Like Baytex but...Half their oil production is sold forward for the next two years, as prices way below current market ($52 max).
Giving away $20 - $30 per barrel, and recording huge Mark to Market Derivatives losses is really unfortunate.
ATH in a similar spot, almost 60% of '21 production hedged, most at $55.
CJ is in a sweet spot, with 13% of H2 production hedged, and is going to be one of the first beneficiaries of truly outsized cash flows. Also has the option to lock in hedges and receive $20 a barrel higher than its competitors for '22.
I think CJ will run first once Q3 and Q4 numbers come in, and they look a lot better than ATH, BTE and others on cash flow and earnings.