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 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.
+Added: Properties - Proved Reserves Sensitivity by Price Scenario” for estimates of how a change in oil and gas prices from the 2025 SEC Case to either the $50 Flat Case or the $70 Flat Case would impact our proved reserves volumes and the associated PV-10 values.
We enter into derivative contracts to achieve a more predictable cash flow by reducing our exposure to commodity price volatility.
7 unchanged sentences
Crude Oil Contracts
−Removed: Contract Period Volume (MBbls) Weighted Average Price
−Removed: ($/Bbl) Volume Ceiling (MBbls) Volume Floor (MBbls) Weighted Average Ceiling Price
+Added: Contract Period Volume
+Added: (Bbls) Weighted Average Price
+Added: ($/Bbl) Volume Ceiling (Bbls) Volume Floor (Bbls) Weighted Average Ceiling Price
($/Bbl) Weighted Average Floor Price
3 unchanged sentences
Q4 1,494,567 68.91 1,810,587 1,121,163 72.33 65.01
−Removed: Q1 264 $ 70.38 1,326 894 $ 74.41 $ 66.15
−Removed: Q2 267 70.31 1,340 904 74.41 66.15
−Removed: Q3 270 70.24 1,355 914 74.41 66.15
−Removed: Q4 270 70.15 1,355 914 74.41 66.15
_____________
22 unchanged sentences
Q4 1,530,000 3.85 920,000 920,000 4.07 3.50
+Added: Q1 — $ — 890,000 890,000 $ 3.88 $ 3.50
+Added: Q2 — — 920,000 920,000 3.88 3.50
+Added: Q3 — — 920,000 920,000 3.88 3.50
+Added: Q4 — — 610,000 610,000 3.88 3.50
_____________
2 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: The following table summarizes our open NGL derivative contracts as of December 31, 2025, by fiscal quarter.
NGL Contracts
9 unchanged sentences
Q4 52,900 30.87
−Removed: Q2 59,150 30.73
−Removed: Q3 57,500 30.69
−Removed: Q4 52,900 30.87
Interest Rate Risk
Our long-term debt as of December 31, 2025 was comprised of borrowings that contain fixed and floating interest rates.
−Removed: Our Senior Notes, and Convertible Notes bear cash interest at fixed rates.
+Added: Our Senior Notes due 2028, Senior Notes due 2031, Senior Notes due 2033 and Convertible Notes bear cash interest at fixed rates.
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).
4 unchanged sentences
October 1, 2024 - October 1, 2026 $ 25,000 3.423 % USD-SOFR CME
+Added: May 1, 2025 - May 1, 2027 $ 50,000 3.423 % USD-SOFR CME
+Added: September 19, 2025 - October 1, 2027 $ 50,000 3.300 % USD-SOFR CME
+Added: October 20, 2025 - November 1, 2027 $ 100,000 3.187 % USD-SOFR CME
+Added: December 10, 2025 - December 1, 2027 $ 50,000 3.393 % USD-SOFR CME
+Added: December 10, 2025 - December 1, 2028 $ 50,000 3.392 % 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.