GEOI和CHK的对冲价位。

GEOI对冲了多少不知道，但第2季度平均油价124时该公司石油在对冲后卖出价97.66.第三季度平均油价116时该公司石油在对冲后卖出价90.6.这样估计GEOI有40-50%的产量以70元左右的价格卖出去了。希望该公司管理层能审时度势在油价大跌前高价hedge出去更多的油产。下面是GEOI的对冲策略。世界论坛网 http://www.wforum.com/gbindex.html

Hedging Activities世界论坛网 http://www.wforum.com/gbindex.html

In an attempt to reduce our sensitivity to oil and gas price volatility and secure favorable debt financing, we have and will likely continue to enter into hedging transactions which may include fixed price swaps, price collars, puts and other derivatives. Management believes our hedging strategy will result in greater predictability of internally generated funds, which can be dedicated to capital development projects and corporate obligations.世界论坛网 http://www.wforum.com/gbindex.html

We do not engage in speculative trading activities and do not hedge all available or anticipated quantities. Our strategy with regard to hedging includes the following factors:世界论坛网 http://www.wforum.com/gbindex.html

(1) Secure and maintain favorable debt financing terms;世界论坛网 http://www.wforum.com/gbindex.html

(2) Minimize price volatility and generate internal funds available for capital development projects and additional acquisitions;世界论坛网 http://www.wforum.com/gbindex.html

(3) “Lock-in” growth in revenues, cash flows and profits for financial reporting purposes; and世界论坛网 http://www.wforum.com/gbindex.html

(4) Allow certain quantities to float, particularly in months with high price potential.世界论坛网 http://www.wforum.com/gbindex.html

We believe that speculation and trading activities are inappropriate for us, but further believe appropriate management of realized prices is an integral part of managing our business strategy.