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: Properties - Proved Reserves Sensitivity by Price Scenario” for estimates of how a change in oil and gas prices from the 2023 SEC Case to the $70 Flat Case would reduce our proved reserves volumes and the PV-10 value thereof.
+Added: Properties - Proved Reserves Sensitivity by Price Scenario” for estimates of how a change in oil and gas prices from the 2024 SEC Case to the $60 Flat Case would reduce our proved reserves volumes and the PV-10 value thereof while the $80 Flat Case would increase our proved reserves volumes and the PV-10 value thereof.
We enter into derivative contracts to achieve a more predictable cash flow by reducing our exposure to commodity price volatility.
7 unchanged sentences
Crude Oil Contracts
−Removed: Settlement Period Volume (Bbls) Weighted Average Price
−Removed: ($/Bbl) Volume Ceiling (Bbls) Volume Floor (Bbls) Weighted Average Ceiling Price
+Added: Contract Period Volume (MBbls) Weighted Average Price
+Added: ($/Bbl) Volume Ceiling (MBbls) Volume Floor (MBbls) Weighted Average Ceiling Price
($/Bbl) Weighted Average Floor Price
7 unchanged sentences
Q4 270 70.15 1,355 914 74.41 66.15
−Removed: Q1 263,726 $ 69.05 43,226 39,289 $ 70.25 $ 62.50
−Removed: Q2 266,657 68.98 43,707 39,727 70.25 62.50
−Removed: Q3 269,587 68.91 44,187 40,163 70.25 62.50
−Removed: Q4 269,587 68.83 44,187 40,163 70.25 62.50
_____________
(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: This table also does not include
+Added: This table also does not include basis swaps.
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.
23 unchanged sentences
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.
+Added: NGL Contracts
+Added: Contract Period Volume
+Added: (BBL) Weighted Average Price
+Added: Q2 4,550 37.03
+Added: Q3 29,900 36.39
+Added: Q4 66,700 36.75
+Added: Q1 92,250 $ 36.00
+Added: Q2 106,925 33.32
+Added: Q3 96,600 33.03
+Added: Q4 80,500 33.32
+Added: Q1 65,250 $ 32.30
+Added: Q2 59,150 30.73
+Added: Q3 57,500 30.69
+Added: Q4 52,900 30.87
Interest Rate Risk
3 unchanged sentences
From time to time, the Company may use interest rate swaps to effectively convert a portion of its variable rate indebtedness to fixed rate indebtedness.
−Removed: As of December 31, 2023, we had no interest rate swaps.
+Added: The following table summarizes our open interest rate derivative contracts as of December 31, 2024.
+Added: Fixed Rate Swap Agreements (in thousands)
+Added: Contract Period Notional Amount Fixed Rate Floating Benchmark
+Added: October 1, 2024 - October 1, 2026 $ 25,000 3.423 % USD-SOFR CME
Changes in interest rates can impact results of operations and cash flows.
4 unchanged sentences
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.