Energen Increases Natural Gas Hedge Position
Energen has entered into additional hedge contracts applicable to the 2007 production of its oil and gas acquisition and exploitation company, Energen Resources.
The Birmingham, Ala.-based holding company sold contracts for 5.04 billion cubic feet (Bcf) of Energen Resources' 2007 natural gas production at a NYMEX price of $9.34 per thousand cubic feet (Mcf). In addition, it entered into swaps for 10.08 million gallons (MMgal) of its 2007 natural gas liquids (NGL) production at an average price of 79.5 cents per gallon.
These latest hedges bring Energen Resources' total 2007 hedge position to:
- 17.04 Bcf of natural gas at an average NYMEX-equivalent price of $9.29 per Mcf
- 1.2 MMBbl of oil at an average NYMEX-equivalent price of $62.80 per barrel
- 10.08 MMgal of NGL at an average price of 79.5 cents per gallon.
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