RE:@red2000Hi Snowballer !
Simple homemade math !
2022 : 42% hedge at 68$ Debt 1,4B$ end of 2021
2023 : Max 20% hedge at probably 80$ if WTI still 85$, with Debt under 1B$ end of 2022.
Note : They already mentionne a part of it on their January presentation, 1st option of 2,000 bbl/d at 84$.
Anyway, no significant reason to have a financial hedge on the price of WTI, the risk of bankruptcy is almost nil now.
Lender will probably ask for a periodic repayment until 2025 at a lower rate !
Remember Rodney D. GRay already mentionne it in december, that they already working to renegociate long term debt in 2022 !
Only my understanding of those options !!!
GL