This study intents to examine strategies for hedging with swaps, futures and options that reduce the impact in CF@R to a model of oil refinery. The purpose is to show the effect that financial market hedge instruments used in portfolios causes in the corporate environment. The basis for the case study is shaped by the methodology for risk analysis on non-financial institutions suggested by the technical document CorporatemetricsTM. In the corporate financial structure, which concept is already solidified, it was added some variables to study the cash flow distribution of the refinery. Stochastic processes are used, in this case the MGB, to simulate the prices of the commodities identified as risk factors that influence the financial results of the company. Afterwards, the Monte Carlo simulation and the Cholesky decomposition are used to help generate correlated projections and therefore develop possible future cash flows scenarios.