5 unchanged sentences
Our most significant market risk relates to the prices we receive for our oil, natural gas and NGLs.
−Removed: Due to the historical price volatility of these commodities, from time to time, depending upon our view of opportunities under the then-prevailing current market conditions, we have historically entered into commodity pricing derivative contracts for a portion of our anticipated production volumes for the purpose of reducing variability of oil and natural gas prices we receive.
+Added: Due to the historical price volatility of these commodities, from time to time, depending upon our view of opportunities under the then-prevailing current market conditions, we have historically entered into commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing variability of oil and natural gas prices we receive.
We have used, and may use, a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars.
−Removed: At March 31, 2021, we had no open commodity derivative contracts.
+Added: At June 30, 2021, we had no open commodity derivative contracts.
Because we historically have not designated any of our derivative contracts as hedges for accounting purposes, changes in the fair value of our derivative contracts were recognized as gains and losses in current period earnings.
As a result, and when applicable, current period earnings could have been significantly affected by changes in the fair value of our commodity derivative contracts.
−Removed: Changes in fair value was principally measured based on a comparison of future prices to the contract price at the end of the period.
−Removed: The following table summarizes derivative activity for the three-month periods ended March 31, 2021, and 2020 (in thousands):
−Removed: Three Months Ended March 31,
+Added: Changes in fair value were principally measured based on a comparison of future prices to the contract price at the end of the period.
+Added: The following table summarizes derivative activity for the three and six-month periods ended June 30, 2021, and 2020 (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2021 2020 2021 2020
(Gain) loss on commodity derivative contracts $ — $ (2,241) $ — $ (12,467)
−Removed: Cash (received) paid on settlements $ — $ (4,087)
+Added: Cash received on settlements $ — $ 6,490 $ — $ 10,577
See “Note 3 - Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
14 unchanged sentences
This variable interest rate on our New Credit Facility fluctuates, and exposes us to short-term changes in market interest rates as our interest obligations on this instrument is periodically redetermined based on prevailing market interest rates, primarily LIBOR.
−Removed: We had $20.0 million in outstanding variable rate debt as of March 31, 2021.
+Added: We had $20.0 million in outstanding variable rate debt as of June 30, 2021.
Tabl e of Contents
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.