SKU: 201438
Author: Wood Mackenzie

Insight 22 May 2025

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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.