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 year ended December 31, 2024, 95% 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 year ended December 31, 2025, and excluding the impact of equity investments, 97% of our wellhead natural - gas volume and 100% of our crude - oil and produced - water throughput 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 12 months, excluding the effect of imbalances.
5 unchanged sentences
Interest-rate risk.
−Removed: The Federal Open Market Committee increased its target range four times for the federal funds rate in 2023 and decreased its target range three times during the year ended December 31, 2024.
+Added: The Federal Open Market Comm ittee lowered its target range for the federal funds rate three times in 202 4 and decreased it twice during the year ended December 31, 2025.
Any future increases in the federal funds rate likely will result in an increase in financing costs.
3 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.