A Pioneer Natural Resources facility in Texas last December. The company has boosted its hedges… U.S. oil producers aren’t letting the rally go to waste. In an about-face, companies are using hedges to lock in prices that they turned their noses up at a few months ago. Last September, Energen Corp. EGN 3.59 % officials told investors they would hold out for roughly $60 a barrel before using the futures market to hedge their production. But the company recently said it had locked in about half of its expected 2016 production—or more than 6 million barrels—at around $45. “We thought we were smarter than everyone,” Mr. Bobrowski said of the missed opportunity. “Lessons learned.” Energen declined to comment. Companies that produce oil or gas typically hedge by trading options or futures to guarantee a price for their output. Previously established hedges helped them through much of 2015, but their […]