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Commodity-price risk.
−Removed: Certain of our processing services are provided under percent-of-proceeds and keep-whole agreements for which Occidental is typically responsible for the marketing of the natural gas, condensate, and NGLs.
+Added: Certain of our processing services are provided under percent - of - proceeds and keep - whole agreements.
Under percent - of - proceeds agreements, we receive a specified percentage of the net proceeds from the sale of residue and/or NGLs.
Under keep - whole agreements, we keep 100% of the NGLs produced, and the processed natural gas, or value of the natural gas, is returned to the producer, and because some of the gas is used and removed during processing, we compensate the producer for the amount of gas used and removed in processing by supplying additional gas or by paying an agreed - upon value for the gas used.
−Removed: For the nine months ended September 30, 2020, 93% of our wellhead natural-gas volume (excluding equity investments) and 100% of our crude-oil and produced-water throughput (excluding equity investments) were serviced under fee-based contracts.
+Added: For the three months ended March 31, 2021, 93% of our wellhead natural - gas volume (excluding equity investments) and 100% of our crude - oil and produced - water throughput (excluding equity investments) were serviced under fee - based contracts.
A 10% increase or decrease in commodity prices would not have a material impact on our operating income (loss), financial condition, or cash flows for the next twelve months, excluding the effect of the below - described imbalances.
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Interest-rate risk.
−Removed: The Federal Open Market Committee decreased its target range for the federal funds rate three times during 2019 and has decreased its target range twice in 2020.
+Added: The Federal Open Market Committee decreased its target range for the federal funds rate twice in 2020 and as of March 31, 2021, there have been no changes to the target range in 2021.
Any future increases in the federal funds rate likely will result in an increase in short - term financing costs.
−Removed: As of September 30, 2020, we had (i) no outstanding borrowings under the RCF that bear interest at a rate based on LIBOR or an alternative base rate at WES Operating’s option, and (ii) the Floating-Rate Senior Notes that bear interest at a rate based on LIBOR.
−Removed: While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings, it would impact the fair value of the senior notes at September 30, 2020.
+Added: As of March 31, 2021, we had (i) no outstanding borrowings under the RCF that bear interest at a rate based on LIBOR or an alternative base rate at WES Operating’s option, and (ii) the Floating - Rate Senior Notes that bear interest at a rate based on LIBOR.
+Added: While a 10% change in the applicable benchmark interest rate would not materially impact interest expense on our outstanding borrowings, it would impact the fair value of the senior notes at March 31, 2021.
See Outlook under Part I, Item 2 and Risk Factors under Part II, Item 1A of this Form 10-Q.
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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.