So are we saying that with the pipe contracts and basis trades BIR's realized pricing is just as bad as being a hedged producer?
If so, Jeff Tonken's been misleading the market with his comments like "hedging is the path paved to hell". Perhaps the pipe contracts and basis trades are the path paved to hell??
Doesn't look like BIR's basis deals go away until 2025....does this mean that when hedges peel off on AAV, CREW, and PEY that their realized pricing will be much more superior than BIRs?
These are all serious questions as I am still learning how these gas markets work so I appreciate more context and details TerribleEng - thank you for your contributions.
RE:RE:RE:RE:RE:Just to share
The impacts are non-linear to the upside. Like Peyto, Birchcliff diversified away from AECO but they did so with pipe contracts and basis trades. There realized pricing is pretty ugly. It's all gloating exposure but they have such a high cost to get to market that these high prices will raise their netball by multiples.