Company Peer Group Analysis – North American E&Ps: Second-quarter 2019 hedging continues to rebound from fourth-quarter 2018 drop, and despite plunge in natural gas prices
09 Sep 2019 - Upstream Companies and Transactions | Insight
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Thomas WilsonThomas WilsonAssociate Director
At the end of second quarter 2019, the overall IHS Markit Company Research North American E&P peer group had 27% of its remaining oil production hedged and 45% of its remaining gas production hedged, down from 34% and 47%, respectively, at the end of second quarter 2018. While the implied realized oil price increased marginally to $58.29/bbl for the second half 2019, the hedged implied gas price dropped 9% to $2.77/Mcf. The North American E&Ps posted a $282-million realized gain in second quarter 2019, the second consecutive quarter of gains. Rapidly declining natural gas prices in the quarter reversed a $5.0-billion unrealized hedging loss into a $2.0-billion unrealized hedging gain 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.; CNX Resources Corporation; 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
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Company Peer Group Analysis – North American E&Ps: Second-quarter 2019 hedging continues to rebound from fourth-quarter 2018 drop, and despite plunge in natural gas prices