WASHINGTON (dpa-AFX) - Energen Corp (EGN) on Tuesday said it has begun hedging its 2016 oil production and has added to its 2015 oil hedge position.
According to the company, over the past week, it has entered into swap contracts for about 1.1 million barrels of 2016 oil production at an average NYMEX price of $63.80 per barrel.
The company also has hedged an additional 2.9 million barrels of 2015 oil production in July through December 2015 at an average NYMEX price of $62.46 per barrel.
Adjusted for the new 2015 swaps, Energen's oil hedge position for the period April through December 2015 now covers about 82 percent of its estimated 2015 production midpoint for the last nine months of the year of 11.1 million barrels at an average NYMEX price of $80.76 per barrel.
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