HEDGING

Commodity price hedges are used to support longer-term growth by protecting pricing on up to 50% of current production for the next 18 months and up to 25% for 19 to 36 months forward (future production growth is not hedged).  The current hedge position is shown below (excludes price differential contracts which are shown in the financial statements)  with hedges for the remainder of 2020 protecting approximately 47% of current production (based on production in the first half of 2020).

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