5 unchanged sentences
Our most significant market risk relates to the prices we receive for 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 market conditions, we enter into commodity pricing derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the 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 market conditions, we enter into commodity pricing derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the variability of oil, natural gas and NGLs we receive.
We may use a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars.
−Removed: At December 31, 2021, the Company's open derivative contracts consisted of natural gas and NGL commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume.
+Added: At December 31, 2022, the Company's open derivative contracts consisted of natural gas commodity derivative contracts under which we will receive a fixed price for the contract and pay a floating market price to the counterparty over a specified period for a contracted volume.
These commodity derivative contracts consisted of the following:
Notional Units Weighted Average Fixed Price per Unit
−Removed: NGL Price Swaps:
−Removed: January 2022 - February 2022 1,042,000 Gallons $ 1.20
Natural Gas Price Swaps:
−Removed: January 2022 - February 2022 720,000 MMBtu $ 4.07
+Added: January 2023 - March 2023 1,044,000 MMBtu $ 8.39
Because we have not designated any of our derivative contracts as hedges for accounting purposes, changes in fair values of our derivative contracts are recognized as gains and losses in current period earnings.
3 unchanged sentences
Year Ended December 31,
−Removed: Loss (gain) on commodity derivative contracts $ 2,251 $ (5,765)
+Added: (Gain) loss on derivative contracts $ (5,975) $ 2,251
Cash paid (received) on settlements $ (1,525) $ 2,230
12 unchanged sentences
Historically, our credit losses on joint interest receivables have been immaterial.
−Removed: Interest Rate Risk.
−Removed: We were exposed to interest rate risk under the 2020 Credit Facility.
−Removed: The variable interest rate on our 2020 Credit Facility fluctuated, and exposed us to short-term changes in market interest rates as our interest obligations on this instrument were periodically redetermined based on prevailing market interest rates, primarily LIBOR.
−Removed: The 2020 Credit Facility was terminated during the second half of 2021.
−Removed: See "Note — 11 Long-Term Debt" to the accompanying consolidated financial statements in Item 8 of this report for further discussion.
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.