As crude oil prices and natural gas demand get pressured negatively by the current economic slowdown caused by the Covid-19 pandemic, many producers have forgone their 2020 guidance and readjusted capex, more significantly by oil producers than natural gas producers. This is because natural gas prices had a less drastic fallout than crude oil prices, and it proved beneficial for producers such as CNX Resources Corp and Gulfport Energy Corp who have major exposure in the Appalachia Basin.
The most impacted US Midsize producers have low percentage of their production hedged in 2020, have committed to high capital expenditure (capex) reductions, and have primarily liquid-rich operations in their portfolios.
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