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Wednesday 30 September 2020

U.S. crude oil producers increased the amount and share of production covered by financial hedges in Q2 2020 (9/30/2020)

According to the U.S. Energy Information Administration’s (EIA) analysis of financial disclosures from 77 publicly traded U.S. crude oil producers, financial hedging activity in the second quarter (Q2) of 2020 increased year on year from the second quarter of 2019. As of their second quarter filings, these 77 companies entered into hedging contracts covering 673 million barrels of crude oil for the next four quarters, compared with the 583 million barrels of coverage provided during the same time last year (Figure 1). These companies collectively accounted for 3.9 million barrels per day (b/d), or 36% of total U.S. crude oil production, in Q2 2020. Crude oil producers enter into hedging contracts to lock in a specific price or range of possible prices that they will receive when selling their oil production in the future, thereby minimizing exposure to changing prices and increasing the stability and predictability of revenues. If these companies produce at the same levels they averaged during Q2 2020, these hedges would cover 47% of production during the following year, up from 41% during the equivalent period in Q2 2019. ... More »
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The Stages Of A Scam

1. Foundation Work: This is the preparations which are made before the scam is put in motion, including the elaboration of the plan, the employment of assistants and so forth.

2. Approach: Is the manner of getting in touch with the scammers victim — often most elaborately and carefully prepared.

3. Build Up: Rousing and sustaining the interest of the victim, rousing his emotions, showing him the chance of profit and filling him so full of anticipation and cupidity that his judgment is warped and his caution thrown away.

4. Pay-off or Convincer: An actual or apparent paying of money by the conspirators to convince the victim and settle doubts by a cash demonstration.

5. The Hurrah: This is like the dénouement in a play and no scam or con scheme is complete without it. It is a sudden crisis or unexpected development by which the victim is pushed over the last doubt or obstacle and forced to act. Once the hurrah is sprung the victim is clay in the scammer's hands or there is no game.

6. The In-and-In: This is the point in a scam act where the conspirator may put some of his money into the deal with that of the victim; first, to remove the last doubt that may tarry in the gull's mind.