Energy XXI restates financials due to poor hedge accounting
“The primary reason for this derivative accounting change was that the formal hedge documentation lacked specificity of the hedged items. Thus, the designations failed to meet the complex technical documentation requirements for cash flow hedge accounting treatment.”
This time the company is Energy XXI, the largest publicly traded independent producer on the Gulf of Mexico Shelf.
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HedgeStar Media Contact
Megan Roth, Marketing Manager
Office: 952-746-6056
Email: mroth@hedgestar.com