Hedging Helps Peyto Weather the Low Gas Price Storm
Low AECO prices have taken its toll on narrow-moat Peyto Exploration & Development, but the company’s hedging program has helped mitigate the headwinds. During the fourth quarter, natural gas realizations (before hedging) were CAD 2.15 a barrel, a sharp decline from fourth-quarter 2016 levels of CAD 3.04/bbl. However, the company’s successful hedging program resulted in netbacks of CAD 2.87/bbl, slightly lower than 2016 levels of CAD 2.98/bbl despite a 30% decline in AECO prices.ÂPeyto repo...
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