RE:illusion vs. reality.You know, as much as I love their no hedge policy also, I wouldn't be against locking in say enough to cover their capex program at these prices. I'm not quite sure yet how i feel about doing more than ~ half the production. But i have also been thinking about this lately. To that end, i bought some Dec 19 puts on the QQQ yesterday, so i'm certainly looking at 70mm wantingly (i have 71mm for current prices and -4 EDM).
What i'd really like to see is the light oil differential hedged in, but the strip balloons out to 9/10+ only a couple months out. Harder pill to swallow with spot under 4 and mostly under 5 for 3 months now.
I see most peer cdn oils are generally unhedged also over the next year. This contrasts 2018 at this time when several had onerous hedges laid in the mid -high 50's as oil was running into higher 60's.