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The top producer in the US is betting that crude oil prices will keep rising and that it won't have to use any of its remaining hedges.
According to a Wednesday filing, Pioneer Natural Resources said the move will cost $328 million and will be spread out over the course of the year.
The company bought back $250 million of its own shares.
Pioneer uses financial instruments to lock in sales contracts at certain prices and hedge against rising costs of oil and natural gas production.
The economy rebounded from the Pandemic and crude oil prices went up. West Texas Intermediate surged more than 50% in 2021.
Pioneer's hedges resulted in more than $2 billion worth of losses last year.
The price of crude oil increased at the start of 2022. On Tuesday, the organization agreed to increase oil production in February. The price of oil is back above the $80 a barrel mark.
Pioneer doesn't want oil to get too high. Scott Sheffield, the CEO, said during a Goldman Sachs energy conference on Wednesday that he hopes prices stay in a range of $75-$100 per barrel and warned that higher oil prices will not help the industry.
Business Insider has an original article.
