In its third quarter 2019 earnings press release dated October 31st, California Resources Corporation (CRC) reported the crude oil hedges it had in place. They extended out through Q4 2020.
Source: California Resources Corporation.
I calculated them as a percentage of average daily crude production of 79,000 b/d (excluding NGLs) in the table below.
Graphically, the imbalance between long and short puts stands out. The 2Q 2020 short puts are far greater than the long puts and much greater than production volumes (i.e., 79,000 b/d third quarter).
To review, a long put gives