I am trying to figure out how the 2021 hedges may have impacted Q4 earnings.

Even so earnings were around $1.40 per share and free cash flow $2.9 BB.

This was based on around spot oil of about $77 per barrel. (less hedges?)

FWIW. For every $1 increase in WTI, Revenue is up $225 MM.

For every increase $1 increase in Brent, Revenue up $20 MM.

Just eyeballing it, I see $90 plus for Q1 WTI. So maybe a doubling of cash flow from Q4.

Oxy is currently retiring about $700 MM in debt per month. Maybe they can double that this year?

Maybe $10 EPS is on the table. It will only take a year like this to materially improve the balance sheet towards investment rating.

Anyone know if BRK preferred strike price adjusts for dividends paid?

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Looking through the 10-K.

Most of the hedging appears to be in nat gas.

Looks like WTI & Brent had average realized prices of about 95% of spot average.

NGL were in the 40% area of spot averages.