hedging by upstream oil and gas firms during 1996-2008. The extent of risk management (hedging intensity) is positively … ownership, and weak board governance. There is also robust evidence that hedging is motivated by the reduction of financial …

flow of US listed shale oil and gas producing companies. The sample is limited to 27 publicly listed companies in the USA … with the majority of their revenues obtained from shale oil and gas operations in the USA from 2006 to 2020. Shale oil and …

We examine the extent of operational and financial hedging in US oil and gas companies. Using a combination of hand … underlying commodity movements. We find no evidence that operational hedging, defined here as multinationality, is effective …, rather that financial hedging is significant and impactful …