Insight
Q1 2023 Hedging update
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Report summary
Hedging activity in Q1 grew slightly over the previous period. New gas hedge volumes more than doubled new crude hedges as producers looked to protect post-2023 revenues. The operators included in our analysis peer group have hedged 15% of their combined estimated oil production for 2023 and 33% of estimated gas production. As commodity prices have fallen to earth, projected hedging losses have declined. We estimate that the peer group will see combined hedging losses of US$2 billion in 2023.
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