Our hedging program continues to help reduce the volatility of our funds flow from operations, and thereby improve our ability to align capital programs going forward. We target having hedges in place for approximately 25% to 50% of our crude oil exposure, net of royalties, and 25% to 50% of our gas exposure, net of royalties up to 18-months ahead, subject to market conditions. We seek to layer on positions in a systematic fashion.

Crude Oil Hedging

As of December 31, 2018 are as follows:

Reference Price Term Price ($/bbl) Volume (bbls/d)
WTI Swaps Q1 2019 US$50.20 1,000
WTI Swaps Q1 2019 CAD$66.50 2,000
WTI Swaps Q1 2019 US$49.93 2,000
WTI Swaps Jan 2019 – Jun 2019 CAD$68.58 4,000
WTI Swaps Q2 2019 US$56.53 2,000

Foreign Exchange Forward Contracts on Revenue

As of December 31, 2018

FX Swap Q1 2019 US$6 1.3000