Public Event Detail
Occidental scraps new oil hedges as Iran war fuels price volatility
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Event summary
U.S. shale producer Occidental Petroleum will not add new oil hedges this year due to increased price volatility following the Iran war, which led to lower realized prices and derivative-related losses in the first quarter. While Occidental generally avoids active hedging, it had placed "costless collars" in February but halted further hedging as crude prices surged. This decision comes as other major U.S. energy companies like Exxon Mobil and Chevron also reported hits to earnings from derivative timing effects.