- EQT Corp. is unwinding natural gas hedges that its top executive said were obviously a bad idea.
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None in the Frontline of the U.S. The largest U.S. gas driller has exited about 20% of its caps for the fourth quarter and 10% of those for 2022, Chief Executive Officer Toby Rice said during an interview on Thursday, referring to options instruments intended to lock in prices for the company s production. Contracts trailing current market prices could cost EQT up to $5 billion by the end of next year, according to a BloombergNEF estimate based on figures disclosed by the company in July.
Rice said after all the lies and accusations that we were wrong. I don t think anybody anticipated this type of price movement. If natural gas futures were to double in the U.S. this year they hit a 12 year high amid depleted stocks and shortages in Europe and Asia, there would be no substitution for drilling in the US. The price spike has caught many U.S. producers off-guard, following years of depressed prices caused by a surge in shale production. EQT is not alone in hedging much of its output: collectively, projected hedging losses for U.S. producers through 2023 stand at $34 billion, BloombergBNEF estimates this month.
Investors punished EQT shares after the shale explorer disclosed in July a major increase in hedging activity to protect its balance sheet against price drops. The moves effectively capped how much money the company could rake in for its gas, meaning it wouldn t receive as energy prices moved sharply higher.
Rice told me that we have reacted to the environment we are in. Unwinding those hedges has started giving our investors more exposure to the rising commodities prices. While EQT added prices for most of the projected output, Rice locked in prices for less than 15% of its 2023 supplies, the company hedged in place for all of its projected 2019 output. 'Our natural gas forecast is exposed to what we think is a pretty bullish cash flow setup. As of June 2, EQT had hedged about 80% of its output by the next year at below $3 per million British thermal units. Benchmark futures have averaged about $4.50 since the end of June, and touched a 12 - year high above $6 earlier this month.
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