据彭博新闻社2021年8月4日报道，彭博新闻能源财经（BNEF）报道说，由于全球油价上涨，美国页岩勘井公司今年将面临近120亿美元的损失。
在BNEF调查的50家美国页岩钻井公司中，德文能源公司、先锋自然资源公司和响尾蛇能源公司今年都将遭受最严重的损失，每家公司的水下对冲损失均超过10亿美元。作为一个整体，美国页岩行业对2021年预计产量的近三分之一进行了对冲，实际影响是，它们的产量将比美国基准原油西德克萨斯中质原油(WTI)每桶低5美元左右。
石油行业资深分析师、桑基研究有限责任公司创始人保罗·桑基在接受彭博电视台记者采访时说：“本季度的负面因素之一是一些可怕的对冲。”
套期保值有助于原材料生产商减轻价格大幅波动的风险，锁定相对稳定的现金流。但在牛市期间，这种做法存在把钱留在桌子上的风险。
损失并不仅限于美国页岩油钻井公司。美国最大的天然气生产商EQT公司上周在天然气价格飙升之际加大了对冲力度，这让投资者感到恼火。EQT公司第二季度在掉期和期权合约上计入了13亿美元的非现金损失。
李峻 编译自 彭博新闻社
原文如下：
Shale Drillers Leave $12B on Table
Shale explorers are facing almost $12 billion in losses this year from bad bets on oil after a global rally, according to BloombergNEF.
Of the 50 U.S. drillers surveyed by BNEF, Devon Energy Corp., Pioneer Natural Resources Co. and Diamondback Energy Inc. are on track to rack up the steepest losses, with more than $1 billion in underwater hedges apiece. The sector as a whole hedged almost one-third of estimated 2021 output and the practical impact is that they are locked in to reap about $5 less than the American benchmark crude, West Texas Intermediate.
“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC, said during an interview on Bloomberg TV.
Hedging helps producers of raw materials mitigate the risk of major price fluctuations and lock in relatively stable cash flows. But the practice carries the risk of leaving money on the table during bull markets.
The losses haven’t been limited to crude drillers. EQT Corp., America’s biggest natural-gas producer, irritated investors last week by boosting hedges at a time when the commodity also is surging. The company already has booked a $1.3 billion non-cash second-quarter loss on swaps and options contracts.
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