Abstract
We examine the extent of operational and financial hedging in US oil and gas companies. Using a combination of hand collected and publicly available data we first calculate financial and commodity exposure. We find significant exposure to underlying commodity movements. We find no evidence that operational hedging, defined here as multinationality, is effective, rather that financial hedging is significant and impactful.
Published Version
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have