8 unchanged sentences
Oil prices we received during 2020 ranged from a low of $13.23 per barrel to a high of $57.36 per barrel.
−Removed: Natural gas prices we received during 2019 ranged from a low of $0.34 per Mcf to a high of $3.78 per Mcf.
+Added: Natural gas prices we received during 2020 ranged from a low of negative $0.93 per Mcf to a high of $3.38 per Mcf.
A significant decline in the prices of oil or natural gas could have a material adverse effect on our financial condition and results of operations.
In order to reduce commodity price uncertainty and increase cash flow predictability relating to the marketing of our crude oil and natural gas, we may enter into crude oil and natural gas price hedging arrangements with respect to a portion of our expected production.
−Removed: As of December 31, 2019, the Company has in place derivative contracts covering 5,500 barrels of oil per day for the period of January 2020 through December 2020.
−Removed: All of the derivative contracts are in the form of costless collars of WTI Crude Oil prices.
+Added: As of December 31, 2020, the Company has in place derivative contracts covering 9,000 and 1,750 barrels of oil per day for the calendar years 2021 and 2022, respectively, and covering 6,000 and 5,000 MMBTU of natural gas per day for the calendar years 2021 and 2022, respectively.
+Added: For 2021, contracts covering 4,500 of the 9,000 barrels of oil are in the form of costless collars of WTI Crude Oil prices.
“Costless collars” are the combination of two options, a put option (floor) and a call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option.
−Removed: Our collars as of December 31, 2019 all had a floor of $50 per barrel and had ceilings ranging between $58.25 and $65.83 per barrel, with an average ceiling of $61.06.
+Added: These collars have floors ranging from $40.00 to $45.00, with an averaged floor of $42.22 and have ceilings ranging between $52.71 and $55.35 per barrel, with an average ceiling of $54.57.
+Added: The remaining 4,500 barrels of oil in 2021 and all of
+Added: the 1,750 barrels of oil in 2022 are in the form of swaps of WTI Crude Oil prices.
+Added: The oil swap prices for 2021 range from $45.00 to $45.96, with an average of $45.42.
+Added: The oil swap prices for 2022 range from $44.22 to $45.98, with an average of $44.84.
+Added: All of the contracts for natural gas for both 2021 and 2022 are in the form of swaps of Henry Hub.
+Added: The swap prices for 2021 and 2022 are $2.991 and $2.7255, respectively.
See Note 8 to our Financial Statements for further information.
Customer Credit Risk
−Removed: Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production (approximately $22.9 million at December 31, 2019).
+Added: Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production (approximately $15.0 million as of December 31, 2020).
We are subject to credit risk due to the concentration of our oil and natural gas receivables with our most significant customers.
1 unchanged sentence
For the fiscal year 2020, sales to three customers, Phillips 66, Oxy and NGL Crude represented 68%, 10% and 8%, respectively, of oil and natural gas revenues.
−Removed: At December 31, 2019, Phillips 66 represented 47% of our accounts receivable, Oxy represented 31% of our accounts receivable and NGL Crude represented 9% of our accounts receivable.
+Added: As of December 31, 2020, Phillips 66 represented 80% of our accounts receivable, Oxy represented 0% of our accounts receivable and NGL Crude represented 5% of our accounts receivable.
Due to availability of other purchasers, we do not believe the loss of any single oil or natural gas customer would have a material adverse effect on our results of operations.
11 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.