6 unchanged sentences
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.
−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: 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 there were no changes to the target range in 2021.
−Removed: Any future increases in the federal funds rate likely will result in an increase in short - term financing costs.
−Removed: As of December 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.
−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 December 31, 2021.
−Removed: 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.
−Removed: 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.
+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 seven times during the year ended December 31, 2022.
+Added: Any future increases in the federal funds rate likely will result in an increase in financing costs.
+Added: As of December 31, 2022, we had (i) $375.0 million of outstanding borrowings under the RCF that bear interest at a rate based on SOFR or an alternative base rate at WES Operating’s option, and (ii) the Floating - Rate Senior Notes (repaid in January 2023) 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 at December 31, 2022, it would impact the fair value of the senior notes.
+Added: In addition, the transition from LIBOR to SOFR as a result of reference rate reform is not expected to materially impact interest expense on our outstanding borrowings.
+Added: Additional variable - rate debt may be issued in the future, either under the RCF or other financing sources, including commercial paper 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.