New breed of upstream oil & gas firms have increased appetite for hedging

The growth of master limited partnerships in the North American energy sector is creating a new breed of exploration and production companies with an increased appetite for hedging. The biggest of these, Linn Energy, has hedged 100% of its production out to 2015. Samuel Fenwick investigates this new trend

Oil refining plant

In North America, the energy sector has seen a shift in the ownership structure of many companies, with the growth of master limited partnerships (MLPs), which are a type of publicly traded partnership (PTP). Analysts are upbeat about the growth potential for MLPs in the exploration and production (E&P) sector. 

Under the MLP model, investors become limited partners, also referred to as unit-holders, and are paid a distribution instead of a dividend. MLPs typically deliver higher returns to

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