Insight
Q1 2021 Hedging update
Report summary
Strong oil prices led to another active quarter for operators adding hedge protections. Companies included in our analysis added a net 649,000 b/d in new crude hedges, down just 7% from Q4 2020. New gas hedge volumes were down 35% quarter over quarter. On a boe equivalent basis, 2022 hedge additions were almost on par with new 2021 volumes. Hedge contracts entered into over the past year will limit pricing upside for many operators. Under our base case pricing scenario, we estimate that operators in our model will see a combined hedge loss of $8 billion in 2021.
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