Insight
Hedging activity plummets in Q1 2022
Report summary
Heavy price backwardation and strengthening operator balance sheets led to a sharp pullback in hedging activity during Q1. Hedging additions were partly offset by the early termination of hedge positions from Cenovus, EQT and others. In aggregate, our peer group has existing hedges covering 23% of oil production and 43% of gas production for the year. We estimate that losses against these contracts will total US$36.6 billion in 2022 under our base case.
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