The global gas rally left a bitter aftertaste for one U.S. shale driller that posted negative revenue after it had to write down the value of its output hedges. Vine Energy Inc. reported negative revenue of $64.5 million in the second quarter, leading to a $360 million loss for the period, according to a Friday filing with the U.S. Securities and Exchange Commission. The main culprit for the negative revenue was $274 million in unrealized derivative losses in the quarter, along with $24 million in realized losses. The loss underscores how commodity hedging can be a double-edged sword for equity investors seeking to ride the wave of rising energy prices. Even as U.S. natural gas futures rose 50% this year, companies that locked in forward contracts before the rally are now stuck accepting prices well below market levels. A rally in U.S. gas prices has left some hedges below […]