Pioneer's Tim Dove: OPEC Compliance Still a Question

The transcript discusses the prospects of compliance and oil deals, highlighting a 100% chance of a deal but uncertainty in compliance. It forecasts oil prices for 2017 and 2018, suggesting a range of $45 to $70. The discussion covers efficient drilling practices, emphasizing the US as a short cycle swing producer. It outlines hedging strategies for oil and gas, using 3-way collars to manage risk. The cost structure is analyzed, showing profitability at prices above $20 due to low costs.

What is the hedging strategy discussed in the text, and why is it important for the company?

How does the company plan to manage its production in response to OPEC's decisions?