BIRMINGHAM, Ala.–(BUSINESS WIRE)–Energen Corporation (NYSE: EGN) today announced that it has taken advantage of recent increases in oil futures prices to reduce the impact of commodity price volatility on its cash flows in 2016 and 2017.
Energen recently hedged an additional 5.2 million barrels of its 2016 oil production at an average price of $41.47 per barrel. This brings the company’s total oil hedge position in calendar year 2016 to 6.3 million barrels, or 50 percent of its oil production guidance midpoint, at an average NYMEX price of $45.33 per barrel.
Energen also has added 1.1 million barrels of oil hedges in 2017 at an average NYMEX price of $45.05 per barrel.
Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company had 355 million barrels of oil-equivalent proved reserves at year-end 2015; these all-domestic proved reserves were located primarily in the Permian Basin.