Insight
Hedging losses soften in Q1 2023
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Report summary
The E&Ps included in our hedging analysis, increased hedging activity over Q4 2022. Crude hedging nearly doubled compared to the previous quarter, with 309,000 b/d in new hedges added with an average floor price of US$69.15. Gas producers added just over 4.02 bcfd in new gas hedges, most of which were dated 2024 or later. Projected hedging losses have fallen considerably. In our base case, we estimate that the combined peer group will see losses of roughly US$2 billion, or just 5% of the total losses experienced in 2022.
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