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U.S. shale firms miss out on $70 oil after hedging at $55


(This story corrects to remove reference to incorrect description of Occidental derivatives strategy)By Ayenat Mersie and David GaffenNEW YORK (Reuters) - Many top U.S. shale oil producers are missing out on the rally in oil prices to more than $70 a barrel - because they sold their oil through futures contracts at about $55 last year when that looked like a good deal. Now, it looks cheap.Those hedged bets will hold down revenues and further frustrate Wall Street investors, who have been disappointed by slow returns from the booming Permian Basin in west Texas.The top 25 shale producers will ...

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First Published: Fri, June 15 2018. 00:53 IST