By comparison, average prices realized during the 2011 third quarter (including realized gains or losses from natural gas, oil and NGL derivatives and excluding unrealized gains or losses on such derivatives) were $4.82 per mcf of natural gas, $82.47 per bbl of oil and $41.16 per bbl of NGL, for a realized natural gas equivalent price of $5.78 per mcfe. Realized gains from natural gas, oil and NGL hedging activities during the 2011 third quarter generated a $1.43 gain per mcf of natural gas, a $1.71 loss per bbl of oil and a $2.88 loss per bbl of NGL for a 2011 third quarter realized hedging gain of $344 million, or $1.12 per mcfe. The company’s realized cash hedging gains since January 1, 2006, have been $8.8 billion, or $1.39 per mcfe.The following table summarizes Chesapeake’s 2012 and 2013 open natural gas and oil swap positions as of November 1, 2012. Depending on changes in natural gas and oil futures markets and management’s view of underlying supply and demand trends, Chesapeake may increase or decrease some or all of its hedging positions at any time in the future without notice.
|Year||% of Forecasted Production||NYMEX Natural Gas||% of Forecasted Production||NYMEX Oil WTI|