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Hedging activity bounces back in Q3 2022

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14 December 2022

Hedging activity bounces back in Q3 2022

Report summary

Appalachian gas producers led a relatively active quarter for hedging activity. The companies included in our analysis added a net 3.25 bcf/d in new gas hedges and 207,000 b/d in new crude hedges. The group has collectively hedged 29% of expected 2023 gas production and 9% of 2023 crude production. Under our base case, we estimate that losses associated with 2023 hedge positions will be less than half of the $48 billion in losses for 2022.

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    Hedging Primer.pdf

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