Energen's oil and gas exploration and production subsidiary, Energen Resources Corporation, has hedged 7.2 billion cubic feet (Bcf) of its 2011, San Juan Basin, natural gas production at an average NYMEX-equivalent price of $7.32 per thousand cubic feet (Mcf). These basin-specific hedges are the first natural gas hedges the company has entered into for 2011. Energen Resources earlier hedged 864,000 barrels of its 2011 oil production in association with its planned acquisition of Permian Basin oil properties.
Energen Resources also recently hedged an additional 1.1 Bcf of its 2010 natural gas production at a NYMEX-equivalent price of $6.49 per Mcf. In total for 2010, Energen Resources has hedged approximately 44.4 Bcf of its natural gas production at an average NYMEX-equivalent price of $9.01 per Mcf. Energen Resources’ 2010 oil hedges total some 3 million barrels at a NYMEX-equivalent price of $88.29 per barrel.
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