15 unchanged sentences
Although our businesses are primarily fee-based, in our Natural Gas Gathering and Processing segment, we are exposed to commodity price risk as a result of retaining a portion of the commodity sales proceeds associated with our fee with POP contracts.
−Removed: Under certain fee with POP contracts, our contractual fees and POP percentage may increase or decrease if production volumes, delivery pressures or commodity prices change relative to specified thresholds.
+Added: Under certain fee with POP contracts, our contractual fees and POP percentage may increase or decrease if
+Added: Table of Cont ents
+Added: production volumes, delivery pressures or commodity prices change relative to specified thresholds.
+Added: In certain commodity price environments, our contractual fees on these fee with POP contracts may decrease, which would impact the average fee rate in our Natural Gas Gathering and Processing segment.
We are exposed to basis risk between the various production and market locations where we buy and sell commodities.
−Removed: The following table presents the effect a hypothetical 10% change in the underlying commodity prices would have on the estimated fair value of our commodity derivative instruments for the periods indicated:
+Added: The following table presents the effect a hypothetical 10% change in the underlying commodity prices would have on the estimated fair value of our commodity derivative instruments as of the dates indicated:
Commodity Contracts December 31,
15 unchanged sentences
109.5 $ 3.27 / MMBtu 75%
+Added: Year Ending December 31, 2023
+Added: Hedged Average Price Percentage
+Added: NGLs - excluding ethane ( MBbl/d ) - Conway/Mont Belvieu
+Added: 0.9 $ 1.11 / gallon 5%
+Added: Condensate ( MBbl/d ) - WTI-NYMEX
+Added: 0.2 $ 74.95 / Bbl 7%
+Added: Natural gas ( BBtu/d ) - NYMEX and basis
+Added: 17.3 $ 5.06 / MMBtu 11%
Our Natural Gas Gathering and Processing segment’s commodity price sensitivity is estimated as a hypothetical change in the price of NGLs, crude oil and natural gas at December 31, 2021.
1 unchanged sentence
Assuming normal operating conditions, we estimate the following for our forecasted equity volumes:
−Removed: • a $0.01 per gallon change in the composite price of NGLs, excluding ethane, would change adjusted EBITDA for the year ending December 31, 2021, by $2.7 million;
−Removed: • a $1.00 per barrel change in the price of crude oil would change adjusted EBITDA for the year ending December 31, 2021, by $1.4 million;
−Removed: • a $0.10 per MMBtu change in the price of residue natural gas would change adjusted EBITDA for the year ending December 31, 2021, by $5.8 million.
+Added: • a $0.01 per gallon change in the composite price of NGLs, excluding ethane, would change adjusted EBITDA for the years ending December 31, 2022 and 2023, by $2.6 million and $2.7 million, respectively;
+Added: • a $1.00 per barrel change in the price of crude oil would change adjusted EBITDA for the years ending December 31, 2022 and 2023, by $0.8 million and $0.9 million, respectively;
+Added: • a $0.10 per MMBtu change in the price of residue natural gas would change adjusted EBITDA for the years ending December 31, 2022 and 2023, by $5.3 million and $5.5 million, respectively.
These estimates do not include any effects of hedging or effects on demand for our services or natural gas processing plant operations that might be caused by, or arise in conjunction with, commodity price fluctuations.
3 unchanged sentences
Future increases in commercial paper rates or bond rates could expose us to increased interest costs on future borrowings.
−Removed: We manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-rate swaps.
+Added: We may manage interest-rate risk through the use of fixed-rate debt, floating-rate debt and interest-
+Added: Table of Cont ents
Interest-rate swaps are agreements to exchange interest payments at some future point based on specified notional amounts.
−Removed: In 2020, we settled $750 million of our forward-starting interest-rate swaps related to our underwritten public offerings of $1.75 billion senior unsecured notes and the remaining $1.3 billion of our interest-rate swaps used to hedge our LIBOR-based interest payments upon repayment of the remaining balance of our $1.5 Billion Term Loan Agreement.
−Removed: At December 31, 2020 and 2019, we had forward-starting interest-rate swaps with notional amounts totaling $1.1 billion and $1.8 billion, respectively, to hedge the variability of interest payments on a portion of our forecasted debt issuances.
−Removed: At December 31, 2019, we had interest-rate swaps with notional amounts totaling $1.3 billion to hedge the variability of our LIBOR-based interest payments, all of which have settled as of December 31, 2020.
+Added: At December 31, 2021 and 2020, we had forward-starting interest-rate swaps with notional amounts totaling $1.1 billion to hedge the variability of interest payments on a portion of our forecasted debt issuances.
All of our interest-rate swaps are designated as cash flow hedges.
−Removed: At December 31, 2020, we had derivative liabilities of $203.4 million related to these interest-rate swaps.
−Removed: At December 31, 2019, we had derivative assets of $0.6 million and derivative liabilities of $201.9 million related to these interest-rate swaps.
−Removed: The following table presents the effect of a 10% hypothetical change in interest rates on the estimated fair value of our interest- rate derivative instruments for the periods indicated:
+Added: At December 31, 2021 and 2020, we had derivative liabilities of $145.5 million and $203.4 million, respectively, related to these interest-rate swaps.
+Added: The following table presents the effect of a 10% hypothetical change in interest rates on the estimated fair value of our interest-rate derivative instruments as of the dates indicated:
2021 December 31,
26 unchanged sentences
In addition, the majority of our Natural Gas Pipelines segment’s pipeline tariffs provide us the ability to require security from shippers.
+Added: Table of Cont ents
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.