Petrobras reported on Wednesday (28) that it implemented a protective hedge strategy of part of its planned oil production for the year 2018. The operations were carried out during the months of February and March, in volume equivalent to 128 million of oil barrels.
According to the note, options were acquired with an exercise price referenced in the average of the Brent oil quotes of those months until the end of 2018, with average cost of us $3.48 per barrel and average exercise price around $65/barrel. The expiration of the options will be at the end of the year.
"The operation aims to protect portion of the operating-box generation projected by the company for the year 2018, ensuring a minimum price level for the production volume object of the operation without, however, stopping the price if Brent's average quotation in the year surpasses the Reference value. Thus, there is protection in the low prices scenarios and there continues to be fruition of the highest prices in the high scenarios of Brent, "states state. Source: Money Times
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