Mexico is reaping record financial returns from its oil hedge this year.

After locking in crude sales at $76.40/bbl, Mexico will receive $6.4 billion in December as the guaranteed price exceeds the average for the country’s oil basket, Finance Minister Luis Videgaray said in Mexico City. The 2015 payment surpasses the previous high from 2009, when the Mexican government said it received $5.1 billion after prices plunged with the global financial crisis.

Mexico hedges oil sales each year as a shield against price declines through a series of financial deals with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. The hedge, which runs from Dec. 1 to Nov. 30, covered 228 MMbbl for the Mexican oil basket, which has averaged about $30 less per barrel over the period, according to government documents and statements.

The Mexican government paid $773 million in 2014 to lock in prices, the government said last year. The country’s annual hedge, which is closely watched by the oil market and often moves prices, is probably the largest undertaken by a national government, the chief economist for the nation’s Finance Ministry said in 2012.

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