While energy markets continue to be volatile, fewer oil and gas producers have hedges in place than in prior years. In addition, a number of producers hedged with strategies containing sold puts on large portions of their production. This essen­tially creates a trapdoor where a company doesn’t have price protection below the strike price of the sold put, which for some is any­thing less than $45/bbl on crude.

The following is a survey of 30 of the largest public oil and gas E&P companies and their hedging activities as disclosed in their Dec. 31, 2019, 10-K filings. It also includes compari­sons to the same survey done in the prior year.

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