Company Peer Group Analysis – North American E&Ps: Hedges increase in first quarter 2019 as oil prices rebound, but activity is still well below the prior year
28 Jun 2019 - Upstream Companies and Transactions | Insight
Image not found
Thomas WilsonThomas WilsonAssociate Director
At the end of first quarter 2019, the overall IHS Markit Company Research North American E&P peer group had 24% of its remaining oil production hedged and 45% of its remaining gas production hedged, down from 35% and 48%, respectively, at the end of first quarter 2018. Yet, the implied realized oil price was 4% higher at $59.46/bbl, while the implied gas price was 6% lower at $2.89/Mcf. The North American E&Ps posted a $207 million realized gain in first quarter 2019, the first reported gain since third quarter 2017. Strengthening oil prices in the first quarter reversed the year-end 2018 $10.0 billion unrealized hedging gain to an estimated $5.0 billion unrealized hedging loss looking forward.
Article Information
Companies
Anadarko Petroleum Corporation; Antero Resources Corporation; Apache Corporation; Approach Resources Inc.; Battalion Oil Corporation; Cabot Oil & Gas Corporation; Callon Petroleum Company; Canadian Natural Resources Limited; Carrizo Oil & Gas, Inc.; Centennial Resource Development, Inc.; Chesapeake Energy Corporation; Cimarex Energy Co.; Comstock Resources Incorporated; Concho Resources Inc.; ConocoPhillips; Continental Resources, Inc.; Devon Energy Corporation; Diamondback Energy Inc.; Encana Corporation; EOG Resources Incorporated; EQT Corporation; Extraction Oil & Gas, Inc.; Gulfport Energy Corporation; Hess Corporation; Jagged Peak Energy, Inc.; Laredo Petroleum, Inc.; Marathon Oil Corporation; Matador Resources Company; Mesquite Energy, Inc.; Murphy Oil Corporation; Noble Energy Incorporated; Oasis Petroleum Inc.; Occidental Petroleum Corporation; Ovintiv Inc.; Parsley Energy, Inc.; PDC Energy, Inc.; Pioneer Natural Resources Company; QEP Resources, Inc.; Range Resources Corporation; SM Energy Company; Southwestern Energy Company; Whiting Petroleum Corporation; WPX Energy Inc.
Locations
Appalachia (United States); North America; Permian (United States); United States of America
Attachments
to access the complete analysis:
Company Peer Group Analysis – North American E&Ps: Hedges increase in first quarter 2019 as oil prices rebound, but activity is still well below the prior year