I tried to find the article where I read that 60% of US Oil Shalers were unhedged. I couldn't but I came across this table put together around last Christmas. It does point out a lot of the larges oil shalers are unhedged and many of the small ones are required by the lender to hedge. Otherwise I find the different approaches by management to be quite diverse. Also look at Whiting Oil at the bottom of the table! Although they are one of the largest they decided not to hedge (well almost) and look what happened.
