Hedging | Capital Markets | Private Equity Activity
Flush with Cash, Clayton William Adds Oil Hedges at $41.00 BBL
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Clayton Williams Energy, Inc. today announced that it had entered into three new swap agreements covering a portion of its expected oil production, as follows: 124,000 barrels for May 2016 through June 2016 at $41.18 per barrel; 343,000 barrels for July 2016 through December 2016 at $42.70 per barrel; and 315,500 barrels from January 2017 through June 2017 at $44.30 per barrel.
The following summarizes information concerning our net positions in open commodity derivatives, all of which were entered into in January 2016 and March 2016, applicable to periods subsequent to December 31, 2015. In connection with the swap agreement entered into in January 2016, we granted the counterparty the option to extend the agreement to cover an additional 739 MBbls of oil production during the second half of 2016 at the same price of $40.25 per barrel. The option to extend expires on June 30, 2016. Settlement prices of commodity derivatives are based on NYMEX futures prices.
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