5 unchanged sentences
For the year ended December 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.
−Removed: 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.
+Added: 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 12 months, excluding the effect of the below - described imbalances.
We bear a limited degree of commodity - price risk with respect to settlement of natural - gas imbalances that arise from differences in gas volumes received into our systems and gas volumes delivered by us to customers, and for instances where actual liquids recovery or fuel usage varies from contractually stipulated amounts.
4 unchanged sentences
Interest-rate risk.
−Removed: The FOMC decreased its target range for the federal funds rate three times during 2019 and twice in 2020.
+Added: The Federal Open Market Committee decreased its target range for the federal funds rate twice in 2020 and there were 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.
1 unchanged sentence
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 December 31, 2021.
−Removed: See General Trends and Outlook under Part II, Item 7 and Risk Factors under Part I, Item 1A of this Form 10-K.
+Added: In addition, the transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”) beginning in 2023 as a result of reference rate reform is not expected to materially impact interest expense on our outstanding borrowings.
Additional variable - rate debt may be issued in the future, either under the RCF or other financing sources, including commercial bank borrowings or debt issuances.
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.