Perhaps they have some unofficial guidance on the approvals for McPs, and want to have cash at hand to be able to start in earnest once approvals are granted.
Of course there is a chance they do not have any news on McPs timelines, and things are just not good due to the last 3 quarters being relative shockers to the previous 3 quarters.
I still think they should buy OBM (who announced a CR today) for the $300m in tax credits and then use them to help cancel out the hedges.
Then buy back shares with all of the additional profits from not having hedges.
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