Presidio Production Company Announces First Quarter 2026 Results and Launch of AI-Focused Asset Intelligence Group

FORT WORTH, Texas--(BUSINESS WIRE)--Presidio Production Company (NYSE: FTW) ("Presidio" or the "Company") today announced recent highlights and results for the first quarter ended March 31, 2026.

Recent Highlights and Outlook

• Closed business combination on March 4, 2026 and began trading on the New York Stock Exchange under the ticker symbol "FTW"
• Declared first dividend as a public company, at an equivalent rate of $1.35 per share per year
• Demonstrated Presidio’s acquisition strategy with Canyon Creek et al definitive purchase and sale agreements
• Anticipated first use of Goldman Sachs ABS Warehouse facility and dividend equivalent rate increase to $1.50 per share per year following closing of Canyon Creek acquisition
• Launched AI-focused Asset Intelligence Group, supported by proprietary technology at subsidiary FTW Technologies LLC
• Current net production of approximately 22 MBoe/d, comprising approximately 16% oil, 57% natural gas, and 27% NGLs, as of March 2026
• Approximately $30 million of Adjusted EBITDA⁽¹⁾ expected for the second quarter of 2026

Management Commentary

"The first quarter of 2026 was transformational for Presidio," said Will Ulrich, Chairman and Co-CEO. "We closed our business combination and began trading on the New York Stock Exchange on March 5. In parallel, we organized the Company around what we believe is the defining edge in our industry: Asset Intelligence, converting data into decisions, decisions into action, and action into cash flow. With our Asset Intelligence group now organized and FTW Technologies operating as a dedicated business unit, we are targeting a three to five percent production uplift in 2026 across our existing asset base. We have already achieved approximately one percent of production uplift through April. Over time, we believe the intellectual property we are building at FTW Technologies has applications well beyond our own acreage and represents an additional source of value for shareholders."

Chris Hammack, Co-CEO, added: "Acquisitions are the engine of our growth model, and we believe the Canyon Creek transaction is the first proof point of that strategy as a public company. Canyon Creek will extend our footprint into the Arkoma Basin, expands our producing base alongside our existing Mid-Continent assets. Land-and-expand remains the strategy, and the pipeline for acquisitions has never been deeper."

First Quarter Results

First quarter results are bifurcated into a predecessor period and a successor period reflecting the new basis of accounting established at the closing of the business combination on March 4, 2026. The first quarter included transaction-related charges associated with closing, including transaction costs, non-cash stock-based compensation, and other one-time items which significantly impacted net income (loss). In addition, the Company executed a restructuring of its commodity hedge book concurrent with closing; the restructuring resulted in $2.2 million of realized derivative costs recognized in the successor period, whereas the economic benefit of the restructured hedges began in the second quarter of 2026.

As a result, both the predecessor and successor periods reflect transaction-driven items and pre-restrike hedge economics that management does not expect to have a recurring impact on future (or forecasted) performance. Accordingly, management is providing guidance that it expects approximately $30 million of Adjusted EBITDA⁽¹⁾ for the second quarter of 2026.

AI and Asset Intelligence

Presidio applies a disciplined, data-driven playbook to modernize acquired oilfield operations. The Company transforms oil and gas assets into high-efficiency operations through repeatable systems and empowered field execution. The latest evolution of this efficiency is focused on the implementation of AI.

As such, Presidio has launched the organization of its operations into three integrated functions: an Asset Intelligence group of engineers and support staff with AI and analytics to drive field efficiencies; an Operations group running the assets day-to-day; and dedicated AI development at subsidiary FTW Technologies that builds tools, models, and insights the Asset Intelligence group uses to make better decisions faster. The Company also designated its first class of Presidio AI Astronauts, employees serving as internal ambassadors of the AI transformation across the organization.

The Asset Intelligence group carries a target of three to five percent production growth in 2026 across Presidio's existing asset base. Through the first four months of 2026, the Company has achieved an approximately one percent production uplift.

The Company's technology platform is operated by FTW Technologies LLC, a wholly owned subsidiary. FTW Technologies has built a proprietary oil and gas domain model built on a custom ontology and trained on years of operating data, including voice submissions from field pumpers, well files, drilling, completion, and workover reports, producing pressures, production volumes, and geology to surface well-level decisions in real time.

Presidio is expanding its dedicated AI team. The Company believes the intellectual property developed at FTW Technologies has applications beyond Presidio's own assets and represents a potential additional source of value to shareholders over time.

Acquisition Outlook

With the global rise in commodity prices, the Company has observed an increase in A&D activity and currently has $1.4 billion of bids in process across multiple potential transactions. The Company’s expected acquisition outlook remains strong.

On May 8, 2026, the Company executed definitive purchase and sale agreements to acquire the Canyon Creek assets from companies controlled by Vortus Investments and additional sellers for approximately $83 million in aggregate consideration, comprising $60.0 million of cash and 2,173,913 shares of Presidio common stock issued to the sellers. The cash portion is expected to be funded through borrowings under the Company's planned $1.0 billion Goldman Sachs ABS Warehouse Facility and cash on hand. The transaction follows the letter of intent announced February 24, 2026, and is expected to close in the third quarter of 2026, subject to customary closing conditions and post-closing adjustments. Upon closing, Canyon Creek will represent the Company's first completed acquisition as a public company and demonstrates the Company’s acquisition thesis.

The Canyon Creek assets establish the Company's entry into the Arkoma Basin, an operationally adjacent extension of the existing Mid-Continent footprint and a platform for further consolidation consistent with the Company's land-and-expand strategy.

The acquired position comprises 55 active producing wells generating approximately 21.4 MMcfe/d of net PDP production as of April 2026, weighted approximately 70% to natural gas and 30% to natural gas liquids, with an estimated base decline of approximately 11% per year. Management estimates net PDP reserves of approximately 100 Bcfe and PV-10 of approximately $100 million.

The Company expects the incremental cash flow from Canyon Creek to support an increase in the anticipated annualized dividend from $1.35 to $1.50 per share following close, subject to approval by the Board of Directors.

Liquidity and Capital Structure

As of March 31, 2026, Presidio had total liquidity of $48.7 million, comprising $20.7 million of unrestricted cash and cash equivalents and $28.0 million of undrawn capacity under its revolving credit facility ("RBL"). Total cash and cash equivalents was $31.5 million, including restricted cash of $10.8 million.

Indebtedness consisted of $256.8 million of investment grade asset-backed security ("ABS") notes, $37.0 million of RBL borrowings, and a $2.1 million Trail Dust term loan, for total Net Debt of $264.4 million⁽¹⁾⁽²⁾. Based on approximately $30 million of Adjusted EBITDA⁽¹⁾ expected for the second quarter of 2026, this equates to Leverage⁽¹⁾ of approximately 2.2x on a second-quarter annualized basis, using debt balances as of March 31, 2026.

Preferred equity outstanding consisted of Series A preferred stock with a $125.0 million aggregate stated value and Series B preferred stock convertible into 2,717,300 shares ⁽³⁾.

Common equity outstanding consisted of 27,652,068 shares of Class A Common Stock and 1,676,830 shares of Class B Common Stock.

Hedging Program

The following table summarizes Presidio's commodity hedge position as of March 31, 2026, reflecting the hedge restructuring executed concurrent with the closing of the business combination. First quarter 2026 volumes are shown for reference and reflect the pre-restructuring hedge book. The restructured hedge component took effect beginning in the second quarter of 2026 and provides multi-year cash flow visibility across oil, natural gas, and NGL production.

	1Q26	2Q26		3Q26		4Q26		1Q27	2Q27		3Q27		4Q27		FY28		FY29	Beyond
Oil Swaps^(4)
Volume (MBbl)	262	274		268		262		253	246		241		236		487		15	—
Avg. Strike ($/Bbl)	$56.43	$57.35		$59.46		$60.22		$59.60	$59.02		$58.48		$57.95		$57.80		$64.41	—
Natural Gas Swaps
Volume (BBtu)	5,682	6,264		6,138		6,013		5,807	5,566		5,461		5,361		20,358		17,080	22,654
Avg. Strike ($/MMBtu)	$3.04	$6.23		$5.42		$5.89		$4.88	$4.45		$3.42		$3.74		$3.55		$3.57	$3.58
Natural Gas Basis Swaps
Volume (BBtu)	5,657	5,990		5,886		5,789		4,971	4,782		4,692		4,608		4,508		—	—
Avg. Strike ($/MMBtu)	$0.15	$(0.49	)	$(0.59	)	$(0.38	)	$0.24	$(0.58	)	$(0.51	)	$(0.39	)	$(0.26	)	—	—
NGL Swaps ^(4)
Volume (MBbl)	505	556		545		534		517	506		456		447		1,384		—	—
Avg. Strike ($/Bbl)	$23.12	$22.39		$22.19		$22.35		$24.22	$22.52		$26.90		$25.59		$25.79		—	—

Summary Financial and Operational Data

The following table presents Presidio's key financial and operational metrics for the first quarter of 2026, separately for the successor period (March 4 through March 31, 2026) and the predecessor period (January 1 through March 3, 2026), alongside the three months ended March 31, 2025. The two 2026 periods are not directly comparable due to the new basis of accounting established at the close of the business combination, and the predecessor period reflects elevated general and administrative expense driven by transaction-related compensation and other one-time costs associated with the business combination. Per-unit metrics are presented on a $/Boe basis to facilitate period-over-period comparison of underlying operating performance. Realized derivative losses in the successor period include $2.2 million of costs associated with the execution of the hedge restructuring at the closing of the business combination.

	Successor: Mar 4 – Mar 31, 2026	Predecessor: Jan 1 – Mar 3, 2026	Three Months Ended Mar 31, 2025
Production
Net production (MBoe)	622	1,204	1,883
Average daily production (MBoe/d)	22	19	21
Production mix – oil / gas / NGLs	16% / 57% / 27%	16% / 57% / 27%	17% / 56% / 27%
Revenue and Realizations ($/Boe)
Average realized price, excluding derivatives	$24.53	$29.67	$27.39
Realized derivative loss	$(10.04)	$(8.82)	$(5.42)
Average realized price, including derivatives	$14.49	$20.85	$21.97
Operating Costs ($/Boe)
Lease operating expense	$9.47	$10.20	$10.07
Production taxes	$1.64	$1.74	$1.59
Ad valorem taxes	$0.58	$0.63	$0.68
Total	$11.68	$12.57	$12.34
Aggregate Financials ($ thousands)
Total revenue	15,346	35,876	51,942
Income (loss) from operations	1,140	(39,684)	7,427
Net loss attributable to Presidio	(25,419)	(71,339)	(17,552)
Adjusted EBITDA	2,620	8,616	17,020
Adjusted Unhedged EBITDA	6,679	19,237	27,225

Conference Call Information

Presidio will host a conference call to discuss its first quarter 2026 results on Friday, May 15, 2026 at 11:00 AM Eastern Time (10:00 AM Central Time). A live webcast and replay will be available on the Investor Relations section of the Company's website at https://ir.bypresidio.com/. A replay of the call will also be available shortly after the call by dialing [phone] (U.S.) or [phone] (international); passcode 13759620. The replay will be available through Friday, May 29, 2026.

About Presidio Production Company

Headquartered in Fort Worth, TX, Presidio Production Company (NYSE: FTW) is a yield-focused, differentiated oil and gas operator in the United States focused on the acquisition and optimization of producing oil and natural gas wells, without drilling. Presidio is a leading operator of stable oil and gas wells across the Mid-Continent, applying engineering expertise and AI-driven analytics to enhance performance and extend asset life. The Company's Class A common stock is listed on the New York Stock Exchange under the ticker symbol "FTW". To learn more, visit https://bypresidio.com/.

Non-GAAP Financial Measures and Reconciliations

This press release includes Adjusted EBITDA and Adjusted Unhedged EBITDA, which are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Presidio defines Adjusted EBITDA as net income (loss) before (1) interest expense, net, (2) depreciation, depletion, amortization and accretion, (3) unrealized loss (gain) on derivative instruments, (4) non-cash share-based compensation, (5) non-recurring compensation expense related to our Class B Units, (6) (gain) loss on sale of assets, net, (7) loss on ARO liabilities, (8) change in fair value of earnout liability, (9) income tax expense (benefit), and (10) acquisition, transaction, and certain non-recurring costs that management does not consider indicative of ongoing performance. Adjusted EBITDA is used as a supplemental financial performance measure by Presidio management and by external users of our financial statements, such as industry analysts, investors, lenders, rating agencies and others, to evaluate our operating performance and Presidio’s results of operations from period to period and against our peers without regard to financing methods, capital structure or historical cost basis. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA because these items and related amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of our operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual items. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies.

Presidio defines Adjusted Unhedged EBITDA as Adjusted EBITDA further adjusted to remove realized gains and losses on derivative instruments. This measure is intended to show our operating results without the impact of our hedging program. Management believes Adjusted Unhedged EBITDA is an important metric that provides valuable insight into the Company’s underlying operational performance by removing the effects of financing decisions, non-cash charges, and hedging activities. Adjusted Unhedged EBITDA is a supplemental non-GAAP measure and may not be comparable to similarly titled measures of other companies.

Adjusted EBITDA and Adjusted Unhedged EBITDA are not substitutes for, and should be considered in addition to, net income (loss), cash flows from operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA and Adjusted Unhedged EBITDA as presented may not be comparable to similarly titled measures of other companies. A reconciliation of Adjusted EBITDA and Adjusted Unhedged EBITDA to net loss, the most directly comparable GAAP measure, is provided below.

Presidio defines Net Debt as the aggregate principal amount outstanding of the Company’s ABS notes, RBL borrowings and Trail Dust term loan, excluding lease obligations, less total cash (including restricted cash). Presidio defines Leverage as Net Debt divided by annualized Adjusted EBITDA, calculated by multiplying the applicable quarter’s Adjusted EBITDA by four. Management believes Net Debt and Leverage are useful to investors, analysts and rating agencies in evaluating the Company’s capital structure and ability to service its indebtedness. Net Debt and Leverage are supplemental non-GAAP measures, should not be considered alternatives to total debt or net income (loss) determined in accordance with GAAP, and may not be comparable to similarly titled measures of other companies. A reconciliation of Net Debt to total debt, the most directly comparable GAAP measure, is set forth below.

The Leverage ratio presented in this press release is calculated using forward-looking Adjusted EBITDA for the second quarter of 2026. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA to forward-looking net loss, the most directly comparable GAAP measure, without unreasonable effort because certain reconciling items, including unrealized gains and losses on derivative instruments, income tax expense (benefit), and the timing and amount of acquisition, transaction and other non-recurring costs, depend on future events outside the Company’s control or cannot be reasonably predicted.

The PV-10 present in this press release is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and gas reserves, less future development and production costs, discounted at 10% per annum to reflect the timing of future cash flows and utilizes an SEC pricing assumption. PV-10 is derived from the standardized measure of discounted future net cash flows (the “Standardized Measure”), which is the most directly comparable financial measure calculated in accordance with GAAP. PV-10 differs from the Standardized Measure in that PV-10 excludes the effects of income taxes on future net revenues. We believe the presentation of PV-10 is relevant and useful to investors because it provides the discounted future net cash flows attributable to our proved reserves without regard to any of our specific income tax characteristics and is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Investors may use PV-10 as a basis for comparing the relative size and value of our proved reserves to that of other companies. PV-10 should not be considered as a substitute for, or more meaningful than, the Standardized Measure. Neither PV-10 nor the Standardized Measure represents an estimate of the fair market value of our oil and natural gas properties.

Reconciliation of GAAP Financial Measures to Adjusted EBITDA and Adjusted Unhedged EBITDA

The following table reconciles net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA and Adjusted Unhedged EBITDA for the periods presented. Net loss in the Successor period differs from Net loss attributable to Presidio Production Company shown in the Summary Financial and Operational Data table by $1.5 million, which represents net loss attributable to non-controlling interests.

	Successor	Predecessor	Predecessor
	March 4, 2026 to March 31, 2026	January 1, 2026 to March 3, 2026	Three Months Ended March 31, 2025
Net Loss (GAAP)	$ (26,966)	$ (71,339)	$ (17,552)
Depletion, oil and gas properties	4,406	4,276	7,281
Depreciation of other property and equipment	263	673	790
Accretion of asset retirement obligation	368	643	1,008
Gain from sale of assets	(30)	(816)	(4,899)
Loss on ARO liabilities	149	-	332
Unrealized loss from derivative transactions	26,922	17,284	8,319
Change in fair value of earnout liability	(96)	-	-
Share-based compensation (1)	434	46,982	15,000
Acquisition and transaction costs	224	6,993	422
Interest expense	1,715	3,920	6,319
Non-recurring cost (2)	2,184	-	-
Income tax benefit	(6,953)	-	-
Adjusted EBITDA	$ 2,620	$ 8,616	$ 17,020
Realized Loss from derivative transactions (3)	4,059	10,621	10,205
Adjusted Unhedged EBITDA	$ 6,679	$ 19,237	$ 27,225
(1) Includes share-based compensation expense related to restricted stock units for the Successor period from March 4, 2026 through March 31, 2026. Also includes share-based compensation expense associated with the final vesting and settlement of PIH’s Class B units upon the closing of the Business Combination for the Predecessor period from January 1, 2026 through March 3, 2026 and distributions to Class B unitholders following the sale of certain undeveloped properties for the three months ended March 31, 2025 (Predecessor).
(2) Includes one-time realized loss resulting from the modification of certain natural gas swap contracts concurrent with the Business Combination for the Successor period from March 4, 2026 through March 31, 2026.
(3) Excludes one-time realized loss resulting from the modification of certain natural gas swap contracts concurrent with the Business Combination for the Successor period from March 4, 2026 through March 31, 2026.

In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, a reconciliation of forward-looking Adjusted EBITDA for the second quarter of 2026 and acquisition PV-10 are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components thereof. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

Reconciliation of Net Debt to Total Debt

The following table reconciles Total Debt, the most directly comparable GAAP measure, to Net Debt as of March 31, 2026.

($ in thousands)	March 31, 2026
Total Debt (GAAP)	$305,179
Less: ABS II debt premium, net	(10,292)
Less: Equipment financing obligations	(1,544)
Plus: Citizens RBL debt issuance costs, net	2,558
Principal outstanding (ABS Notes, RBL, Trail Dust)	$295,901
Less: Cash and cash equivalents	(20,690)
Less: Restricted cash	(10,822)
Net Debt (Non-GAAP)	$264,389

Cautionary Note Regarding Hydrocarbon Disclosures

The U.S. Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. Presidio uses certain terms in this press release, such as estimated production, reserves estimates, and resource potential, that the SEC's guidelines may prohibit it from including in filings with the SEC. Investors are urged to consider closely the disclosure in the Company's filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and its Annual Report on Form 10-K, when available, each of which may be obtained without charge at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release that are not purely historical are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements speak only as of the date this press release is actually delivered and involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the outcome of any legal proceedings relating to the Transaction that may be instituted against the Company or others; (2) the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the Company to reduce operating costs, grow and manage growth profitably, maintain relationships with customers and suppliers, successfully integrate the Canyon Creek assets into the assets of the Company and retain its management and key employees; (3) changes in applicable laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) changes in domestic and foreign business, market, financial, political conditions, and in applicable laws and regulations; (6) the ability to meet stock exchange listing standards; (7) the ability of the Company to build or maintain relationships with customers and suppliers and retain its management and key employees; (8) risks related to commodity price volatility and its impact on cash flows and dividend sustainability; (9) risks related to oil and gas operations, including production declines, operational challenges, and regulatory changes; (10) the Company’s ability to consummate the Transaction; (11) risks related to the Company's ability to pay, maintain or increase dividend payments; (12) the uncertainty and risks regarding the use of AI, including the AI-focused Asset Intelligence Group; and (13) other risk factors described herein as well as the risk factors and uncertainties described in documents filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” and similar sections in its filings with the SEC, and any periodic Exchange Act reports filed with the SEC such as its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The recipient of this press release should carefully consider the foregoing risk factors and the other risks and uncertainties which will be more fully described in the documents filed by the Company from time to time with the SEC. If any of these risks materialize or the underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.

In addition, there may be additional risks that the Company does not presently know, or that it currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation or warranty, either express or implied, by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.

In addition, the information contained in this press release is provided as of the date hereof and may change, and the Company and its representatives and affiliates specifically disclaim any obligation to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, inaccuracies, future events or otherwise, except as may be required under applicable securities laws. Information contained on our website is not a part of or incorporated into this press release. Dividends are not guaranteed and may be adjusted, suspended, or discontinued at the discretion of the Board of Directors based on liquidity, legal surplus, business conditions, commodity price volatility, market conditions and other factors. Completion of the Transaction remains subject to customary closing conditions. There can be no assurance that the anticipated benefits will be realized if completed or that the Transaction will be completed on the terms described herein, or at all.

Notes:
(1)	Non-GAAP measure. See “Non-GAAP Financial Measures and Reconciliations” for definitions and reconciliations.
(2)	Debt balances at 3/31/26 include the gross amount of principal outstanding for borrowed money
(3)	Preferred liquidation value as of 3/31/26
(4)	NGL hedges include a combination of individual component hedges and WTI hedges allocated to NGL volumes