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Q4 2019 Hedging update

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We estimate that the companies included in this analysis have hedged 37% of combined 2020 oil production at an average price of $56.26/bbl. In total, 3-way collars account for 21% of 2020 oil and gas hedges which leaves these operators exposed as prices have fallen well below the average sub-floor oil price of $47/bbl. We expect to see operators restructure hedges to push them further out to the future, or to liquidate them if liquidity becomes an necessary.

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  • Document

    Hedging Q4 2019 oil and gas derivatives.pdf

    PDF 1.02 MB

  • Document

    WM hedging model.xlsb

    XLSB 10.29 MB

  • Document

    Q4 2019 Hedging update

    PDF 746.95 KB