- Bill Barrett (BBG +4.2%) is higher after saying it expects to pocket a $33M cash gain from positive positions on its commodity derivative swaps during Q1.
- BBG says it expects a gain of ~$5.85 on each barrel of benchmark WTI crude oil and ~$0.28 per 1,000 cf of natural gas.
- For the rest of 2016, BBG says it has 7,267 bbl/day of oil hedged at an average WTI price of $76.72/bbl compared with $81.65 during Q1 and the actual Q1 price for WTI oil averaging $33.45/bbl.
- Now read Bill Barrett sees 11% reduction to borrowing base
Bill Barrett expects $33M Q1 cash commodity derivative gain
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