Pioneer Natural Resources Co. (NYSE:PXD) has converted approximately 85% of its 2015 oil derivative contracts from three-way collars to fixed-price swaps. Pioneer’s 2015 fixed-price oil swaps cover 82,000 barrels of oil production per day at an average NYMEX price of $71.18 per barrel.
These fixed-price derivative swaps and Pioneer's remaining three-way collar contracts for 2015 (13,767 barrels of oil production per day) currently cover approximately 85% of the company's forecasted oil production in 2015. Pioneer continues to maintain its three-way collar contracts for 2016 ($96.46 per barrel call price, $85.47 per barrel put price and $74.35 per barrel short put price), which currently account for 73,000 barrels of oil production per day.
Pioneer also has derivatives in-place covering approximately 85% of forecasted gas production in 2015 through a combination of three-way collar contracts that cover 285,000 million British thermal units (MMBTU) per day at a NYMEX Henry Hub call price of $5.07 per MMBTU, a put price of $4.00 per MMBTU and a short put price of $3.00 per MMBTU, and derivative swap contracts that cover 20,000 MMBTU per day at an average NYMEX Henry Hub price of $4.31 per MMBTU.