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EnergyOptionsFall2019.pptx
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Energy Options

Linear Vs. Non-Linear Position

A linear position is a contract whose value depends linearly on the price of the underlying

Sensitivity of a linear position to changes in underlying price is constant

Example: futures

A non-linear position is a contract whose value increases (decreases) non-linearly with the price of the underlying

Sensitivity of a non-linear position to changes in underlying price is not constant

Example: option

Futures Value

Stock Price

Stock Price

Call Option Value

Options: Review

Exercise: to exercise the option means to trade the underlying security according to the option’s terms

Expiration: the date after which you cannot exercise the option. After that date, the option is expired, or simply dead.

Strike price: the price at which you trade the underlying security when you exercise the option

Premium: the price you pay (receive) for the option when you buy (sell) the option

Write: to write an option means to sell the option

3

Options: Review

European option: an option that cannot be exercised before the expiration date (example: Index options)

American option: an option that can be exercised before the expiration date (example: Individual stock options in the U.S.)

Call option: an option that allows its buyer to buy the underlying security on (before) the expiration date

Put option: an option that allows its buyer to sell the underlying security on (before) the expiration date

4

ITM, ATM, OTM: Definitions

ITM ATM OTM
Call S > X S = X S < X
Put S < X S = X S > X

5

Option Payoffs and Profits at T

Buyer, Payoff Buyer, Profit Writer, Payoff Writer, Profit
Call, ITM (ST – X) > 0 (ST – X) – c -(ST – X) < 0 -(ST – X) + c
Call, OTM 0 -c 0 +c
Put, ITM (X – ST) > 0 (X – ST) – p -(X – ST) < 0 -(X – ST) + p
Put, OTM 0 -p 0 +p

6

Delta: Summary

“Delta” or “Hedge Ratio” Δ: if the underlying price changes by $1, the option price will change by $ Δ.

Δc > 0, Δc < 1

Δc depends on S: the higher S, the higher Δc

Δp < 0, |Δp| < 1

Δp depends on S: the higher S, the lower |Δp|

7

2012 hedge positions as of Sept 2011. Source: ISI

2012 hedge positions as of Sept 2011. Source: ISI

Exchange vs. OTC

Exchange options are settled into futures contracts, and futures, if held to maturity, nearly always result in the physical delivery of the product (an exception is the cash-settled Brent crude contract offered by ICE).

OTC options are cash-settled.

Value at settlement is normally based on the average price over a period – a calendar month is the most common.

The average is calculated based on the index price derived from daily futures settlements prices or from an energy industry pricing source such as Platt’s.

Straight Puts and Calls

Certain users find straight options acceptable as a risk management tool despite their cost.

This is because options are often used as a part of a larger risk management program.

In addition, some companies have credit risk such that it is easier for them to buy rather than sell options. Sellers have credit exposure and buyers do not.

 

(Zero-Cost) Collar

This instrument involves the simultaneous purchase of a call and a sale of a put. With a series of settlements, a multi-settlement collar involves a simultaneous purchase of a cap and a sale of a floor.

Collars are often constructed at “zero-cost” (zero upfront cost) in the sense that the value of the option sold equals the value of the one purchased.

Many use zero-cost collars as “cheap insurance”. An energy consumer buying a collar gets protection from an adverse upward move through the cap, pays nothing upfront, and only has a cash outflow if prices settle below the downstrike on the floor (because of a put sold).

An energy producer will sell the collar

August 18, 2017 (CME)

Product: Dec 2018 Futures    
Prior Settle 3.074  
     
Strike Calls Puts
2.95 0.4021 0.2801
3 0.3782 0.3054
3.05 0.3555 0.3319
3.1 0.3339 0.3595
3.15 0.3134 0.3784
3.2 0.2939 0.4087

Check Your Intuition

You bought December 18 calls with strike = $3.00.

In-the-money now?

Good for you?

You wrote calls, strike = $2.95

You bought puts, strike = $3.20

You wrote puts, strike = $3.00

Call Option

Suppose we (as speculators) buy or long December 18 call option with strike of $3.00

Pay premium of $0.3782

If in December price > $3.00, say $3.70, payoff = ?

Profit (ignoring time value of money)?

Note that price has to exceed $3.3782 before we profit

If December spot price < $3.00 option expires worthless and out $0.3782.

Write a Call Option

Alternatively we can write or short a call option (K=$3.00)

We pocket $0.3782 per MMBtu up front

If in December price = $3.70 what happens?

If in December price < $3.00 what happens?

Which Gives a Floor on Commodity Sale Price?

Collar

In a collar, buy or long a put to place a floor on the price and finance by writing a call.

Premium on call approximately offsets premium on put.

But what will the short call position do?

Example:

Buy Put K=$3.00 for $0.3054

Write Call K=$3.20 for $0.2939

Net = -$0.0115

Sale price patterns (or Profits) with hedges

Future Market Price

Sale Price or profit

Unhedged

W short futures or swap

W long put

W collar (some cost)

Future Gas Price

Option Pricing: Closed-Form

Advantage: easy

Disadvantage:

simplifying assumptions such as lognormal distribution

cannot price Asian options because average of prices is not lognormal even if individual prices are. (However, for short averaging periods and low volatilities, approximation methods may still work.)

Need to estimate the drift and the volatility of the average price

Black-Scholes Model (Simplest Case)

Time is continuous

In addition, assume

r = constant regardless of T

returns are normally distributed

no jumps in price

no “dividends”

European option

volatility of returns σ = constant

21

Black-Scholes Model for Call

Black-Scholes for Put

 

 d1, d2 = same as the previous slide

Black-Scholes Model

What are N(d1) and N(d2)?

These are the probabilities that a standard normal random variable takes on a value no greater than d1 (d2)

In Microsoft Excel,

N(d1) = NORMSDIST(…value of d1…)

N(d2) = NORMSDIST(…value of d2…)

24

Black Model, Call

Black Model: Put

d1, d2 = same as on the previous slide

Deltas

Now, let’s figure out the formulas for the option deltas in both Black-Scholes and Black models!

Example: Continental Resources

End of 2014: hedged 28% of expected 2015 natural gas production

24,500,000 MMBtu with swaps at $4.27

29,200,000 MMBtu with collars: floor 3.69, ceiling 5.04

Natural gas spot price in 2015 fell to 2.337

Total production in 2015 was 170,586,500 MMBtu

What is the gain / loss on hedge positions?

Example: Continental Resources

End of 2015: hedged 68% of expected 2016 natural gas production

133,710,000 MMBtu with swaps at $3.17

Natural gas spot price in 2016 rose to 3.724

Total production in 2016 was 195,239,214 MMBtu

What is the gain / loss on hedge positions?

Example: Continental Resources

End of 2016: hedged 56% of expected 2017 natural gas production

72,690,000 MMBtu with swaps at $3.41

65,700,000 MMBtu with collars: floor 2.47, ceiling 3.08

Natural gas spot price in 2017 was 2.953

Total production in 2017 was 226,683,606 MMBtu

What is the gain / loss on hedge positions?

Example: Continental Resources

Annual Report 2016
Floors Ceilings
Period and Type of Contract MMBtus Swaps Weighted Average Price Range Weighted Average Price Range Weighted Average Price
January 2017 - December 2017
Swaps - Henry Hub 72,690,000 $3.41
Collars - Henry Hub 65,700,000 $2.40 - $3.00 $2.47 $2.92 - $3.88 $3.08

Additional Data

sigma r F T-t
0.336682417 0.0062 3.543 0.5

Floor = Long Put, Ceiling = Short Call

PUT K CALL K
$2.47 $3.08

Delta, Swap

Why?

Delta SWAP -1

Delta, Put and Call: Do Yourself

d1 put 1.634366998
d2 put 1.396296578
d1 call 0.707282288
d2 call 0.469211868
Delta PUT -0.05093277
Delta CALL -0.75795117

Total Volume Hedged for 2017, MMBtu

Total (125,833,674.90)

NG Production, MMcf (million cubic feet)

End Dec 2016 Projected End Dec 2017 Average per day Expected production
562.5 630   596.25   217631.25
           

Expected 2017 production, MMBtu

One thousand cubic feet (Mcf) of natural gas equals 1.037 million Btu (MMBtu)  
           
Expected production, MMBtu       225,683,606.25

Hedge Ratio (Delta) for Continental Resources for 2017

One-Year Hedge Ratio         -0.55756675

2012E Hedge Position Summary

North American Natural Gas Hedges Crude Oil Hedges

N. Amer.

N. AmerAverageN. AmerAverageAverageN. AmerAverageN. AmerAverageVolumes

VolumesPriceVolumesFloorCeilingVolumesPriceVolumesPriceHedged

Company Ticker(%)($/Mcf)(%)($/Mcf)($/Mcf)(%)($/Mcf)(%)($/Mcf)(%)

Anadarko Petroleum APC42%$4.690%NMNM0%NM0%NM42%

Apache Corporation APA18%$6.496%$5.82$7.340%NM0%NM23%

Berry Petroleum Company BRY16%$6.468%$6.00$7.700%NM0%NM24%

Bill Barrett Corporation BBG41%$4.830%NMNM0%NM0%NM41%

Cabot Oil & Gas Corporation COG32%$5.200%NMNM0%NM0%NM32%

Carrizo Oil & Gas CRZO29%$5.5015%$6.44$6.75-15%$5.230%NM43%

Chesapeake Energy Corporation CHK0%NM0%NMNM0%NM-16%$6.540%

Cimarex Energy Co. XEC0%NM0%NMNM0%NM0%NM0%

Comstock Resources, Inc. CRK0%NM0%NMNM0%NM0%NM0%

Concho Resources CXO0%$6.540%NMNM0%NM0%NM0%

Continental Resources, Inc. CLR8%$5.070%NMNM0%NM0%NM8%

Denbury Resources Inc. DNR43%$6.530%NMNM0%NM0%NM43%

Devon Energy Corporation DVN13%$5.0919%$4.75$5.570%NM-19%$6.0032%

Encana Corporation ECA59%$5.800%NMNM0%NM0%NM59%

EOG Resources, Inc. EOG46%$5.440%NMNM0%NM0%NM46%

EQT Corp. EQT33%$5.319%$6.51$11.830%NM0%NM42%

Exco Resources, Inc. XCO37%$5.270%NMNM0%NM0%NM37%

Forest Oil Corporation FST43%$5.300%NMNM-9%$3.570%NM43%

Kodiak Oil & Gas KOG0%NM0%NMNM0%NM0%NM0%

Murphy Oil Corporation MUR0%NM0%NMNM0%NM0%NM0%

Newfield Exploration Company NFX10%$5.4247%$5.49$6.36-47%$4.280%NM57%

Noble Energy, Inc. NBL6%$5.1023%$5.25$6.66-23%$4.440%NM29%

Oasis Petroleum OAS0%NM0%NMNM0%NM0%NM0%

Pioneer Natural Resources Company PXD27%$5.8266%$5.83$7.61-50%$4.550%NM94%

Plains Exploration & Production PXP0%NM18%$4.30$4.86NMNM0%NM18%

QEP Resources QEP49%$5.140%NMNM0%NM0%NM49%

Quicksilver Resources KWK29%$5.6917%$6.50$7.450%NM0%NM46%

Range Resources Corporation RRC13%$4.9635%$5.04$5.630%NM0%NM48%

Rex Energy Corp REXX15%$5.2332%$4.60$5.53-15%$3.660%NM47%

Rosetta Resources ROSE0%NM19%$5.21$6.390%NM0%NM19%

SandRidge Energy, Inc. SD5%$4.901%$4.00$6.200%NM0%NM6%

Southwestern Energy SWN33%$5.0214%$5.50$6.670%NM0%NM48%

SM Energy SM22%$5.170%NMNM0%NM0%NM22%

Stone Energy Corporation SGY24%$5.040%NMNM0%NM0%NM24%

Swift Energy Company SFY0%NM0%NMNM0%NM0%NM0%

Ultra Petroleum Corp. UPL45%$5.020%NMNM0%NM0%NM45%

Unit Corporation UNT0%NM0%NMNM0%NM33%$5.330%

Venoco, Inc. VQ0%NM0%NMNM62%$5.810%NM62%

Whiting Petroleum Corporation WLL19%$5.391%$6.50$14.270%NM0%NM20%

W&T Offshore Inc. WTI0%NM0%NMNM0%NM0%NM0%

Total E&Ps 19%$5.368%$5.33$6.53-2%$4.440%$6.0029%

Swaps/Forward Sales Collars Puts Calls

2012E

E&P Hedging Summary E&P Hedging Summary
2012E Hedge Position Summary 2012E Hedge Position Summary
North American Natural Gas Hedges Crude Oil Hedges North American Natural Gas Hedges Crude Oil Hedges
Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total
N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes
Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged
Company Ticker (%) ($/Mcf) (%) ($/Mcf) ($/Mcf) (%) ($/Mcf) (%) ($/Mcf) (%) (%) ($/bbl) (%) ($/bbl) ($/bbl) (%) ($/bbl) (%) ($/bbl) (%) Company Ticker (Bcf) ($/Mcf) (Bcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) (MMBbl) ($/bbl) (MMBbl) ($/bbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl)
Anadarko Petroleum APC 42% $4.69 0% NM NM 0% NM 0% NM 42% 0% NM 1% $50.00 $92.50 -1% $35.00 0% NM 1% Anadarko Petroleum APC 366.0 $4.69 0.0 NM NM 0.0 NM 0.0 NM 366.0 0.0 NM 0.7 $50.00 $92.50 -0.7 $35.00 0.0 NM 0.7
Apache Corporation APA 18% $6.49 6% $5.82 $7.34 0% NM 0% NM 23% 3% $73.40 9% $76.42 $101.06 0% NM 0% NM 12% Apache Corporation APA 90.0 $6.49 28.9 $5.82 $7.34 0.0 NM 0.0 NM 118.9 4.1 $73.40 12.6 $76.42 $101.06 0.0 NM 0.0 NM 16.7
Berry Petroleum Company BRY 16% $6.46 8% $6.00 $7.70 0% NM 0% NM 24% 0% NM 71% $88.52 $104.02 -71% $70.36 0% NM 71% Berry Petroleum Company BRY 3.7 $6.46 1.8 $6.00 $7.70 0.0 NM 0.0 NM 5.5 0.0 NM 7.7 $88.52 $104.02 -7.7 $70.36 0.0 NM 7.7
Bill Barrett Corporation BBG 41% $4.83 0% NM NM 0% NM 0% NM 41% 40% $104.12 6% $92.50 $131.30 0% NM 0% NM 47% Bill Barrett Corporation BBG 46.5 $4.83 0.0 NM NM 0.0 NM 0.0 NM 46.5 0.9 $104.12 0.1 $92.50 $131.30 0.0 NM 0.0 NM 1.1
Cabot Oil & Gas Corporation COG 32% $5.20 0% NM NM 0% NM 0% NM 32% 30% $98.28 0% NM NM 0% NM 0% NM 30% Cabot Oil & Gas Corporation COG 96.4 $5.20 0.0 NM NM 0.0 NM 0.0 NM 96.4 0.7 $98.28 0.0 NM NM 0.0 NM 0.0 NM 0.7
Carrizo Oil & Gas CRZO 29% $5.50 15% $6.44 $6.75 -15% $5.23 0% NM 43% 0% NM 37% $82.86 $102.29 0% NM 0% NM 37% Carrizo Oil & Gas CRZO 12.5 $5.50 6.4 $6.44 $6.75 -6.4 $5.23 0.0 NM 18.9 0.0 NM 1.0 $82.86 $102.29 0.0 NM 0.0 NM 1.0
Chesapeake Energy Corporation CHK 0% NM 0% NM NM 0% NM -16% $6.54 0% 3% $98.10 0% NM NM 0% NM -30% $100.00 3% Chesapeake Energy Corporation CHK 0.0 NM 0.0 NM NM 0.0 NM -161.0 $6.54 0.0 1.4 $98.10 0.0 NM NM 0.0 NM -16.3 $100.00 1.4
Cimarex Energy Co. XEC 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Cimarex Energy Co. XEC 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Comstock Resources, Inc. CRK 0% NM 0% NM NM 0% NM 0% NM 0% 29% $99.00 0% NM NM 0% NM 0% NM 29% Comstock Resources, Inc. CRK 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.7 $99.00 0.0 NM NM 0.0 NM 0.0 NM 0.7
Concho Resources CXO 0% $6.54 0% NM NM 0% NM 0% NM 0% 63% $93.85 0% NM NM 0% NM 0% NM 63% Concho Resources CXO 0.3 $6.54 0.0 NM NM 0.0 NM 0.0 NM 0.3 11.3 $93.85 0.0 NM NM 0.0 NM 0.0 NM 11.3
Continental Resources, Inc. CLR 8% $5.07 0% NM NM 0% NM 0% NM 8% 42% $90.17 25% $80.00 $94.71 0% NM 0% NM 67% Continental Resources, Inc. CLR 3.7 $5.07 0.0 NM NM 0.0 NM 0.0 NM 3.7 9.2 $90.17 5.3 $80.00 $94.71 0.0 NM 0.0 NM 14.5
Denbury Resources Inc. DNR 43% $6.53 0% NM NM 0% NM 0% NM 43% 1% $81.04 76% $74.80 $120.17 1% $65.00 0% NM 78% Denbury Resources Inc. DNR 7.3 $6.53 0.0 NM NM 0.0 NM 0.0 NM 7.3 0.2 $81.04 18.4 $74.80 $120.17 0.2 $65.00 0.0 NM 18.8
Devon Energy Corporation DVN 13% $5.09 19% $4.75 $5.57 0% NM -19% $6.00 32% 15% $107.17 37% $85.74 $126.42 0% NM -13% $95.00 52% Devon Energy Corporation DVN 119.0 $5.09 179.3 $4.75 $5.57 0.0 NM -178.4 $6.00 298.3 8.1 $107.17 19.8 $85.74 $126.42 0.0 NM -7.1 $95.00 27.8
Encana Corporation ECA 59% $5.80 0% NM NM 0% NM 0% NM 59% 0% NM 0% NM NM 0% NM 0% NM 0% Encana Corporation ECA 715.5 $5.80 0.0 NM NM 0.0 NM 0.0 NM 715.5 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EOG Resources, Inc. EOG 46% $5.44 0% NM NM 0% NM 0% NM 46% 8% $106.37 0% NM NM 0% NM 0% NM 8% EOG Resources, Inc. EOG 192.2 $5.44 0.0 NM NM 0.0 NM 0.0 NM 192.2 4.0 $106.37 0.0 NM NM 0.0 NM 0.0 NM 4.0
EQT Corp. EQT 33% $5.31 9% $6.51 $11.83 0% NM 0% NM 42% 0% NM 0% NM NM 0% NM 0% NM 0% EQT Corp. EQT 80.2 $5.31 21.1 $6.51 $11.83 0.0 NM 0.0 NM 101.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Exco Resources, Inc. XCO 37% $5.27 0% NM NM 0% NM 0% NM 37% 39% $95.70 0% NM NM 0% NM 0% NM 39% Exco Resources, Inc. XCO 80.5 $5.27 0.0 NM NM 0.0 NM 0.0 NM 80.5 0.3 $95.70 0.0 NM NM 0.0 NM 0.0 NM 0.3
Forest Oil Corporation FST 43% $5.30 0% NM NM -9% $3.57 0% NM 43% 0% NM 0% NM NM 0% NM 0% NM 0% Forest Oil Corporation FST 38.4 $5.30 0.0 NM NM -8.3 $3.57 0.0 NM 38.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Kodiak Oil & Gas KOG 0% NM 0% NM NM 0% NM 0% NM 0% 2% $86.24 3% $75.48 $103.65 0% NM 0% NM 5% Kodiak Oil & Gas KOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.1 $86.24 0.2 $75.48 $103.65 0.0 NM 0.0 NM 0.4
Murphy Oil Corporation MUR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Murphy Oil Corporation MUR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Newfield Exploration Company NFX 10% $5.42 47% $5.49 $6.36 -47% $4.28 0% NM 57% 0% NM 51% $82.96 $111.14 -51% $66.86 0% NM 51% Newfield Exploration Company NFX 18.3 $5.42 83.6 $5.49 $6.36 -83.6 $4.28 0.0 NM 101.9 0.0 NM 12.8 $82.96 $111.14 -12.8 $66.86 0.0 NM 12.8
Noble Energy, Inc. NBL 6% $5.10 23% $5.25 $6.66 -23% $4.44 0% NM 29% 13% $90.13 27% $84.52 $102.05 -27% $62.12 0% NM 40% Noble Energy, Inc. NBL 11.0 $5.10 40.3 $5.25 $6.66 -40.3 $4.44 0.0 NM 51.2 4.8 $90.13 9.5 $84.52 $102.05 -9.5 $62.12 0.0 NM 14.3
Oasis Petroleum OAS 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 51% $88.04 $108.13 -22% $53.50 0% NM 51% Oasis Petroleum OAS 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 4.2 $88.04 $108.13 -1.8 $53.50 0.0 NM 4.2
Pioneer Natural Resources Company PXD 27% $5.82 66% $5.83 $7.61 -50% $4.55 0% NM 94% 5% $79.32 66% $80.92 $118.46 -63% $65.00 0% NM 72% Pioneer Natural Resources Company PXD 38.4 $5.82 93.3 $5.83 $7.61 -69.5 $4.55 0.0 NM 131.8 1.1 $79.32 13.9 $80.92 $118.46 -13.2 $65.00 0.0 NM 15.0
Plains Exploration & Production PXP 0% NM 18% $4.30 $4.86 NM NM 0% NM 18% 0% NM 71% $100.00 $120.00 -71% $80.00 0% NM 71% Plains Exploration & Production PXP 0.0 NM 14.6 $4.30 $4.86 NM NM 0.0 NM 14.6 0.0 NM 14.6 $100.00 $120.00 -14.6 $80.00 0.0 NM 14.6
QEP Resources QEP 49% $5.14 0% NM NM 0% NM 0% NM 49% 33% $98.73 0% NM NM 0% NM 0% NM 33% QEP Resources QEP 120.4 $5.14 0.0 NM NM 0.0 NM 0.0 NM 120.4 1.7 $98.73 0.0 NM NM 0.0 NM 0.0 NM 1.7
Quicksilver Resources KWK 29% $5.69 17% $6.50 $7.45 0% NM 0% NM 46% 0% NM 0% NM NM 0% NM 0% NM 0% Quicksilver Resources KWK 38.4 $5.69 22.0 $6.50 $7.45 0.0 NM 0.0 NM 60.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Range Resources Corporation RRC 13% $4.96 35% $5.04 $5.63 0% NM 0% NM 48% 0% NM 29% $77.50 $87.50 0% NM -68% $98.71 29% Range Resources Corporation RRC 25.6 $4.96 69.4 $5.04 $5.63 0.0 NM 0.0 NM 95.0 0.0 NM 0.7 $77.50 $87.50 0.0 NM -1.7 $98.71 0.7
Rex Energy Corp REXX 15% $5.23 32% $4.60 $5.53 -15% $3.66 0% NM 47% 0% NM 79% $68.39 $111.08 0% NM 0% NM 79% Rex Energy Corp REXX 2.6 $5.23 5.6 $4.60 $5.53 -2.6 $3.66 0.0 NM 8.3 0.0 NM 0.6 $68.39 $111.08 0.0 NM 0.0 NM 0.6
Rosetta Resources ROSE 0% NM 19% $5.21 $6.39 0% NM 0% NM 19% 0% NM 69% $79.12 $115.41 0% NM 0% NM 69% Rosetta Resources ROSE 0.0 NM 7.3 $5.21 $6.39 0.0 NM 0.0 NM 7.3 0.0 NM 2.0 $79.12 $115.41 0.0 NM 0.0 NM 2.0
SandRidge Energy, Inc. SD 5% $4.90 1% $4.00 $6.20 0% NM 0% NM 6% 76% $89.50 0% NM NM 0% NM 0% NM 76% SandRidge Energy, Inc. SD 3.6 $4.90 0.4 $4.00 $6.20 0.0 NM 0.0 NM 4.0 11.9 $89.50 0.0 NM NM 0.0 NM 0.0 NM 11.9
Southwestern Energy SWN 33% $5.02 14% $5.50 $6.67 0% NM 0% NM 48% 0% NM 0% NM NM 0% NM 0% NM 0% Southwestern Energy SWN 185.2 $5.02 80.4 $5.50 $6.67 0.0 NM 0.0 NM 265.6 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
SM Energy SM 22% $5.17 0% NM NM 0% NM 0% NM 22% 18% $84.90 12% $76.49 $109.79 0% NM 0% NM 30% SM Energy SM 27.6 $5.17 0.0 NM NM 0.0 NM 0.0 NM 27.6 2.2 $84.90 1.4 $76.49 $109.79 0.0 NM 0.0 NM 3.6
Stone Energy Corporation SGY 24% $5.04 0% NM NM 0% NM 0% NM 24% 53% $97.90 0% NM NM 0% NM 0% NM 53% Stone Energy Corporation SGY 11.0 $5.04 0.0 NM NM 0.0 NM 0.0 NM 11.0 3.3 $97.90 0.0 NM NM 0.0 NM 0.0 NM 3.3
Swift Energy Company SFY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Swift Energy Company SFY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Ultra Petroleum Corp. UPL 45% $5.02 0% NM NM 0% NM 0% NM 45% 0% NM 0% NM NM 0% NM 0% NM 0% Ultra Petroleum Corp. UPL 129.1 $5.02 0.0 NM NM 0.0 NM 0.0 NM 129.1 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Unit Corporation UNT 0% NM 0% NM NM 0% NM 33% $5.33 0% 0% NM 0% NM NM 0% NM 61% $95.91 0% Unit Corporation UNT 0.0 NM 0.0 NM NM 0.0 NM 16.5 $5.33 16.5 0.0 NM 0.0 NM NM 0.0 NM 1.6 $95.91 1.6
Venoco, Inc. VQ 0% NM 0% NM NM 62% $5.81 0% NM 62% 0% NM 109% $75.30 $118.84 0% NM 0% NM 109% Venoco, Inc. VQ 0.0 NM 0.0 NM NM 13.7 $5.81 0.0 NM 13.7 0.0 NM 3.1 $75.30 $118.84 0.0 NM 0.0 NM 3.1
Whiting Petroleum Corporation WLL 19% $5.39 1% $6.50 $14.27 0% NM 0% NM 20% 0% NM 37% $61.91 $105.48 0% NM 0% NM 37% Whiting Petroleum Corporation WLL 5.7 $5.39 0.4 $6.50 $14.27 0.0 NM 0.0 NM 6.1 0.0 NM 9.1 $61.91 $105.48 0.0 NM 0.0 NM 9.1
W&T Offshore Inc. WTI 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 13% $75.00 $98.13 0% NM 0% NM 13% W&T Offshore Inc. WTI 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 1.1 $75.00 $98.13 0.0 NM 0.0 NM 1.1
Total E&Ps 19% $5.36 8% $5.33 $6.53 -2% $4.44 -0% $6.00 29% 12% $93.47 22% $81.72 $112.99 -8% $65.00 -1% $97.31 34% Total E&Ps 2,469.2 $5.36 654.8 $5.33 $6.53 -197.0 $4.44 -323.0 $6.00 3,154.2 66.0 $93.47 139.1 $81.72 $112.99 -60.2 $65.00 -23.5 $97.31 207.1
Footnotes: Footnotes:
Basis swaps are excluded from the hedging survey. Basis swaps are excluded from the hedging survey.
Calculated hedging percentages are based on company guidance for future production and ISI production estimates. Calculated hedging percentages are based on company guidance for future production and ISI production estimates.
Hedges are generally NYMEX equivalent. Hedges are generally NYMEX equivalent.
Swap and collar prices are volume weighted Swap and collar prices are volume weighted
Source: Company data and ISI estimates Source: Company data and ISI estimates

2013E

E&P Hedging Summary E&P Hedging Summary
2013E Hedge Position Summary 2013E Hedge Position Summary
North American Natural Gas Hedges Crude Oil Hedges North American Natural Gas Hedges Crude Oil Hedges
Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total
N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes
Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged
Company Ticker (%) ($/Mcf) (%) ($/Mcf) ($/Mcf) (%) ($/Mcf) (%) ($/Mcf) (%) (%) ($/Bbl) (%) ($/Bbl) ($/Bbl) (%) ($/Bbl) (%) ($/Bbl) (%) Company Ticker (Bcf) ($/Mcf) (Bcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) (MMBbl) ($/Bbl) (MMBbl) ($/Bbl) ($/Bbl) (MMBbl) ($/Bbl) (MMBbl) ($/Bbl) (MMBbl)
Anadarko Petroleum APC 0% NM 18% $5.00 $6.57 -18% $4.00 0% NM 18% 0% NM 0% NM NM 0% NM 0% NM 0% Anadarko Petroleum APC 0.0 NM 164.3 $5.00 $6.57 -164.3 $4.00 0.0 NM 164.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Apache Corporation APA 2% $6.74 1% $5.35 $6.67 0% NM 0% NM 3% 1% $74.29 2% $78.02 $103.06 0% NM 0% NM 3% Apache Corporation APA 10.1 $6.74 6.8 $5.35 $6.67 0.0 NM 0.0 NM 16.9 2.0 $74.29 2.4 $78.02 $103.06 0.0 NM 0.0 NM 4.4
Berry Petroleum Company BRY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 45% $90.27 $107.54 -45% $70.51 0% NM 45% Berry Petroleum Company BRY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 5.5 $90.27 $107.54 -5.5 $70.51 0.0 NM 5.5
Bill Barrett Corporation BBG 3% $5.29 0% NM NM 0% NM 0% NM 3% 11% $103.51 0% NM NM 0% NM 0% NM 11% Bill Barrett Corporation BBG 3.7 $5.29 0.0 NM NM 0.0 NM 0.0 NM 3.7 0.3 $103.51 0.0 NM NM 0.0 NM 0.0 NM 0.3
Cabot Oil & Gas Corporation COG 0% NM 4% $5.13 $6.17 0% NM 0% NM 4% 0% NM 0% NM NM 0% NM 0% NM 0% Cabot Oil & Gas Corporation COG 0.0 NM 17.9 $5.13 $6.17 0.0 NM 0.0 NM 17.9 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Carrizo Oil & Gas CRZO 14% $5.21 0% NM NM 0% NM 0% NM 14% 0% NM 0% NM NM 0% NM 0% NM 0% Carrizo Oil & Gas CRZO 7.3 $5.21 0.0 NM NM 0.0 NM 0.0 NM 7.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Chesapeake Energy Corporation CHK 0% NM 0% NM NM 0% NM -43% $6.44 0% 1% $87.69 0% NM NM 0% NM -30% $95.19 1% Chesapeake Energy Corporation CHK 0.0 NM 0.0 NM NM 0.0 NM -415.0 $6.44 0.0 0.7 $87.69 0.0 NM NM 0.0 NM -21.2 $95.19 0.7
Cimarex Energy Co. XEC 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Cimarex Energy Co. XEC 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Comstock Resources, Inc. CRK 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Comstock Resources, Inc. CRK 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Concho Resources CXO 0% NM 0% NM NM 0% NM 0% NM 0% 34% $94.29 0% NM NM 0% NM 0% NM 34% Concho Resources CXO 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 7.4 $94.29 0.0 NM NM 0.0 NM 0.0 NM 7.4
Continental Resources, Inc. CLR 0% NM 0% NM NM 0% NM 0% NM 0% 20% $88.63 34% $86.92 $99.46 0% NM 0% NM 54% Continental Resources, Inc. CLR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 5.1 $88.63 8.8 $86.92 $99.46 0.0 NM 0.0 NM 13.9
Denbury Resources Inc. DNR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Denbury Resources Inc. DNR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Devon Energy Corporation DVN 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Devon Energy Corporation DVN 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Encana Corporation ECA 15% $5.24 0% NM NM 0% NM 0% NM 15% 0% NM 0% NM NM 0% NM 0% NM 0% Encana Corporation ECA 184.3 $5.24 0.0 NM NM 0.0 NM 0.0 NM 184.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EOG Resources, Inc. EOG 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% EOG Resources, Inc. EOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EQT Corp. EQT 10% $5.64 5% $6.12 $11.80 0% NM 0% NM 15% 0% NM 0% NM NM 0% NM 0% NM 0% EQT Corp. EQT 29.0 $5.64 15.0 $6.12 $11.80 0.0 NM 0.0 NM 44.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Exco Resources, Inc. XCO 2% $5.99 0% NM NM 0% NM 0% NM 2% 0% NM 0% NM NM 0% NM 0% NM 0% Exco Resources, Inc. XCO 5.5 $5.99 0.0 NM NM 0.0 NM 0.0 NM 5.5 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Forest Oil Corporation FST 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Forest Oil Corporation FST 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Kodiak Oil & Gas KOG 0% NM 0% NM NM 0% NM 0% NM 0% 2% $87.22 1% $85.00 $117.00 0% NM 0% NM 3% Kodiak Oil & Gas KOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.2 $87.22 0.1 $85.00 $117.00 0.0 NM 0.0 NM 0.3
Murphy Oil Corporation MUR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Murphy Oil Corporation MUR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Newfield Exploration Company NFX 11% $5.33 25% $5.44 $6.48 -25% $4.04 0% NM 36% 0% NM 19% $80.00 $110.54 -19% $55.00 0% NM 19% Newfield Exploration Company NFX 18.3 $5.33 39.5 $5.44 $6.48 -39.5 $4.04 0.0 NM 57.8 0.0 NM 4.7 $80.00 $110.54 -4.7 $55.00 0.0 NM 4.7
Noble Energy, Inc. NBL 5% $5.25 9% $5.25 $5.59 -9% $4.00 0% NM 14% 3% $98.03 14% $95.57 $123.03 -14% $78.33 0% NM 17% Noble Energy, Inc. NBL 11.0 $5.25 18.3 $5.25 $5.59 -18.3 $4.00 0.0 NM 29.2 1.1 $98.03 5.5 $95.57 $123.03 -5.5 $78.33 0.0 NM 6.6
Oasis Petroleum OAS 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 23% $90.89 $112.97 -16% $71.25 0% NM 23% Oasis Petroleum OAS 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 2.6 $90.89 $112.97 -1.8 $71.25 0.0 NM 2.6
Pioneer Natural Resources Company PXD 16% $6.11 46% $5.23 $6.54 -11% $4.50 0% NM 62% 4% $81.02 42% $83.81 $119.78 -42% $66.23 0% NM 46% Pioneer Natural Resources Company PXD 24.6 $6.11 71.2 $5.23 $6.54 -16.4 $4.50 0.0 NM 95.8 1.1 $81.02 11.3 $83.81 $119.78 -11.3 $66.23 0.0 NM 12.4
Plains Exploration & Production PXP 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Plains Exploration & Production PXP 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
QEP Resources QEP 21% $6.34 0% NM NM 0% NM 0% NM 21% 3% $114.00 0% NM NM 0% NM 0% NM 3% QEP Resources QEP 50.3 $6.34 0.0 NM NM 0.0 NM 0.0 NM 50.3 0.2 $114.00 0.0 NM NM 0.0 NM 0.0 NM 0.2
Quicksilver Resources KWK 29% $5.69 0% NM NM 0% NM 0% NM 29% 0% NM 0% NM NM 0% NM 0% NM 0% Quicksilver Resources KWK 38.3 $5.69 0.0 NM NM 0.0 NM 0.0 NM 38.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Range Resources Corporation RRC 0% NM 24% $5.09 $5.65 0% NM 0% NM 24% 0% NM 0% NM NM 0% NM 0% NM 0% Range Resources Corporation RRC 0.0 NM 58.4 $5.09 $5.65 0.0 NM 0.0 NM 58.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Rex Energy Corp REXX 3% $4.56 29% $4.72 $5.66 NM NM 0% NM 32% 0% NM 45% $73.67 $113.83 0% NM 0% NM 45% Rex Energy Corp REXX 0.7 $4.56 7.1 $4.72 $5.66 -1.1 $2.39 0.0 NM 7.8 0.0 NM 0.4 $73.67 $113.83 0.0 NM 0.0 NM 0.4
Rosetta Resources ROSE 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 35% $75.00 $122.81 0% NM 0% NM 35% Rosetta Resources ROSE 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 1.4 $75.00 $122.81 0.0 NM 0.0 NM 1.4
SandRidge Energy, Inc. SD 0% NM 1% $4.00 $7.15 0% NM 0% NM 1% 53% $92.52 0% NM NM 0% NM 0% NM 53% SandRidge Energy, Inc. SD 0.0 NM 0.9 $4.00 $7.15 0.0 NM 0.0 NM 0.9 11.8 $92.52 0.0 NM NM 0.0 NM 0.0 NM 11.8
Southwestern Energy SWN 31% $5.06 0% NM NM 0% NM 0% NM 31% 0% NM 0% NM NM 0% NM 0% NM 0% Southwestern Energy SWN 185.3 $5.06 0.0 NM NM 0.0 NM 0.0 NM 185.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
SM Energy SM 9% $5.24 4% $4.55 $5.51 0% NM 0% NM 14% 4% $88.21 13% $75.84 $109.81 0% NM 0% NM 17% SM Energy SM 13.8 $5.24 6.7 $4.55 $5.51 0.0 NM 0.0 NM 20.5 0.6 $88.21 2.1 $75.84 $109.81 0.0 NM 0.0 NM 2.8
Stone Energy Corporation SGY 17% $5.30 0% NM NM 0% NM 0% NM 17% 29% $102.70 0% NM NM 0% NM 0% NM 29% Stone Energy Corporation SGY 7.3 $5.30 0.0 NM NM 0.0 NM 0.0 NM 7.3 1.8 $102.70 0.0 NM NM 0.0 NM 0.0 NM 1.8
Swift Energy Company SFY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Swift Energy Company SFY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Ultra Petroleum Corp. UPL 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Ultra Petroleum Corp. UPL 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Unit Corporation UNT 0% NM - NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 24% $102.05 0% Unit Corporation UNT 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.7 $102.05 0.7
Venoco, Inc. VQ 0% NM 36% $5.00 $7.02 0% NM 0% NM 36% 0% NM 43% $81.79 $113.59 0% NM 0% NM 43% Venoco, Inc. VQ 0.0 NM 7.3 $5.00 $7.02 0.0 NM 0.0 NM 7.3 0.0 NM 1.4 $81.79 $113.59 0.0 NM 0.0 NM 1.4
Whiting Petroleum Corporation WLL 14% $5.47 0% NM NM 0% NM 0% NM 14% 0% NM 11% $47.64 $89.89 0% NM 0% NM 11% Whiting Petroleum Corporation WLL 4.4 $5.47 0.0 NM NM 0.0 NM 0.0 NM 4.4 0.0 NM 3.1 $47.64 $89.89 0.0 NM 0.0 NM 3.1
W&T Offshore Inc. WTI 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% W&T Offshore Inc. WTI 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Total E&Ps 5% $5.40 5% $5.14 $6.53 -2% $4.02 -1% $6.44 10% 4% $91.58 8% $83.11 $110.64 -3% $70.51 -0% $98.62 12% Total E&Ps 593.8 $5.40 413.2 $5.14 $6.53 -239.5 $4.00 -415.0 $6.44 1,007.0 32.4 $91.58 49.2 $83.11 $110.64 -28.8 $70.51 -20.5 $98.62 82.4
Footnotes: Footnotes:
Basis swaps are excluded from the hedging survey. Basis swaps are excluded from the hedging survey.
Calculated hedging percentages are based on company guidance for future production and ISI production estimates. Calculated hedging percentages are based on company guidance for future production and ISI production estimates.
Hedges are generally NYMEX equivalent. Hedges are generally NYMEX equivalent.
Swap and collar prices are volume weighted Swap and collar prices are volume weighted
Source: Company data and ISI estimates Source: Company data and ISI estimates
&L&"Arial,Bold"&12CREDIT SUISSE&R &"Arial,Bold"&12Hedging Summary
&LSource: Company data and Credit Suisse estimates

2012E Hedge Position Summary

Crude Oil Hedges North American Natural Gas Hedges

Total

TotalAverageTotalAverageAverageTotalAverageTotalAverageVolumes

VolumesPriceVolumesFloorCeilingVolumesPriceVolumesPriceHedged

Company Ticker(%)($/bbl)(%)($/bbl)($/bbl)(%)($/bbl)(%)($/bbl)(%)

Anadarko Petroleum APC0%NM1%$50.00$92.50-1%$35.000%NM1%

Apache Corporation APA3%$73.409%$76.42$101.060%NM0%NM12%

Berry Petroleum Company BRY0%NM71%$88.52$104.02-71%$70.360%NM71%

Bill Barrett Corporation BBG40%$104.126%$92.50$131.300%NM0%NM47%

Cabot Oil & Gas Corporation COG30%$98.280%NMNM0%NM0%NM30%

Carrizo Oil & Gas CRZO0%NM37%$82.86$102.290%NM0%NM37%

Chesapeake Energy Corporation CHK3%$98.100%NMNM0%NM-30%$100.003%

Cimarex Energy Co. XEC0%NM0%NMNM0%NM0%NM0%

Comstock Resources, Inc. CRK29%$99.000%NMNM0%NM0%NM29%

Concho Resources CXO63%$93.850%NMNM0%NM0%NM63%

Continental Resources, Inc. CLR42%$90.1725%$80.00$94.710%NM0%NM67%

Denbury Resources Inc. DNR1%$81.0476%$74.80$120.171%$65.000%NM78%

Devon Energy Corporation DVN15%$107.1737%$85.74$126.420%NM-13%$95.0052%

Encana Corporation ECA0%NM0%NMNM0%NM0%NM0%

EOG Resources, Inc. EOG8%$106.370%NMNM0%NM0%NM8%

EQT Corp. EQT0%NM0%NMNM0%NM0%NM0%

Exco Resources, Inc. XCO39%$95.700%NMNM0%NM0%NM39%

Forest Oil Corporation FST0%NM0%NMNM0%NM0%NM0%

Kodiak Oil & Gas KOG2%$86.243%$75.48$103.650%NM0%NM5%

Murphy Oil Corporation MUR0%NM0%NMNM0%NM0%NM0%

Newfield Exploration Company NFX0%NM51%$82.96$111.14-51%$66.860%NM51%

Noble Energy, Inc. NBL13%$90.1327%$84.52$102.05-27%$62.120%NM40%

Oasis Petroleum OAS0%NM51%$88.04$108.13-22%$53.500%NM51%

Pioneer Natural Resources Company PXD5%$79.3266%$80.92$118.46-63%$65.000%NM72%

Plains Exploration & Production PXP0%NM71%$100.00$120.00-71%$80.000%NM71%

QEP Resources QEP33%$98.730%NMNM0%NM0%NM33%

Quicksilver Resources KWK0%NM0%NMNM0%NM0%NM0%

Range Resources Corporation RRC0%NM29%$77.50$87.500%NM-68%$98.7129%

Rex Energy Corp REXX0%NM79%$68.39$111.080%NM0%NM79%

Rosetta Resources ROSE0%NM69%$79.12$115.410%NM0%NM69%

SandRidge Energy, Inc. SD76%$89.500%NMNM0%NM0%NM76%

Southwestern Energy SWN0%NM0%NMNM0%NM0%NM0%

SM Energy SM18%$84.9012%$76.49$109.790%NM0%NM30%

Stone Energy Corporation SGY53%$97.900%NMNM0%NM0%NM53%

Swift Energy Company SFY0%NM0%NMNM0%NM0%NM0%

Ultra Petroleum Corp. UPL0%NM0%NMNM0%NM0%NM0%

Unit Corporation UNT0%NM0%NMNM0%NM61%$95.910%

Venoco, Inc. VQ0%NM109%$75.30$118.840%NM0%NM109%

Whiting Petroleum Corporation WLL0%NM37%$61.91$105.480%NM0%NM37%

W&T Offshore Inc. WTI0%NM13%$75.00$98.130%NM0%NM13%

Total E&Ps 12%$93.4722%$81.72$112.99-8%$65.00-1%$97.3134%

Swaps/Forward Sales Collars Puts Calls

Sheet1

E&P Hedging Summary E&P Hedging Summary
2012E Hedge Position Summary 2012E Hedge Position Summary
Crude Oil Hedges North American Natural Gas Hedges Crude Oil Hedges
Swaps/Forward Sales Collars Puts Calls Total Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total
Total Average Total Average Average Total Average Total Average Volumes N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes
Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged
Company Ticker (%) ($/bbl) (%) ($/bbl) ($/bbl) (%) ($/bbl) (%) ($/bbl) (%) Company Ticker (Bcf) ($/Mcf) (Bcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) (MMBbl) ($/bbl) (MMBbl) ($/bbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl)
Anadarko Petroleum APC 0% NM 1% $50.00 $92.50 -1% $35.00 0% NM 1% Anadarko Petroleum APC 366.0 $4.69 0.0 NM NM 0.0 NM 0.0 NM 366.0 0.0 NM 0.7 $50.00 $92.50 -0.7 $35.00 0.0 NM 0.7
Apache Corporation APA 3% $73.40 9% $76.42 $101.06 0% NM 0% NM 12% Apache Corporation APA 90.0 $6.49 28.9 $5.82 $7.34 0.0 NM 0.0 NM 118.9 4.1 $73.40 12.6 $76.42 $101.06 0.0 NM 0.0 NM 16.7
Berry Petroleum Company BRY 0% NM 71% $88.52 $104.02 -71% $70.36 0% NM 71% Berry Petroleum Company BRY 3.7 $6.46 1.8 $6.00 $7.70 0.0 NM 0.0 NM 5.5 0.0 NM 7.7 $88.52 $104.02 -7.7 $70.36 0.0 NM 7.7
Bill Barrett Corporation BBG 40% $104.12 6% $92.50 $131.30 0% NM 0% NM 47% Bill Barrett Corporation BBG 46.5 $4.83 0.0 NM NM 0.0 NM 0.0 NM 46.5 0.9 $104.12 0.1 $92.50 $131.30 0.0 NM 0.0 NM 1.1
Cabot Oil & Gas Corporation COG 30% $98.28 0% NM NM 0% NM 0% NM 30% Cabot Oil & Gas Corporation COG 96.4 $5.20 0.0 NM NM 0.0 NM 0.0 NM 96.4 0.7 $98.28 0.0 NM NM 0.0 NM 0.0 NM 0.7
Carrizo Oil & Gas CRZO 0% NM 37% $82.86 $102.29 0% NM 0% NM 37% Carrizo Oil & Gas CRZO 12.5 $5.50 6.4 $6.44 $6.75 -6.4 $5.23 0.0 NM 18.9 0.0 NM 1.0 $82.86 $102.29 0.0 NM 0.0 NM 1.0
Chesapeake Energy Corporation CHK 3% $98.10 0% NM NM 0% NM -30% $100.00 3% Chesapeake Energy Corporation CHK 0.0 NM 0.0 NM NM 0.0 NM -161.0 $6.54 0.0 1.4 $98.10 0.0 NM NM 0.0 NM -16.3 $100.00 1.4
Cimarex Energy Co. XEC 0% NM 0% NM NM 0% NM 0% NM 0% Cimarex Energy Co. XEC 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Comstock Resources, Inc. CRK 29% $99.00 0% NM NM 0% NM 0% NM 29% Comstock Resources, Inc. CRK 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.7 $99.00 0.0 NM NM 0.0 NM 0.0 NM 0.7
Concho Resources CXO 63% $93.85 0% NM NM 0% NM 0% NM 63% Concho Resources CXO 0.3 $6.54 0.0 NM NM 0.0 NM 0.0 NM 0.3 11.3 $93.85 0.0 NM NM 0.0 NM 0.0 NM 11.3
Continental Resources, Inc. CLR 42% $90.17 25% $80.00 $94.71 0% NM 0% NM 67% Continental Resources, Inc. CLR 3.7 $5.07 0.0 NM NM 0.0 NM 0.0 NM 3.7 9.2 $90.17 5.3 $80.00 $94.71 0.0 NM 0.0 NM 14.5
Denbury Resources Inc. DNR 1% $81.04 76% $74.80 $120.17 1% $65.00 0% NM 78% Denbury Resources Inc. DNR 7.3 $6.53 0.0 NM NM 0.0 NM 0.0 NM 7.3 0.2 $81.04 18.4 $74.80 $120.17 0.2 $65.00 0.0 NM 18.8
Devon Energy Corporation DVN 15% $107.17 37% $85.74 $126.42 0% NM -13% $95.00 52% Devon Energy Corporation DVN 119.0 $5.09 179.3 $4.75 $5.57 0.0 NM -178.4 $6.00 298.3 8.1 $107.17 19.8 $85.74 $126.42 0.0 NM -7.1 $95.00 27.8
Encana Corporation ECA 0% NM 0% NM NM 0% NM 0% NM 0% Encana Corporation ECA 715.5 $5.80 0.0 NM NM 0.0 NM 0.0 NM 715.5 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EOG Resources, Inc. EOG 8% $106.37 0% NM NM 0% NM 0% NM 8% EOG Resources, Inc. EOG 192.2 $5.44 0.0 NM NM 0.0 NM 0.0 NM 192.2 4.0 $106.37 0.0 NM NM 0.0 NM 0.0 NM 4.0
EQT Corp. EQT 0% NM 0% NM NM 0% NM 0% NM 0% EQT Corp. EQT 80.2 $5.31 21.1 $6.51 $11.83 0.0 NM 0.0 NM 101.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Exco Resources, Inc. XCO 39% $95.70 0% NM NM 0% NM 0% NM 39% Exco Resources, Inc. XCO 80.5 $5.27 0.0 NM NM 0.0 NM 0.0 NM 80.5 0.3 $95.70 0.0 NM NM 0.0 NM 0.0 NM 0.3
Forest Oil Corporation FST 0% NM 0% NM NM 0% NM 0% NM 0% Forest Oil Corporation FST 38.4 $5.30 0.0 NM NM -8.3 $3.57 0.0 NM 38.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Kodiak Oil & Gas KOG 2% $86.24 3% $75.48 $103.65 0% NM 0% NM 5% Kodiak Oil & Gas KOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.1 $86.24 0.2 $75.48 $103.65 0.0 NM 0.0 NM 0.4
Murphy Oil Corporation MUR 0% NM 0% NM NM 0% NM 0% NM 0% Murphy Oil Corporation MUR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Newfield Exploration Company NFX 0% NM 51% $82.96 $111.14 -51% $66.86 0% NM 51% Newfield Exploration Company NFX 18.3 $5.42 83.6 $5.49 $6.36 -83.6 $4.28 0.0 NM 101.9 0.0 NM 12.8 $82.96 $111.14 -12.8 $66.86 0.0 NM 12.8
Noble Energy, Inc. NBL 13% $90.13 27% $84.52 $102.05 -27% $62.12 0% NM 40% Noble Energy, Inc. NBL 11.0 $5.10 40.3 $5.25 $6.66 -40.3 $4.44 0.0 NM 51.2 4.8 $90.13 9.5 $84.52 $102.05 -9.5 $62.12 0.0 NM 14.3
Oasis Petroleum OAS 0% NM 51% $88.04 $108.13 -22% $53.50 0% NM 51% Oasis Petroleum OAS 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 4.2 $88.04 $108.13 -1.8 $53.50 0.0 NM 4.2
Pioneer Natural Resources Company PXD 5% $79.32 66% $80.92 $118.46 -63% $65.00 0% NM 72% Pioneer Natural Resources Company PXD 38.4 $5.82 93.3 $5.83 $7.61 -69.5 $4.55 0.0 NM 131.8 1.1 $79.32 13.9 $80.92 $118.46 -13.2 $65.00 0.0 NM 15.0
Plains Exploration & Production PXP 0% NM 71% $100.00 $120.00 -71% $80.00 0% NM 71% Plains Exploration & Production PXP 0.0 NM 14.6 $4.30 $4.86 NM NM 0.0 NM 14.6 0.0 NM 14.6 $100.00 $120.00 -14.6 $80.00 0.0 NM 14.6
QEP Resources QEP 33% $98.73 0% NM NM 0% NM 0% NM 33% QEP Resources QEP 120.4 $5.14 0.0 NM NM 0.0 NM 0.0 NM 120.4 1.7 $98.73 0.0 NM NM 0.0 NM 0.0 NM 1.7
Quicksilver Resources KWK 0% NM 0% NM NM 0% NM 0% NM 0% Quicksilver Resources KWK 38.4 $5.69 22.0 $6.50 $7.45 0.0 NM 0.0 NM 60.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Range Resources Corporation RRC 0% NM 29% $77.50 $87.50 0% NM -68% $98.71 29% Range Resources Corporation RRC 25.6 $4.96 69.4 $5.04 $5.63 0.0 NM 0.0 NM 95.0 0.0 NM 0.7 $77.50 $87.50 0.0 NM -1.7 $98.71 0.7
Rex Energy Corp REXX 0% NM 79% $68.39 $111.08 0% NM 0% NM 79% Rex Energy Corp REXX 2.6 $5.23 5.6 $4.60 $5.53 -2.6 $3.66 0.0 NM 8.3 0.0 NM 0.6 $68.39 $111.08 0.0 NM 0.0 NM 0.6
Rosetta Resources ROSE 0% NM 69% $79.12 $115.41 0% NM 0% NM 69% Rosetta Resources ROSE 0.0 NM 7.3 $5.21 $6.39 0.0 NM 0.0 NM 7.3 0.0 NM 2.0 $79.12 $115.41 0.0 NM 0.0 NM 2.0
SandRidge Energy, Inc. SD 76% $89.50 0% NM NM 0% NM 0% NM 76% SandRidge Energy, Inc. SD 3.6 $4.90 0.4 $4.00 $6.20 0.0 NM 0.0 NM 4.0 11.9 $89.50 0.0 NM NM 0.0 NM 0.0 NM 11.9
Southwestern Energy SWN 0% NM 0% NM NM 0% NM 0% NM 0% Southwestern Energy SWN 185.2 $5.02 80.4 $5.50 $6.67 0.0 NM 0.0 NM 265.6 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
SM Energy SM 18% $84.90 12% $76.49 $109.79 0% NM 0% NM 30% SM Energy SM 27.6 $5.17 0.0 NM NM 0.0 NM 0.0 NM 27.6 2.2 $84.90 1.4 $76.49 $109.79 0.0 NM 0.0 NM 3.6
Stone Energy Corporation SGY 53% $97.90 0% NM NM 0% NM 0% NM 53% Stone Energy Corporation SGY 11.0 $5.04 0.0 NM NM 0.0 NM 0.0 NM 11.0 3.3 $97.90 0.0 NM NM 0.0 NM 0.0 NM 3.3
Swift Energy Company SFY 0% NM 0% NM NM 0% NM 0% NM 0% Swift Energy Company SFY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Ultra Petroleum Corp. UPL 0% NM 0% NM NM 0% NM 0% NM 0% Ultra Petroleum Corp. UPL 129.1 $5.02 0.0 NM NM 0.0 NM 0.0 NM 129.1 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Unit Corporation UNT 0% NM 0% NM NM 0% NM 61% $95.91 0% Unit Corporation UNT 0.0 NM 0.0 NM NM 0.0 NM 16.5 $5.33 16.5 0.0 NM 0.0 NM NM 0.0 NM 1.6 $95.91 1.6
Venoco, Inc. VQ 0% NM 109% $75.30 $118.84 0% NM 0% NM 109% Venoco, Inc. VQ 0.0 NM 0.0 NM NM 13.7 $5.81 0.0 NM 13.7 0.0 NM 3.1 $75.30 $118.84 0.0 NM 0.0 NM 3.1
Whiting Petroleum Corporation WLL 0% NM 37% $61.91 $105.48 0% NM 0% NM 37% Whiting Petroleum Corporation WLL 5.7 $5.39 0.4 $6.50 $14.27 0.0 NM 0.0 NM 6.1 0.0 NM 9.1 $61.91 $105.48 0.0 NM 0.0 NM 9.1
W&T Offshore Inc. WTI 0% NM 13% $75.00 $98.13 0% NM 0% NM 13% W&T Offshore Inc. WTI 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 1.1 $75.00 $98.13 0.0 NM 0.0 NM 1.1
Total E&Ps 12% $93.47 22% $81.72 $112.99 -8% $65.00 -1% $97.31 34% Total E&Ps 2,469.2 $5.36 654.8 $5.33 $6.53 -197.0 $4.44 -323.0 $6.00 3,154.2 66.0 $93.47 139.1 $81.72 $112.99 -60.2 $65.00 -23.5 $97.31 207.1
Footnotes: Footnotes:
Basis swaps are excluded from the hedging survey. Basis swaps are excluded from the hedging survey.
Calculated hedging percentages are based on company guidance for future production and ISI production estimates. Calculated hedging percentages are based on company guidance for future production and ISI production estimates.
Hedges are generally NYMEX equivalent. Hedges are generally NYMEX equivalent.
Swap and collar prices are volume weighted Swap and collar prices are volume weighted
Source: Company data and ISI estimates Source: Company data and ISI estimates

2012E

E&P Hedging Summary E&P Hedging Summary
2012E Hedge Position Summary 2012E Hedge Position Summary
North American Natural Gas Hedges Crude Oil Hedges North American Natural Gas Hedges Crude Oil Hedges
Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total
N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes
Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged
Company Ticker (%) ($/Mcf) (%) ($/Mcf) ($/Mcf) (%) ($/Mcf) (%) ($/Mcf) (%) (%) ($/bbl) (%) ($/bbl) ($/bbl) (%) ($/bbl) (%) ($/bbl) (%) Company Ticker (Bcf) ($/Mcf) (Bcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) (MMBbl) ($/bbl) (MMBbl) ($/bbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl) ($/bbl) (MMBbl)
Anadarko Petroleum APC 42% $4.69 0% NM NM 0% NM 0% NM 42% 0% NM 1% $50.00 $92.50 -1% $35.00 0% NM 1% Anadarko Petroleum APC 366.0 $4.69 0.0 NM NM 0.0 NM 0.0 NM 366.0 0.0 NM 0.7 $50.00 $92.50 -0.7 $35.00 0.0 NM 0.7
Apache Corporation APA 18% $6.49 6% $5.82 $7.34 0% NM 0% NM 23% 3% $73.40 9% $76.42 $101.06 0% NM 0% NM 12% Apache Corporation APA 90.0 $6.49 28.9 $5.82 $7.34 0.0 NM 0.0 NM 118.9 4.1 $73.40 12.6 $76.42 $101.06 0.0 NM 0.0 NM 16.7
Berry Petroleum Company BRY 16% $6.46 8% $6.00 $7.70 0% NM 0% NM 24% 0% NM 71% $88.52 $104.02 -71% $70.36 0% NM 71% Berry Petroleum Company BRY 3.7 $6.46 1.8 $6.00 $7.70 0.0 NM 0.0 NM 5.5 0.0 NM 7.7 $88.52 $104.02 -7.7 $70.36 0.0 NM 7.7
Bill Barrett Corporation BBG 41% $4.83 0% NM NM 0% NM 0% NM 41% 40% $104.12 6% $92.50 $131.30 0% NM 0% NM 47% Bill Barrett Corporation BBG 46.5 $4.83 0.0 NM NM 0.0 NM 0.0 NM 46.5 0.9 $104.12 0.1 $92.50 $131.30 0.0 NM 0.0 NM 1.1
Cabot Oil & Gas Corporation COG 32% $5.20 0% NM NM 0% NM 0% NM 32% 30% $98.28 0% NM NM 0% NM 0% NM 30% Cabot Oil & Gas Corporation COG 96.4 $5.20 0.0 NM NM 0.0 NM 0.0 NM 96.4 0.7 $98.28 0.0 NM NM 0.0 NM 0.0 NM 0.7
Carrizo Oil & Gas CRZO 29% $5.50 15% $6.44 $6.75 -15% $5.23 0% NM 43% 0% NM 37% $82.86 $102.29 0% NM 0% NM 37% Carrizo Oil & Gas CRZO 12.5 $5.50 6.4 $6.44 $6.75 -6.4 $5.23 0.0 NM 18.9 0.0 NM 1.0 $82.86 $102.29 0.0 NM 0.0 NM 1.0
Chesapeake Energy Corporation CHK 0% NM 0% NM NM 0% NM -16% $6.54 0% 3% $98.10 0% NM NM 0% NM -30% $100.00 3% Chesapeake Energy Corporation CHK 0.0 NM 0.0 NM NM 0.0 NM -161.0 $6.54 0.0 1.4 $98.10 0.0 NM NM 0.0 NM -16.3 $100.00 1.4
Cimarex Energy Co. XEC 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Cimarex Energy Co. XEC 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Comstock Resources, Inc. CRK 0% NM 0% NM NM 0% NM 0% NM 0% 29% $99.00 0% NM NM 0% NM 0% NM 29% Comstock Resources, Inc. CRK 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.7 $99.00 0.0 NM NM 0.0 NM 0.0 NM 0.7
Concho Resources CXO 0% $6.54 0% NM NM 0% NM 0% NM 0% 63% $93.85 0% NM NM 0% NM 0% NM 63% Concho Resources CXO 0.3 $6.54 0.0 NM NM 0.0 NM 0.0 NM 0.3 11.3 $93.85 0.0 NM NM 0.0 NM 0.0 NM 11.3
Continental Resources, Inc. CLR 8% $5.07 0% NM NM 0% NM 0% NM 8% 42% $90.17 25% $80.00 $94.71 0% NM 0% NM 67% Continental Resources, Inc. CLR 3.7 $5.07 0.0 NM NM 0.0 NM 0.0 NM 3.7 9.2 $90.17 5.3 $80.00 $94.71 0.0 NM 0.0 NM 14.5
Denbury Resources Inc. DNR 43% $6.53 0% NM NM 0% NM 0% NM 43% 1% $81.04 76% $74.80 $120.17 1% $65.00 0% NM 78% Denbury Resources Inc. DNR 7.3 $6.53 0.0 NM NM 0.0 NM 0.0 NM 7.3 0.2 $81.04 18.4 $74.80 $120.17 0.2 $65.00 0.0 NM 18.8
Devon Energy Corporation DVN 13% $5.09 19% $4.75 $5.57 0% NM -19% $6.00 32% 15% $107.17 37% $85.74 $126.42 0% NM -13% $95.00 52% Devon Energy Corporation DVN 119.0 $5.09 179.3 $4.75 $5.57 0.0 NM -178.4 $6.00 298.3 8.1 $107.17 19.8 $85.74 $126.42 0.0 NM -7.1 $95.00 27.8
Encana Corporation ECA 59% $5.80 0% NM NM 0% NM 0% NM 59% 0% NM 0% NM NM 0% NM 0% NM 0% Encana Corporation ECA 715.5 $5.80 0.0 NM NM 0.0 NM 0.0 NM 715.5 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EOG Resources, Inc. EOG 46% $5.44 0% NM NM 0% NM 0% NM 46% 8% $106.37 0% NM NM 0% NM 0% NM 8% EOG Resources, Inc. EOG 192.2 $5.44 0.0 NM NM 0.0 NM 0.0 NM 192.2 4.0 $106.37 0.0 NM NM 0.0 NM 0.0 NM 4.0
EQT Corp. EQT 33% $5.31 9% $6.51 $11.83 0% NM 0% NM 42% 0% NM 0% NM NM 0% NM 0% NM 0% EQT Corp. EQT 80.2 $5.31 21.1 $6.51 $11.83 0.0 NM 0.0 NM 101.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Exco Resources, Inc. XCO 37% $5.27 0% NM NM 0% NM 0% NM 37% 39% $95.70 0% NM NM 0% NM 0% NM 39% Exco Resources, Inc. XCO 80.5 $5.27 0.0 NM NM 0.0 NM 0.0 NM 80.5 0.3 $95.70 0.0 NM NM 0.0 NM 0.0 NM 0.3
Forest Oil Corporation FST 43% $5.30 0% NM NM -9% $3.57 0% NM 43% 0% NM 0% NM NM 0% NM 0% NM 0% Forest Oil Corporation FST 38.4 $5.30 0.0 NM NM -8.3 $3.57 0.0 NM 38.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Kodiak Oil & Gas KOG 0% NM 0% NM NM 0% NM 0% NM 0% 2% $86.24 3% $75.48 $103.65 0% NM 0% NM 5% Kodiak Oil & Gas KOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.1 $86.24 0.2 $75.48 $103.65 0.0 NM 0.0 NM 0.4
Murphy Oil Corporation MUR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Murphy Oil Corporation MUR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Newfield Exploration Company NFX 10% $5.42 47% $5.49 $6.36 -47% $4.28 0% NM 57% 0% NM 51% $82.96 $111.14 -51% $66.86 0% NM 51% Newfield Exploration Company NFX 18.3 $5.42 83.6 $5.49 $6.36 -83.6 $4.28 0.0 NM 101.9 0.0 NM 12.8 $82.96 $111.14 -12.8 $66.86 0.0 NM 12.8
Noble Energy, Inc. NBL 6% $5.10 23% $5.25 $6.66 -23% $4.44 0% NM 29% 13% $90.13 27% $84.52 $102.05 -27% $62.12 0% NM 40% Noble Energy, Inc. NBL 11.0 $5.10 40.3 $5.25 $6.66 -40.3 $4.44 0.0 NM 51.2 4.8 $90.13 9.5 $84.52 $102.05 -9.5 $62.12 0.0 NM 14.3
Oasis Petroleum OAS 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 51% $88.04 $108.13 -22% $53.50 0% NM 51% Oasis Petroleum OAS 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 4.2 $88.04 $108.13 -1.8 $53.50 0.0 NM 4.2
Pioneer Natural Resources Company PXD 27% $5.82 66% $5.83 $7.61 -50% $4.55 0% NM 94% 5% $79.32 66% $80.92 $118.46 -63% $65.00 0% NM 72% Pioneer Natural Resources Company PXD 38.4 $5.82 93.3 $5.83 $7.61 -69.5 $4.55 0.0 NM 131.8 1.1 $79.32 13.9 $80.92 $118.46 -13.2 $65.00 0.0 NM 15.0
Plains Exploration & Production PXP 0% NM 18% $4.30 $4.86 NM NM 0% NM 18% 0% NM 71% $100.00 $120.00 -71% $80.00 0% NM 71% Plains Exploration & Production PXP 0.0 NM 14.6 $4.30 $4.86 NM NM 0.0 NM 14.6 0.0 NM 14.6 $100.00 $120.00 -14.6 $80.00 0.0 NM 14.6
QEP Resources QEP 49% $5.14 0% NM NM 0% NM 0% NM 49% 33% $98.73 0% NM NM 0% NM 0% NM 33% QEP Resources QEP 120.4 $5.14 0.0 NM NM 0.0 NM 0.0 NM 120.4 1.7 $98.73 0.0 NM NM 0.0 NM 0.0 NM 1.7
Quicksilver Resources KWK 29% $5.69 17% $6.50 $7.45 0% NM 0% NM 46% 0% NM 0% NM NM 0% NM 0% NM 0% Quicksilver Resources KWK 38.4 $5.69 22.0 $6.50 $7.45 0.0 NM 0.0 NM 60.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Range Resources Corporation RRC 13% $4.96 35% $5.04 $5.63 0% NM 0% NM 48% 0% NM 29% $77.50 $87.50 0% NM -68% $98.71 29% Range Resources Corporation RRC 25.6 $4.96 69.4 $5.04 $5.63 0.0 NM 0.0 NM 95.0 0.0 NM 0.7 $77.50 $87.50 0.0 NM -1.7 $98.71 0.7
Rex Energy Corp REXX 15% $5.23 32% $4.60 $5.53 -15% $3.66 0% NM 47% 0% NM 79% $68.39 $111.08 0% NM 0% NM 79% Rex Energy Corp REXX 2.6 $5.23 5.6 $4.60 $5.53 -2.6 $3.66 0.0 NM 8.3 0.0 NM 0.6 $68.39 $111.08 0.0 NM 0.0 NM 0.6
Rosetta Resources ROSE 0% NM 19% $5.21 $6.39 0% NM 0% NM 19% 0% NM 69% $79.12 $115.41 0% NM 0% NM 69% Rosetta Resources ROSE 0.0 NM 7.3 $5.21 $6.39 0.0 NM 0.0 NM 7.3 0.0 NM 2.0 $79.12 $115.41 0.0 NM 0.0 NM 2.0
SandRidge Energy, Inc. SD 5% $4.90 1% $4.00 $6.20 0% NM 0% NM 6% 76% $89.50 0% NM NM 0% NM 0% NM 76% SandRidge Energy, Inc. SD 3.6 $4.90 0.4 $4.00 $6.20 0.0 NM 0.0 NM 4.0 11.9 $89.50 0.0 NM NM 0.0 NM 0.0 NM 11.9
Southwestern Energy SWN 33% $5.02 14% $5.50 $6.67 0% NM 0% NM 48% 0% NM 0% NM NM 0% NM 0% NM 0% Southwestern Energy SWN 185.2 $5.02 80.4 $5.50 $6.67 0.0 NM 0.0 NM 265.6 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
SM Energy SM 22% $5.17 0% NM NM 0% NM 0% NM 22% 18% $84.90 12% $76.49 $109.79 0% NM 0% NM 30% SM Energy SM 27.6 $5.17 0.0 NM NM 0.0 NM 0.0 NM 27.6 2.2 $84.90 1.4 $76.49 $109.79 0.0 NM 0.0 NM 3.6
Stone Energy Corporation SGY 24% $5.04 0% NM NM 0% NM 0% NM 24% 53% $97.90 0% NM NM 0% NM 0% NM 53% Stone Energy Corporation SGY 11.0 $5.04 0.0 NM NM 0.0 NM 0.0 NM 11.0 3.3 $97.90 0.0 NM NM 0.0 NM 0.0 NM 3.3
Swift Energy Company SFY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Swift Energy Company SFY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Ultra Petroleum Corp. UPL 45% $5.02 0% NM NM 0% NM 0% NM 45% 0% NM 0% NM NM 0% NM 0% NM 0% Ultra Petroleum Corp. UPL 129.1 $5.02 0.0 NM NM 0.0 NM 0.0 NM 129.1 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Unit Corporation UNT 0% NM 0% NM NM 0% NM 33% $5.33 0% 0% NM 0% NM NM 0% NM 61% $95.91 0% Unit Corporation UNT 0.0 NM 0.0 NM NM 0.0 NM 16.5 $5.33 16.5 0.0 NM 0.0 NM NM 0.0 NM 1.6 $95.91 1.6
Venoco, Inc. VQ 0% NM 0% NM NM 62% $5.81 0% NM 62% 0% NM 109% $75.30 $118.84 0% NM 0% NM 109% Venoco, Inc. VQ 0.0 NM 0.0 NM NM 13.7 $5.81 0.0 NM 13.7 0.0 NM 3.1 $75.30 $118.84 0.0 NM 0.0 NM 3.1
Whiting Petroleum Corporation WLL 19% $5.39 1% $6.50 $14.27 0% NM 0% NM 20% 0% NM 37% $61.91 $105.48 0% NM 0% NM 37% Whiting Petroleum Corporation WLL 5.7 $5.39 0.4 $6.50 $14.27 0.0 NM 0.0 NM 6.1 0.0 NM 9.1 $61.91 $105.48 0.0 NM 0.0 NM 9.1
W&T Offshore Inc. WTI 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 13% $75.00 $98.13 0% NM 0% NM 13% W&T Offshore Inc. WTI 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 1.1 $75.00 $98.13 0.0 NM 0.0 NM 1.1
Total E&Ps 19% $5.36 8% $5.33 $6.53 -2% $4.44 -0% $6.00 29% 12% $93.47 22% $81.72 $112.99 -8% $65.00 -1% $97.31 34% Total E&Ps 2,469.2 $5.36 654.8 $5.33 $6.53 -197.0 $4.44 -323.0 $6.00 3,154.2 66.0 $93.47 139.1 $81.72 $112.99 -60.2 $65.00 -23.5 $97.31 207.1
Footnotes: Footnotes:
Basis swaps are excluded from the hedging survey. Basis swaps are excluded from the hedging survey.
Calculated hedging percentages are based on company guidance for future production and ISI production estimates. Calculated hedging percentages are based on company guidance for future production and ISI production estimates.
Hedges are generally NYMEX equivalent. Hedges are generally NYMEX equivalent.
Swap and collar prices are volume weighted Swap and collar prices are volume weighted
Source: Company data and ISI estimates Source: Company data and ISI estimates

2013E

E&P Hedging Summary E&P Hedging Summary
2013E Hedge Position Summary 2013E Hedge Position Summary
North American Natural Gas Hedges Crude Oil Hedges North American Natural Gas Hedges Crude Oil Hedges
Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total Swaps/Forward Sales Collars Puts Calls N. Amer. Swaps/Forward Sales Collars Puts Calls Total
N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes N. Amer Average N. Amer Average Average N. Amer Average N. Amer Average Volumes Total Average Total Average Average Total Average Total Average Volumes
Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged Volumes Price Volumes Floor Ceiling Volumes Price Volumes Price Hedged
Company Ticker (%) ($/Mcf) (%) ($/Mcf) ($/Mcf) (%) ($/Mcf) (%) ($/Mcf) (%) (%) ($/Bbl) (%) ($/Bbl) ($/Bbl) (%) ($/Bbl) (%) ($/Bbl) (%) Company Ticker (Bcf) ($/Mcf) (Bcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) ($/Mcf) (Bcf) (MMBbl) ($/Bbl) (MMBbl) ($/Bbl) ($/Bbl) (MMBbl) ($/Bbl) (MMBbl) ($/Bbl) (MMBbl)
Anadarko Petroleum APC 0% NM 18% $5.00 $6.57 -18% $4.00 0% NM 18% 0% NM 0% NM NM 0% NM 0% NM 0% Anadarko Petroleum APC 0.0 NM 164.3 $5.00 $6.57 -164.3 $4.00 0.0 NM 164.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Apache Corporation APA 2% $6.74 1% $5.35 $6.67 0% NM 0% NM 3% 1% $74.29 2% $78.02 $103.06 0% NM 0% NM 3% Apache Corporation APA 10.1 $6.74 6.8 $5.35 $6.67 0.0 NM 0.0 NM 16.9 2.0 $74.29 2.4 $78.02 $103.06 0.0 NM 0.0 NM 4.4
Berry Petroleum Company BRY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 45% $90.27 $107.54 -45% $70.51 0% NM 45% Berry Petroleum Company BRY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 5.5 $90.27 $107.54 -5.5 $70.51 0.0 NM 5.5
Bill Barrett Corporation BBG 3% $5.29 0% NM NM 0% NM 0% NM 3% 11% $103.51 0% NM NM 0% NM 0% NM 11% Bill Barrett Corporation BBG 3.7 $5.29 0.0 NM NM 0.0 NM 0.0 NM 3.7 0.3 $103.51 0.0 NM NM 0.0 NM 0.0 NM 0.3
Cabot Oil & Gas Corporation COG 0% NM 4% $5.13 $6.17 0% NM 0% NM 4% 0% NM 0% NM NM 0% NM 0% NM 0% Cabot Oil & Gas Corporation COG 0.0 NM 17.9 $5.13 $6.17 0.0 NM 0.0 NM 17.9 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Carrizo Oil & Gas CRZO 14% $5.21 0% NM NM 0% NM 0% NM 14% 0% NM 0% NM NM 0% NM 0% NM 0% Carrizo Oil & Gas CRZO 7.3 $5.21 0.0 NM NM 0.0 NM 0.0 NM 7.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Chesapeake Energy Corporation CHK 0% NM 0% NM NM 0% NM -43% $6.44 0% 1% $87.69 0% NM NM 0% NM -30% $95.19 1% Chesapeake Energy Corporation CHK 0.0 NM 0.0 NM NM 0.0 NM -415.0 $6.44 0.0 0.7 $87.69 0.0 NM NM 0.0 NM -21.2 $95.19 0.7
Cimarex Energy Co. XEC 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Cimarex Energy Co. XEC 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Comstock Resources, Inc. CRK 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Comstock Resources, Inc. CRK 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Concho Resources CXO 0% NM 0% NM NM 0% NM 0% NM 0% 34% $94.29 0% NM NM 0% NM 0% NM 34% Concho Resources CXO 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 7.4 $94.29 0.0 NM NM 0.0 NM 0.0 NM 7.4
Continental Resources, Inc. CLR 0% NM 0% NM NM 0% NM 0% NM 0% 20% $88.63 34% $86.92 $99.46 0% NM 0% NM 54% Continental Resources, Inc. CLR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 5.1 $88.63 8.8 $86.92 $99.46 0.0 NM 0.0 NM 13.9
Denbury Resources Inc. DNR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Denbury Resources Inc. DNR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Devon Energy Corporation DVN 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Devon Energy Corporation DVN 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Encana Corporation ECA 15% $5.24 0% NM NM 0% NM 0% NM 15% 0% NM 0% NM NM 0% NM 0% NM 0% Encana Corporation ECA 184.3 $5.24 0.0 NM NM 0.0 NM 0.0 NM 184.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EOG Resources, Inc. EOG 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% EOG Resources, Inc. EOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
EQT Corp. EQT 10% $5.64 5% $6.12 $11.80 0% NM 0% NM 15% 0% NM 0% NM NM 0% NM 0% NM 0% EQT Corp. EQT 29.0 $5.64 15.0 $6.12 $11.80 0.0 NM 0.0 NM 44.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Exco Resources, Inc. XCO 2% $5.99 0% NM NM 0% NM 0% NM 2% 0% NM 0% NM NM 0% NM 0% NM 0% Exco Resources, Inc. XCO 5.5 $5.99 0.0 NM NM 0.0 NM 0.0 NM 5.5 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Forest Oil Corporation FST 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Forest Oil Corporation FST 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Kodiak Oil & Gas KOG 0% NM 0% NM NM 0% NM 0% NM 0% 2% $87.22 1% $85.00 $117.00 0% NM 0% NM 3% Kodiak Oil & Gas KOG 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.2 $87.22 0.1 $85.00 $117.00 0.0 NM 0.0 NM 0.3
Murphy Oil Corporation MUR 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Murphy Oil Corporation MUR 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Newfield Exploration Company NFX 11% $5.33 25% $5.44 $6.48 -25% $4.04 0% NM 36% 0% NM 19% $80.00 $110.54 -19% $55.00 0% NM 19% Newfield Exploration Company NFX 18.3 $5.33 39.5 $5.44 $6.48 -39.5 $4.04 0.0 NM 57.8 0.0 NM 4.7 $80.00 $110.54 -4.7 $55.00 0.0 NM 4.7
Noble Energy, Inc. NBL 5% $5.25 9% $5.25 $5.59 -9% $4.00 0% NM 14% 3% $98.03 14% $95.57 $123.03 -14% $78.33 0% NM 17% Noble Energy, Inc. NBL 11.0 $5.25 18.3 $5.25 $5.59 -18.3 $4.00 0.0 NM 29.2 1.1 $98.03 5.5 $95.57 $123.03 -5.5 $78.33 0.0 NM 6.6
Oasis Petroleum OAS 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 23% $90.89 $112.97 -16% $71.25 0% NM 23% Oasis Petroleum OAS 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 2.6 $90.89 $112.97 -1.8 $71.25 0.0 NM 2.6
Pioneer Natural Resources Company PXD 16% $6.11 46% $5.23 $6.54 -11% $4.50 0% NM 62% 4% $81.02 42% $83.81 $119.78 -42% $66.23 0% NM 46% Pioneer Natural Resources Company PXD 24.6 $6.11 71.2 $5.23 $6.54 -16.4 $4.50 0.0 NM 95.8 1.1 $81.02 11.3 $83.81 $119.78 -11.3 $66.23 0.0 NM 12.4
Plains Exploration & Production PXP 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Plains Exploration & Production PXP 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
QEP Resources QEP 21% $6.34 0% NM NM 0% NM 0% NM 21% 3% $114.00 0% NM NM 0% NM 0% NM 3% QEP Resources QEP 50.3 $6.34 0.0 NM NM 0.0 NM 0.0 NM 50.3 0.2 $114.00 0.0 NM NM 0.0 NM 0.0 NM 0.2
Quicksilver Resources KWK 29% $5.69 0% NM NM 0% NM 0% NM 29% 0% NM 0% NM NM 0% NM 0% NM 0% Quicksilver Resources KWK 38.3 $5.69 0.0 NM NM 0.0 NM 0.0 NM 38.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Range Resources Corporation RRC 0% NM 24% $5.09 $5.65 0% NM 0% NM 24% 0% NM 0% NM NM 0% NM 0% NM 0% Range Resources Corporation RRC 0.0 NM 58.4 $5.09 $5.65 0.0 NM 0.0 NM 58.4 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Rex Energy Corp REXX 3% $4.56 29% $4.72 $5.66 NM NM 0% NM 32% 0% NM 45% $73.67 $113.83 0% NM 0% NM 45% Rex Energy Corp REXX 0.7 $4.56 7.1 $4.72 $5.66 -1.1 $2.39 0.0 NM 7.8 0.0 NM 0.4 $73.67 $113.83 0.0 NM 0.0 NM 0.4
Rosetta Resources ROSE 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 35% $75.00 $122.81 0% NM 0% NM 35% Rosetta Resources ROSE 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 1.4 $75.00 $122.81 0.0 NM 0.0 NM 1.4
SandRidge Energy, Inc. SD 0% NM 1% $4.00 $7.15 0% NM 0% NM 1% 53% $92.52 0% NM NM 0% NM 0% NM 53% SandRidge Energy, Inc. SD 0.0 NM 0.9 $4.00 $7.15 0.0 NM 0.0 NM 0.9 11.8 $92.52 0.0 NM NM 0.0 NM 0.0 NM 11.8
Southwestern Energy SWN 31% $5.06 0% NM NM 0% NM 0% NM 31% 0% NM 0% NM NM 0% NM 0% NM 0% Southwestern Energy SWN 185.3 $5.06 0.0 NM NM 0.0 NM 0.0 NM 185.3 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
SM Energy SM 9% $5.24 4% $4.55 $5.51 0% NM 0% NM 14% 4% $88.21 13% $75.84 $109.81 0% NM 0% NM 17% SM Energy SM 13.8 $5.24 6.7 $4.55 $5.51 0.0 NM 0.0 NM 20.5 0.6 $88.21 2.1 $75.84 $109.81 0.0 NM 0.0 NM 2.8
Stone Energy Corporation SGY 17% $5.30 0% NM NM 0% NM 0% NM 17% 29% $102.70 0% NM NM 0% NM 0% NM 29% Stone Energy Corporation SGY 7.3 $5.30 0.0 NM NM 0.0 NM 0.0 NM 7.3 1.8 $102.70 0.0 NM NM 0.0 NM 0.0 NM 1.8
Swift Energy Company SFY 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Swift Energy Company SFY 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Ultra Petroleum Corp. UPL 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% Ultra Petroleum Corp. UPL 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Unit Corporation UNT 0% NM - NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 24% $102.05 0% Unit Corporation UNT 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.7 $102.05 0.7
Venoco, Inc. VQ 0% NM 36% $5.00 $7.02 0% NM 0% NM 36% 0% NM 43% $81.79 $113.59 0% NM 0% NM 43% Venoco, Inc. VQ 0.0 NM 7.3 $5.00 $7.02 0.0 NM 0.0 NM 7.3 0.0 NM 1.4 $81.79 $113.59 0.0 NM 0.0 NM 1.4
Whiting Petroleum Corporation WLL 14% $5.47 0% NM NM 0% NM 0% NM 14% 0% NM 11% $47.64 $89.89 0% NM 0% NM 11% Whiting Petroleum Corporation WLL 4.4 $5.47 0.0 NM NM 0.0 NM 0.0 NM 4.4 0.0 NM 3.1 $47.64 $89.89 0.0 NM 0.0 NM 3.1
W&T Offshore Inc. WTI 0% NM 0% NM NM 0% NM 0% NM 0% 0% NM 0% NM NM 0% NM 0% NM 0% W&T Offshore Inc. WTI 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0 0.0 NM 0.0 NM NM 0.0 NM 0.0 NM 0.0
Total E&Ps 5% $5.40 5% $5.14 $6.53 -2% $4.02 -1% $6.44 10% 4% $91.58 8% $83.11 $110.64 -3% $70.51 -0% $98.62 12% Total E&Ps 593.8 $5.40 413.2 $5.14 $6.53 -239.5 $4.00 -415.0 $6.44 1,007.0 32.4 $91.58 49.2 $83.11 $110.64 -28.8 $70.51 -20.5 $98.62 82.4
Footnotes: Footnotes:
Basis swaps are excluded from the hedging survey. Basis swaps are excluded from the hedging survey.
Calculated hedging percentages are based on company guidance for future production and ISI production estimates. Calculated hedging percentages are based on company guidance for future production and ISI production estimates.
Hedges are generally NYMEX equivalent. Hedges are generally NYMEX equivalent.
Swap and collar prices are volume weighted Swap and collar prices are volume weighted
Source: Company data and ISI estimates Source: Company data and ISI estimates
&L&"Arial,Bold"&12CREDIT SUISSE&R &"Arial,Bold"&12Hedging Summary
&LSource: Company data and Credit Suisse estimates

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