If I remember correctly, WGX and RSG have done hedging like you...

If I remember correctly, WGX and RSG have done hedging like you are suggesting. As you say, the RRL hedges should be profitable but carry a "loss of opportunity" cost. That lost opportunity is minimised by maximising the amount sold into the hedges when the POG is lowered.
The lost opportunity is not an accounting item but does impact on investment decisions by reducing potential revenue.
Normally, It track hedges based on evenly spread deliveries between the start and end dates. However, because RRL can deliver into any of the hedges, as they see fit without being constrained as to timing, it does make it difficult to fit into valuation models. In effect, every start date begins today but one cannot assume evenly spread deliveries.
Hopefully RRL will give frequent updates on their hedge deliveries.