Insight
Crude-hedging ramps up with improving prices in Q4 2020
Report summary
As oil prices have recovered in Q4, many operators have rushed to protect cash flows by layering on crude hedges. Our peer group entered 2021 with a slightly lower level of oil hedge coverage than it held in 2020 - 1.9 million b/d after Q4 2019 vs 1.3 million b/d today. We expect that crude hedging activity will grow from Q4 as operators take advantage of >$60/bbl crude pricing to layer on additional protections.
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