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, we have historically entered, depending upon our view of opportunities under the then-prevailing current market conditions, we enter into commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the impact of the variability of oil and natural gas prices .
+Added: Due to the historical price volatility of these commodities, from time to time we have historically entered, depending upon our view of opportunities under the then-prevailing current market conditions, commodity derivative contracts for a portion of our anticipated production volumes for the purpose of reducing the impact of the variability of oil and natural gas prices .
We have used, and may use, a variety of commodity-based derivative contracts, including fixed price swaps, basis swaps and collars.
−Removed: At September 30, 2024, 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.
−Removed: These commodity derivative contracts consisted of the following:
−Removed: Period Type of Derivative Instrument Index (1)
−Removed: Daily Volume (Bbl) Weighted Average Price Per Barrel
−Removed: October 2024 - December 2024 Swaps Mont Belvieu OPIS 400 $ 42.76
−Removed: October 2024 - December 2024 Swaps NYMEX WTI 900 $ 74.85
−Removed: January 2025 - December 2025 Swaps Mont Belvieu OPIS 300 $ 39.69
−Removed: January 2025 - December 2025 Swaps NYMEX WTI 500 $ 71.60
−Removed: January 2026 - June 2026 Swaps NYMEX WTI 300 $ 68.67
−Removed: (1) NGL swaps exclude ethane
−Removed: There were no open derivative contracts at September 30, 2023.
+Added: As of March 31, 2025, the Company's open derivative contracts consisted of oil, natural gas, and NGL commodity derivative contracts as follows:
+Added: Period Index Daily Volume Weighted Average Price
+Added: Fixed Price Swaps
+Added: April 2025 - December 2025 NYMEX WTI 500 $71.60
+Added: January 2026 - June 2026 NYMEX WTI 300 $68.67
+Added: Natural Gas (MMBtu)
+Added: Fixed Price Swaps
+Added: April 2025 - December 2025 NYMEX Henry Hub 8,500 $4.17
+Added: January 2026 - December 2026 NYMEX Henry Hub 4,500 $4.09
+Added: Producer Costless Collars
+Added: April 2025 - December 2025 NYMEX Henry Hub 8,500 $3.50 Put / $5.50 Call
+Added: April 2025 - December 2025 NYMEX Henry Hub 12,000 $4.00 Put / $8.20 Call
+Added: January 2026 - December 2026 NYMEX Henry Hub 4,500 $3.35 Put / $5.35 Call
+Added: Fixed Price Swaps
+Added: April 2025 - December 2025 Mont Belvieu OPIS - C3+ (1)
+Added: April 2025 - December 2025 Mont Belvieu OPIS - Ethane (2)
+Added: ____________________
+Added: (1) Excludes ethane
+Added: (2) Ethane only
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 are 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 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 and nine-month periods ended September 30, 2024 and 2023 (in thousands):
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2024 2023 2024 2023
+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 and through the Black-Scholes or other similar valuation method in the case of options.
+Added: Tabl e of Contents
+Added: The following table summarizes derivative activity for the three months ended March 31, 2025 and 2024 (in thousands):
+Added: Three Months Ended March 31,
(Gain) loss on derivative contracts $ 2,487 $ —
1 unchanged sentence
See “Note 3 — Derivatives” to the accompanying unaudited condensed consolidated financial statements included in this Quarterly Report for additional information regarding our commodity derivatives.
−Removed: Tabl e of Contents
As applicable, we are exposed to credit risk related to counterparties to our derivative financial contracts.
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.