Oil-hedge prices reach new highs in Q3

Our peer group ended Q3 with 19% of expected 2022 crude production hedged, roughly equal to the amount hedged at the same point in time last year. The group added 8 bcf/d in new gas hedges which was partly offset by the unwinding of 800 mmcfd in existing hedge contracts. We expect hedging activity will continue at a modest pace although several operators, including Pioneer and Appalachian producers EQT and Antero, have emphasised a desire to maximise exposure to market pricing in the near term.