In its 2019 Form 10-K Annual Report, California Resources Corporation (CRC), reported the crude oil hedges it had in place as of December 31, 2019. The hedges extended out through Q4 2020.
In its market risk analysis section, CRC provided the following descriptions of CRC’s commodity price risk and the expected outcomes for the hedges.
Analysis
I calculated the hedges as a percentage of average daily fourth quarter crude production of 76,000 b/d (excluding NGLs) in the table below. It's possible (undisclosed) CRC may have hedged more volume when oil prices spiked