RE:RE:RE:RE:The earnings were good they actually met or exceeded expectanote on hedges - previous post I said 3,400 bbl/d FY2019 hedges - that seems way too low; I got this from the Q3-2018 MD&A below, but I suspect there may be an omission; I would thing they would have more hedges than that, given their policy of going up to 50-75% hedge ... if somebody has better info, perhaps correct, please ..
Nonetheless, from Q3-2018 MD&A:
As of the date of this MD&A Cardinal had the following commodity derivatives, referenced to WTI, WCS and AECO outstanding: Commodity Derivative Traded Period Average Volume Average Strike Price Crude Oil CDN WTI Swap Oct Dec 2018 8,500 bbl/d 71.20 $ CDN WTI Swap Jan Dec 2019 1,162 bbl/d 83.34 $ CDN WTI Collar Oct Dec 2018 3,500 bbl/d Put 67.86 $ Call 78.86 $ CDN WTI Collar Jan Dec 2019 1,244 bbl/d Put 74.00 $ Call 86.04 $ CDN WCS Di fferential Oct Dec 2018 1,000 bbl/d 18.48 $ CDN WCS Swap Jan Dec 2019 1,000 bbl/d 57.50 $ Natural Gas AECO Swap Oct Dec 2018 7,674 gj/d 2.11 $ Jan Mar 2019 2,000 gj/d 1.74 $ AECO Collar Jul Dec 2018 2,000 gj/d Put 2.00 $ Call 3.00 $ In connection with certain of the contracts summarized above Cardinal has also granted certain counterparties call options on 1,000 bbl/d for each month of fiscal 2018 at $70 Cdn WTI and 2,000 bbl/d for fiscal 2019 at a weighted average price of $68.50 Cdn WTI.