Ann: Rising oil prices - Hedging Update, page-9

It is possible to position your hedge so you can still benefit from rising prices (as stated by CE1 in the below screenshot, and as described within the announcement).

Also, like i mentioned previously, hedging against price volatility is common practice in the oil & gas sector, so if CE1 didn't hedge, they would be leaving themselves vulnerable to downside risk in a way which is NOT in line with industry standards/practices.

Essentially, in the balance between risk versus reward, a hedged position provides for more predictable and stable outcomes while still allowing the producer to benefit from rising oil prices.