File - A man walks onto an oil drilling pump site in McKenzie County outside of Williston, North Dakota in this file photo from March 12, 2013. REUTERS/Shannon Stapleton
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At least six companies, including Pioneer Natural Resources Co. and Noble Energy Inc., used a strategy known as a three-way collar that doesn't guarantee a minimum price if crude falls below a certain level, according to company filings.Pioneer used three-ways to cover 85 percent of its projected 2015 output, the company's December investor presentation shows.The company hedged 95,767 barrels a day next year using the three-ways.If Thursday's prices persist, Houston-based Noble will bring in $50 million less in the first quarter than it would have by locking in the floor prices.Bonanza Creek, based in Denver, Colorado, set up three-ways with a floor of $84.32 and a subfloor of $68.08, SEC records show. If prices stay where they are, the company will realize $8.1 million less in the first quarter than it would have by just using the floor. Callon's first-quarter three-ways cover 158,000 barrels with a floor of $90 and a subfloor of $75, company filings show.
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