so the oil price for the quarter was almost 20% lower that what...

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...