Q1 Hedge Book A few stinky hedges left in Q4, but their total hedging loss year to date is about 241 million, and likely end the year over 300 million. (Really not to bad)
I think this cost will be a lot lower in 2022.
This by itself could add 300 million in FCF, the hedging has been executed well and I have seen similar companies with 2x-5X times the hedging losses that CPG has.
Their highest cost debt is coming due in april and it will likely be eliminated, or the cost of it will be greately reduced.
The condensate from Kaybob will up the values of their liquids mix, and should work towards them getting a higher overall price for oil/condensate.
Next year will be hudge reduction in hedge losses, reduced interest rates, reduced debt, improved prices, improved produciton mix and increased production.
Their exploration budget increase from 625 million to 900 million about 44%.
Great Job CPG
IMHO