash interest at fixed rates.
−Removed: Our Revolving Credit Facility interest rate is a floating rate option that is designated by us within the parameters established by the underlying agreement.
−Removed: At our option, borrowings under the Revolving Credit Facility bear interest at the base rate or LIBOR, plus an applicable margin.
−Removed: The base rate is a rate per annum equal to the greatest of:
−Removed: (i) the agent bank’s prime rate;
−Removed: (ii) the federal funds effective rate plus 50 basis points;
−Removed: and (iii) the adjusted LIBOR rate for a one-month interest period plus 100 basis points.
−Removed: The applicable margin for base rate loans ranges from 100 to 200 basis points, and the applicable margin for LIBOR loans ranges from 200 to 300 basis points, in each case depending on the percentage of the borrowing base utilized.
−Removed: Interest payments are due under the Revolving Credit Facility in arrears, in the case of a loan based on LIBOR on the last day of the specified interest period and in the case of all other loans on the last day of each March, June, September and December.
−Removed: All outstanding principal is due and payable upon termination of the Revolving Credit Facility.
+Added: Our long-term debt as of December 31, 2022 was comprised of borrowings that contain fixed and floating interest rates.
+Added: Our Senior Notes and Convertible Notes bear cash interest at fixed rates.
+Added: Our Revolving Credit Facility interest rate is a floating rate option that is designated by us within the parameters established by the underlying agreement (see Note 4 to our financial statements).
The Company uses interest rate swaps to effectively convert a portion of its variable rate indebtedness to fixed rate indebtedness.
−Removed: As of December 31, 2021, we had interest rate swaps with a total notional amount of $200.0 million, which exceeded our amount of outstanding variable rate indebtedness as of December 31, 2021.
+Added: As of December 31, 2022, we had interest rate swaps with a total notional amount of $100.0 million.
Changes in interest rates can impact results of operations and cash flows.
−Removed: However, because the notional amount of our interest rate swaps as of December 31, 2021 was greater than our amount of outstanding variable rate indebtedness as of such date, a 1% increase in short-term interest rates on our floating-rate debt outstanding at December 31, 2021 would not result in any increased additional annual interest expense.
+Added: A 1% increase in short-term interest rates on our floating-rate debt outstanding at December 31, 2022 would cost us approximately $2.2 million in additional annual interest expense.
+Added: Financial Statements and Supplementary Data
+Added: 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.
+Added: Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
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.