PNG

Hedging keeps Horizon in the black

HEDGED production from China and New Zealand has led Horizon Oil to maintain strong revenues and cashflow despite the significant fall in oil prices which occurred during the year, and post a $US18.3 million ($25.7 million) after tax profit for the year to June 30.

Haydn Black

Horizon's decision to hedge 74% of the 1.2 million barrels of oil its produced last year at an average price of $US95.45/bbl appears to have been a masterstroke of risk mitigation, allowing the junior...

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