Peyto Exploration & Development's Hedges Are Running on Empty
Narrow-moat Peyto Exploration & Development’s hedging continues to provide little upside. First-quarter daily average AECO prices increased almost 70% from the fourth quarter, but Peyto’s natural gas realizations only increased 2% to CAD 2.48 per thousand cubic feet. Without the hedging benefits, pricing realizations only improved by 13% from the fourth quarter, and the company only recognized a CAD 0.12 hedging gain in the first quarter compared with CAD 0.34 in the fourth quarter and CAD 0...Peyto Energy is an unincorporated open-ended limited purpose trust established under the laws of the Province of Alberta. Through its direct and indirect subsidiaries, Co. is engaged in the acquisition, exploration, development and production of oil and natural gas in Western Canada.
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