Energy Prospectus

While waiting on the website to be fixed, I double checked the hedges in place for 2015 for each of the Sweet 16. Below is the table. It may not show up real clear. The first percentage is the amount of crude oil they have hedged and the second one is the percentage of natural gas they have hedged. A few of them have their NGLs hedged, but not significant.

Now, it is important to remember that not all hedges are equal. This is just to give you a general idea of how protected they are from falling oil prices. As you can see, NFX is in great shape.

On the individual company forecast models (which you can download from the Sweet 16 Tab), I take the actual hedges and regional price differentials into consideration. I will have the updated forecast models for all of the Sweet 16 posted to the website by noon on Friday, December 12. About half of them are there now.


Primary Stock % of 2015 Production Hedged
Company Name Product Symbol Crude Oil Natural Gas

BONANZA CREEK ENERGY OIL BCEI 50% 25% BCEI
CARRIZO OIL & GAS OIL CRZO 57% 42% CRZO
CONCHO RESOURCES OIL CXO 38% 21% CXO
CIMAREX ENERGY OIL XEC None None XEC
CONTINENTAL RESOURCES OIL CLR None 35% CLR
DEVON ENERGY OIL DVN 50% 30% DVN
EOG RESOURCES OIL EOG 8% 13% EOG
GULFPORT ENERGY CORP GAS GPOR None 65% GPOR < only 13.5% of GPOR's 2015 production is crude oil
MATADOR RESOURCES OIL MTDR 36% 35% MTDR
NEWFIELD EXPLORATION OIL NFX 80% 71% NFX
OASIS PETROLEUM OIL OAS 53% None OAS
RANGE RESOURCES GAS RRC 88% 46% RRC < only 5% of RRC's 2015 production is crude oil
SANCHEZ ENERGY OIL SN 58% 66% SN
SM ENERGY OIL SM 46% 43% SM
UNIT CORP. GAS UNT 7% None UNT < only 23% of UNT's 2015 production is crude oil
WHITING PETROLEUM OIL WLL 5% None WLL

I just posted a much easier to read schedule of the Sweet 16 Hedges for 2015 under the Sweet 16 Tab. Logon, click on the Sweet 16 tab and click on the link that says "Sweet 16 Forecasts".