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Raymond James Energy Stat of the Week
by J. Marshall Adkins

Energy Stat: E&P Hedging Leaves Room for More in 2018
December 11, 2017

Hedging can often play an important part in an E&P company's operations and allows managers to better plan and execute the business strategy by protecting cash flows. However, it's not a free lunch, as hedging can also expose companies to margin compression (in a rising service cost environment). Balancing that tradeoff is something E&Ps must debate regularly. Through the most recent round of earnings and investor updates, we find that next year's production volumes amongst E&P's in our coverage universe are ~36% hedged across the crude oil and natural gas product streams. We will take a detailed look at the hedging landscape across our E&P universe to determine the group's total exposure to commodity price and basis volatility.


This is a summary of a much more detailed commentary. Please contact your financial advisor for the full report.

There is no assurance any of the trends mentioned will continue in the future. Past performance is not indicative of future results. Investing involves risk and investors may incur a profit or a loss. Specific sector investing can be subject to different and greater risks than more diversified investments. Investing in commodities is generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only form a small part of a diversified portfolio. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

The Dow Jones Industrial Average is an unmanaged index of 30 widely held stocks. The S&P 500 is an unmanaged index of 500 widely held stocks. The Oil Services Index (OSX) comprises 15 of the largest oil service companies. The S&P SuperComposite Oil and Gas Exploration & Production Index (S&P Oil and Gas E&P) consists of all oil and gas exploration and production stocks included in the S&P SuperComposite 1500 Index. Investors cannot invest directly in an index. Additional information is available upon request.



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The PLANADVISER Top 100 Advisers is an annual listing of the retirement plan advisers and adviser teams that stand out in the industry in terms of a series of quantitative measures such as qualified plan assets under advisement (AUA) as well as the number of plans under advisement. We also call attention to those who have more than 20% of their practice focused on 403(b) plans, 457 plans, defined benefit (DB) plans or nonqualified plans.

Individuals had to have 65 or more plans or at least $500 million in AUA; teams needed to advise at least $1.5 billion in assets or a minimum of 125 plans; and multi-office teams needed to oversee $2.5 billion in plan assets or 200 or more plans.

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