RE:RE:RE:HH basis hedgesPEY put the HH hedges in place when 2020 summer price AECO uncertainty was high - prudent move, at the time; luckily, with the volumes now hedged for that same period, at least for those barrels, this guaranteed them AECO equivalent around 1.53 - considering current HH that's still a survival-type price; lucky they put the volume hedges on when they did, i.e. last month, on that small HH price spike, it seems ..
as for going forward, the Cardium wells seem to be returning nicely, better than expected, evidently - that gives me some confidence going forward, despite the weak condensate pricing; the model price they use is $50 for conde anyway, so they're right on the mark, and I trust their math more than anybody else here, including my own, needless to say; after all, they are the professionals, we're just spectators; if condensate pricing holds up, PEY should be okay - even yesterday, with WCS getting hammered, conde stayed basically flat, hair below $50, plus PEY hedged some at $50 plus range, off the top of my head ..
in any case, AECO is firming up, spot and futures, and with conde pricing relatively stable and on target, I for one would think we start basing here, once the re-indexing pressure eases; my money is on that, certainly in this price range; hard to be long any O&G stock these last two years, trying to stay nimble ..