20 unchanged sentences
See Note 12 to our Consolidated Financial Statements for further discussion regarding our hedging strategies and objectives.
+Added: Index to Financial Statements
The fair value of our commodity derivatives and the change in fair value as of December 31, 2024 that would be expected from a 10% price increase or decrease is shown in the table below (in millions):
7 unchanged sentences
Total fair value $ (76)
−Removed: Index to Financial Statement s
The fair values presented in the table above reflect the sensitivity of the derivative instruments only and do not include the effect of the underlying hedged commodity.
5 unchanged sentences
All of our senior notes are fixed rate notes and thus are not subject to interest rate risk.
−Removed: Our variable rate debt outstanding at December 31, 2023, approximately $433 million, was subject to interest rate resets that generally range from less than one week to approximately one month.
+Added: Our variable rate debt outstanding at December 31, 2024, approximately $393 million, was subject to interest rate resets that generally occur within one week or less.
The average interest rate on variable rate debt that was outstanding during the year ended December 31, 2024 was 5.6%, based upon rates in effect during the year.
−Removed: The fair value of our interest rate derivatives was an asset of $55 million as of December 31, 2023.
+Added: The fair value of our interest rate derivatives was a net asset of $27 million as of December 31, 2024.
A 10% increase in the forward SOFR curve as of December 31, 2024 would have resulted in an increase of $13 million to the fair value of our interest rate derivatives.
5 unchanged sentences
Based upon the Series B preferred units outstanding at December 31, 2024 and the liquidation preference of $1,000 per unit, a change of 100 basis points in interest rates would increase or decrease the annual distributions on the Series B preferred units by approximately $8 million.
−Removed: See Note 11 to our Consolidated Financial Statements for additional information on the Series B preferred units.
+Added: See Note 11 to our Consolidated Financial Statements for additional information regarding our Series B preferred unit distributions.
Financial Statements and Supplementary Data
2 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.