Occidental Loses Money on Oil Hedge After Huge 2020 Payout_老虎社区_美港股上老虎

Occidental Loses Money on Oil Hedge After Huge 2020 Payout

Bloomberg2021-11-09

(Bloomberg) -- Oil and gas producer Occidental Petroleum Corp.’s move to hedge its output has been a roller coaster over the past two years. Occidental, one of the Permian Basin’s biggest producers, ...

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GabbieTeo
·2021-11-09
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·2021-11-09
Painful for Brk
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That includes losses not yet realized. Last year, the company made $960 million from its hedges after prices collapsed, according to regulatory filings.\nDespite the loss from its hedges, the explorer posted a $791 million profit in the first three quarters of the year due to rising oil and gas prices.\nThe company, which typically doesn’t hedge, took the rare step of locking in future output after its decision to acquire Anadarko Petroleum in 2019. It entered into a so-called costless collar structure for 2020 where two different options are sold to fund the purchase of a put option that would allow the holder to sell crude at a pre-determined price. However, Occidental sold additional call options for 2021 to increase the ceiling price, capping its upside if oil prices rose above $74.16 a barrel in 2021. It subsequently also added natural gas hedges using a collar.\nAs Brent crude prices surge, the hedge increasingly loses value. 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