據(jù)彭博新聞社2021年8月4日報道，彭博新聞能源財經(jīng)（BNEF）報道說，由于全球油價上漲，美國頁巖勘井公司今年將面臨近120億美元的損失。

　　在BNEF調(diào)查的50家美國頁巖鉆井公司中，德文能源公司、先鋒自然資源公司和響尾蛇能源公司今年都將遭受最嚴(yán)重的損失，每家公司的水下對沖損失均超過10億美元。作為一個整體，美國頁巖行業(yè)對2021年預(yù)計產(chǎn)量的近三分之一進(jìn)行了對沖，實際影響是，它們的產(chǎn)量將比美國基準(zhǔn)原油西德克薩斯中質(zhì)原油(WTI)每桶低5美元左右。

　　石油行業(yè)資深分析師、桑基研究有限責(zé)任公司創(chuàng)始人保羅·桑基在接受彭博電視臺記者采訪時說：“本季度的負(fù)面因素之一是一些可怕的對沖。”

　　套期保值有助于原材料生產(chǎn)商減輕價格大幅波動的風(fēng)險，鎖定相對穩(wěn)定的現(xiàn)金流。但在牛市期間，這種做法存在把錢留在桌子上的風(fēng)險。

　　損失并不僅限于美國頁巖油鉆井公司。美國最大的天然氣生產(chǎn)商EQT公司上周在天然氣價格飆升之際加大了對沖力度，這讓投資者感到惱火。EQT公司第二季度在掉期和期權(quán)合約上計入了13億美元的非現(xiàn)金損失。

　　李峻 編譯自 彭博新聞社

　　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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