July 20, 2017

HedgeAware

HedgeAware is an interactive analytical tool enabling painless and fast analysis of E&P hedging positions. It tracks and visualizes hedging, financial, and production performance for over 40 US E&Ps, with most coverage beginning in Q1 2016.  Data is updated on a rolling basis during earnings season so that you can identify new trends as they emerge. HedgeAware is accessible via your web browser and allows for data exports to Microsoft Excel so that you can create your own analysis.

Gain a forecasting edge: HedgeAware makes it easy for analysts, portfolio managers, lenders, executives and others to quickly assess an individual company’s hedging position and determine what it means for future revenue, cash flow and potentially activity levels.

Improve strategies: Decision-makers using HedgeAware gain a fast, accurate assessment of how a company’s hedging strategy impacts its financial health, providing a more complete understanding of risk, and how various hedging strategies have performed historically in ever-changing price environments.

Visit HedgeAware.com to subscribe or to access the free interactive demo!  

Hedges are a true forward-looking indicator but can be hard to quantify due to their multi-dimensional nature. For example, a single collar position has a unique start and end date as well as a specific volume and up to three price levels. The data points begin to add up quickly as one examines several companies over multiple time horizons. HedgeAware is designed to help users quickly and easily understand the multitude of hedging strategies employed by the US oil and gas industry and assess how those positions will affect future revenue, earnings, and even production volumes. 
  • Tracks more than 40 US E&Ps producing over 3 mm b/d of oil and over 25 bcf/d of natural gas. 
  • Covers commodity derivative postions such as swaps, collars, options, and basis differentials for oil, natural gas, and natural gas liquids. 
  • Basis differentials can be sorted by region/index.
  • Tracks reported production information, realized pricing, and the impact of derivatives nn realized prices (where reported). 
  • Incorporates key financial metrics such as revenue and free cash flow as well as CFTC commitments of trader data. 
  • Provides cross-dimensional analytics so that you can better understand the impact of hedging on financial performance and production.  
  • Contains breakout pages for swaps, collars, options, and basis differentials so that you can drill-down across a number of variables and view customized distributions and visualizations.  
  • View all outstanding commodity derivative positions past, present, and future.
  • Easily sort or group by company or companies, effective date, and hedge type.  
  • Understand the performance of outstanding hedging positions vs. prevailing oil and gas prices to quickly project revenue impact.
  • Use our rolling correlations to study each how each company’s production volumes are affected by changes in hedging positions and oil prices.
  • Gain a better understanding of risk: which companies are most exposed to price volatility? Whose positions present a revenue risk? Who has locked in basis swaps for the Midland-Cushing spread? Which plays have the best hedged companies?

No two companies’ hedging strategies are identical and each strategy provides unique benefits and drawbacks depending upon the price environment. The HedgeAware database tracks several years of hedging activity among US E&Ps, providing a wealth of opportunities for E&Ps and anyone involved in the hedging process to learn from their peers and past mistakes.  

  • Easily view oil derivative position performance over time by company or hedge type (swaps and collars).
  • Assess which strategies performed best in rising price environments and which provided the biggest boost when prices came down.
  • Use the position timeline feature to view changes in positions over time, even those which may not take effect well into the future.
  • View the impact of hedging on realized prices (where reported).

APA (Apache)

APC (Anadarko)

AR (Antero)

BBG (Bill Barrett)

CDEV (Centennial)

CHK (Chesapeake)

CLR (Continental)

COG (Cabot)

CRZO (Carrizo)

CXO (Concho)

DNR (Denbury)

DVN (Devon)

ECA (Encana)

EGN (Energen)

EOG (EOG Resources)

EP (EP Energy)

EQT (EQT)

FANG (Diamondback)

GPOR (Gulfport)

HES (Hess)

HK (Halcon)

HPR (High Point Resources)

MRO (Marathon)

NBL (Noble)

NFX (Newfield Exploration)

OAS (Oasis)

PDCE (PDC Energy)

PE (Parsley)

PVAC (Penn Virginia)

PXD (Pioneer)

QEP (QEP Resources )

RICE (Rice)

RRC (Range Resources)

RSPP (RSP Permian)

SD (Sandridge)

SM (SM Energy)

SN (Sanchez)

SWN (Southwestern)

WLL (Whiting)

WPX (WPX Energy)

WRD (Wildhorse Reserource Development)

XEC (Cimarex)

XOG (Extraction)