Thanks, gocats. You post gave me food for thought.
My comments were based on what I now believe to be the incorrect assumption that the hedges were derivative in nature, i.e., they would be cash settled.
I now believe that is not the case: I now realise that the hedged oil will be delivered.
It is possible that royalties will be based on the hedged price, i.e., the revenue received.
This does raise transfer pricing issue, but these could be overcome relatively easily.
This would be consistent with your post/company feedback.
Thanks, gocats. You post gave me food for thought.My comments...
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