There is nothing wrong with hedging if part of good financial management policy. Hedging at $2800 would have been clever. Whereas hedging at low prices but not at high is stupid. That is what they have done. I'm worried current management don't understand, as somebody who has put in hedging programs before and worked for majors who had great policies. Bad enough they did bad hedging in the past but not adding to hedges at $2800 or other recent high prices was negligent. Have a heap of this stock so hope McP happens and they are not ignoring the risks issues and that they get their act together otherwise. CFO should be fired though.
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