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Using a hand-collected data, we find large variations in hedging intensity and hedging profits among U.S. oil and gas producers while on average they generate significant positive profits. The profits relate positively to the intensity of hedging. Further decomposition shows that the profits relate strongly and positively to the market timing component of the hedging. Some firms can consistently generate profits from their hedging activities. Among firms who actively change their hedging positions, the winners tend to be larger firms. The hedging outcome does not increase equity beta while the pure hedging component tends to decrease equity beta. The oil and gas producers do not profit from interest rate or foreign exchange derivative transactions.

On the Market Timing and Feedback Effect of Hedging: Evidence from U.S. Oil and Gas Producers