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Commodity Price Risk .
−Removed: 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 we have historically entered into commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the variability of the oil and natural gas prices we receive.
+Added: Our most significant market risk relates to the prices we receive for our oil, natural gas and NGL.
+Added: Due to the historical price volatility of these commodities, from time to time we have historically entered into commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the variability of the oil, natural gas and NGL 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, 2022, we had no open commodity derivative contracts or obligations to enter into commodity derivative contracts.
+Added: At June 30, 2022, we had no open commodity derivative contracts or obligations to enter into 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.
1 unchanged sentence
Changes in fair value were 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, 2022, and 2021 (in thousands):
−Removed: Three Months Ended March 31,
−Removed: (Gain) loss on commodity derivative contracts $ 1,064 $ —
−Removed: Cash received (paid) on settlements $ (1,085) $ —
+Added: The following table summarizes derivative activity for the three and six-month periods ended June 30, 2022, and 2021 (in thousands):
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2022 2021 2022 2021
+Added: Loss on commodity derivative contracts $ — $ — $ 1,064 $ —
+Added: Cash paid on settlements $ — $ — $ (1,085) $ —
See “Note 3 - Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
12 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.