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Broadridge Financial Solutions, Inc. Message Board

  • Gasisthefuture Gasisthefuture Aug 4, 2000 11:29 AM Flag

    Hedges?

    Does anyone know what % of ng production BR has
    hedged? If they have not hedged, which they should not at
    this point, then BR should realize huge, huge, huge
    increases in earnings for the first and second 1/4's next
    year. Thanks in advance.
    $34 may seem very cheap
    when BR is selling for 60+ in March.

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    • Copied from message #2219

      From footnote #
      4 to the 12/31 annual report:

      The hedging
      contracts for year 2000 show 164,065,000 MMBTU at $2.43,
      then the hedges drop down to 91,345,000 MMBTu at $2.35
      for year 2001, then
      only 2,530,000MMBTU at $2.57
      for year 2002.

      • 1 Reply to cajun_in_tx
      • cajun in tx and gasisthefuture and wiggly...,
        yes, we have seen the published hedges, even broken
        out by quarter in 2000, but seemingly no rational
        person can decipher how br received less $$ for its ng
        in 2Q00 than its disclosed hedge price. you know,
        someone from br investor relations could really help out
        on this. he/she does not need to enter into any
        discussion with this board. he/she could just publish some
        simple facts and explanation, and let that speak for
        itself.

        i imagine it is assumed by most of you readers that
        br is letting the $2.50 hedges run off and that br
        is getting a much higher wellhead or better market
        price for the unhedged ng it is selling today and in
        the future. a perverse thought occurred to me some
        weeks ago. since br has this hedge tactic (a habit i am
        sure some powerful manager strongly believes in and
        justifies strongly, factually, and politically within br
        management), perhaps br has continued the hedging, albeit at
        higher prices. so i wonder if br likes the above $4.00
        prices so much now that they might have hedged the 4Q00
        & 1Q01 production such that br would not have the
        ability to sell at top dollar this winter when/if we have
        the $5 to $8 dollar prices that many predict and
        expect with winter shortages. when i looked at the
        numbers from many, many other ng producers this past
        quarter, it was amazing how close to top dollar many of
        the larger ones were getting. i am not bitching. i am
        making reasonable statements and posing reasonalbe
        possibilites. investor relations should get involved on this
        board.

        on another note it appears br has fewer or maybe no
        cheerleaders on this board, and that may signify a decent
        bottom has formed. it's good to see some pom poms have
        left the board. still br is isn't moving up with the
        rest the past few days. drilling in west africa press
        releases are not endearing. is that going to be LNG some
        day or is that for oil? if br jacks up production in
        the madden fields and canada fast, the analysts and
        shareholders will like that a lot. how hard could this be to
        connect the dots?

 
BR
36.82+0.33(+0.90%)Apr 17 4:02 PMEDT

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