so the oil price for the quarter was almost 20% lower that what they forecast. Luckily we take out a sensible hedging program to protect those losses, you would think. Wrong!
part of the hedging strategy in that quarter was buying WTI puts with a strike price of $55 & $65. That is not a hedge!
does the board understand option trading or were they out of their depth? Given they had puts and calls around the wrong way round in a number of quarterlies, you have to wonder.
@TonyVincent you are onto something...
Ann: Dec 2023 Quarterly Activities & Cash Flow Report, page-6
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