11 unchanged sentences
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, 2021, the Company had in place derivative contracts covering 3,129 barrels of oil per day for the calendar year 2022.
−Removed: All of the 3,129 barrels of oil in 2022 are in the form of swaps of WTI Crude Oil prices.
−Removed: The oil swap prices for 2022 range from $44.22 to $50.05, with a weighted average swap price of $46.60.
−Removed: See Note 8 to our Financial Statements for further information.
+Added: The following table summarizes the Company's hedges in place on a monthly basis by commodity type.
+Added: See "Note 8 - DERIVATIVE FINANCIAL INSTRUMENTS" to our financial statements for further information.
+Added: Oil Hedges (WTI) Gas Hedges (Henry Hub)
+Added: Month Average BBL/day Average MMBtu/day
+Added: January 2023 5,180 3,862
+Added: February 2023 5,145 11,652
+Added: March 2023 5,113 11,580
+Added: April 2023 4,832 11,259
+Added: May 2023 4,802 11,188
+Added: June 2023 4,774 11,119
+Added: July 2023 4,497 10,802
+Added: August 2023 4,471 10,735
+Added: September 2023 4,447 10,669
+Added: October 2023 4,423 10,356
+Added: November 2023 4,400 10,294
+Added: December 2023 4,379 10,233
+Added: January 2024 4,150 6,500
+Added: February 2024 4,132 6,500
+Added: March 2024 4,113 6,500
+Added: April 2024 4,096 6,250
+Added: May 2024 4,081 6,250
+Added: June 2024 4,066 6,250
+Added: July to September 2024 3,750 6,000
+Added: October to December 2024 4,000 6,000
Customer Credit Risk
2 unchanged sentences
We do not require our customers to post collateral, and the inability of our significant customers to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results.
−Removed: For the fiscal year 2021, sales to three customers, Phillips 66, NGL Crude and BP Energy represented 76%, 7% and 6%, respectively, of oil and natural gas revenues.
−Removed: As of December 31, 2021, Phillips 66 represented 75% of our accounts receivable, NGL Crude represented 8% of our accounts receivable and BP Energy represented 4% of our accounts receivable.
−Removed: 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.
+Added: For the year ended December 31, 2022, sales to three customers, Phillips, NGL Crude, and Enterprise represented 68%, 13% and 5%, respectively, of our oil, natural gas, and natural gas liquids revenues.
+Added: As of December 31, 2022, Phillips represented 69% of our accounts receivable, NGL Crude represented 7% of our accounts receivable and Enterprise represented 10% of our accounts receivable.
+Added: We believe that the loss of any of these customers would not materially impact our business because we could readily find other purchasers for our oil and natural gas.
Interest Rate Risk
2 unchanged sentences
As of December 31, 2022, we had $415.0 million outstanding on our Credit Facility with a weighted average interest rate of 5.8%.
−Removed: A 1% change in the interest rate on our Credit Facility would result in an estimated $2,900,000 change in our annual interest expense.
−Removed: See note 10 in the Footnotes to the Financial Statements for more information on the Company’s interest rates on our Credit Facility.
−Removed: Currently, the Company does not use interest rate derivative instruments to manage exposure to interest rate changes.
+Added: A 1% change in the interest rate on our Credit Facility would result in an estimated $4.2 million change in our annual interest expense.
+Added: See "Note 10 - REVOLVING LINE OF CREDIT" in the Footnotes to the financial statements for more information on the Company’s interest rates on our Credit Facility.
+Added: Currently, we do not use interest rate derivative instruments to manage exposure to interest rate changes.
Please also see Item 1A “Risk Factors” above for a discussion of other risks and uncertainties we face in our business.
1 unchanged sentence
The financial statements and supplementary data required by this item are included beginning at page F-1 of this Annual Report.
−Removed: Changes in and Disagreements with Accountants and Accounting and Financial Disclosure
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.