4 unchanged sentences
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, 2021, 92% 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.
−Removed: 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.
−Removed: Natural - gas volumes owed to or by us that are subject to monthly cash settlement are valued according to the terms of the contract as of the balance sheet dates and generally reflect market - index prices.
−Removed: Other natural - gas volumes owed to or by us are valued at our weighted - average cost of natural gas as of the balance sheet dates and are settled in - kind.
+Added: For the three months ended March 31, 2022, 94% 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: 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.
+Added: We bear a limited degree of commodity - price risk with respect to settlement of natural - gas and NGLs 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.
+Added: Natural - gas and NGLs volumes owed to or by us that are subject to monthly cash settlement are valued according to the terms of the contract as of the balance sheet dates and generally reflect market - index prices.
+Added: Other natural - gas and NGLs volumes owed to or by us are valued at our weighted - average cost as of the balance sheet dates and are settled in - kind.
Our exposure to the impact of changes in commodity prices on outstanding imbalances depends on the settlement timing of the imbalances.
1 unchanged sentence
Interest-rate risk.
−Removed: The Federal Open Market Committee decreased its target range for the federal funds rate twice in 2020 and as of September 30, 2021, there have been no changes to the target range in 2021.
+Added: The Federal Open Market Committee made no changes to its target range for the federal funds rate in 2021 and increased its target range once during the three months ended March 31, 2022.
Any future increases in the federal funds rate likely will result in an increase in short - term financing costs.
−Removed: As of September 30, 2021, we had (i) $220.0 million 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, 2021.
+Added: As of March 31, 2022, 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, 2022.
+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.