Yes but it hit a high of $3.90 in the middle of June, which does illustrate the POG dependence for an unhedged producer.
Ironically, as I understand it, some of the previous OGC SP weakness issues were due to the hedge book and the share price soared once the hedge book was closed out.
Complex issue this hedging business.
all of a sudden -hedging looking good??, page-18
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