El Paso expands 2007 hedge program
El Paso Corporation, one of North America’s largest independent natural gas producers, has announced that it has restructured and expanded the hedge program that supports its natural gas production for 2007.
“Our expanded hedge program provides support on approximately 210 billion cubic feet (Bcf) of 2007 domestic natural gas production with an average floor price of $7.64 per million British thermal unit (MMBtu),” said Doug Foshee, El Paso’s president and CEO. “Importantly, 121 Bcf of the hedged volumes have an average capped price of $11.80/MMBtu, while the remainder of our 2007 production will retain unlimited upside. The risk management steps that we have taken, along with high expectations for
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