Insight
Hedges take a bite out of 2021 revenue
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Report summary
In another active quarter for oil-hedging, producers in our peer group added 649,000 b/d in new protections. The average strike price on existing oil hedges in our model is US$47.88 (Brent), well below the current forward curve. Under our base case price scenario, operators included in our analysis will realise a loss of over US$8 billion from hedges. Going forward, we anticipate hedging activity will increasingly focus on 2022 as companies look to protect cash flows.
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