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TransGlobe Energy Corp. reported an update to its oil hedge position for 2020.
The Company entered into costless Dated Brent collars for its remaining unhedged forecasted 2020 Egypt entitlement oil production. An additional 800,000 bbls (100,000 bbls monthly from May-December) have been price-protected with a purchased put of $30.00 and a sold call of $40.70.
Open Hedge Positions as of April 8, 2020:
| Dated Brent | Q2’20 |
Q3’20 |
Q4’20 |
||||||||||||||||||
| Three Way Collar (Mbbls) | 150 | 150 | 150 | ||||||||||||||||||
| Sold Call ($/bbl) | 70.00 | 70.00 | 70.00 | ||||||||||||||||||
| Bought Put ($/bbl) | 54.00 | 54.00 | 54.00 | ||||||||||||||||||
| Sold Put ($/bbl) | 46.50 | 45.00 | 45.00 | ||||||||||||||||||
| Three Way Collar (Mbbls) | 75 | ||||||||||||||||||||
| Sold Call ($/bbl) | 72.70 | ||||||||||||||||||||
| Bought Put ($/bbl) | 55.00 | ||||||||||||||||||||
| Sold Put ($/bbl) | 45.00 | ||||||||||||||||||||
| Collars (Mbbls) | 200 | 300 | 300 | ||||||||||||||||||
| Sold Call ($/bbl) | 40.70 | 40.70 | 40.70 | ||||||||||||||||||
| Bought Put ($/bbl) | 30.00 | 30.00 | 30.00 | ||||||||||||||||||
| Total Hedged Volume (Mbbls) | 425 | 450 | 450 | ||||||||||||||||||
Randy Neely, President and Chief Executive Officer, commented: “Our decisive action taken at the outset of the OPEC+ production agreement dissolution and rapid expansion of the economic impacts of COVID-19, first to reduce 2020 capital by over 80%, followed swiftly by a ~35% reduction in continuing G&A expenses, will significantly contribute to the near-term financial health of the Company. We have now continued with these deliberate actions by conservatively protecting the bottom-most price bounds of our remaining unhedged production for 2020. While the Company will continue to seek further efficiencies, this hedging program, combined with our earlier actions to preserve cash, now allows us to begin focusing on the recovery beyond 2020 and opportunities that may lie ahead.”
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