Insight
Q1 2025 Hedging update
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Operators are moderately hedged for 2025, with hedging activity focused more on the first half of the year. The weighted average swap strike price for 2025 is US$72/bbl WTI, while two-way and three-way collars provide downside protection around the US$63/bbl WTI range. Diamondback Energy notably uses put options with a strike price of US$55/bbl WTI for downside protection. Gas producers are more heavily hedged than oil producers. The weighted average swap strike price for 2025 is US$3.24/mmbtu Henry Hub. Two-way collars offer downside protection at US$3.11/mmbtu. Companies show a preference for costless collars, allowing for some upside potential. Notably, EQT remains unhedged for 2026.
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