They tried to do the plan, but flew too close to the sun. If they raised more before beginning it, it may have worked.
But as it stood, they needed production to succeed just to fund the expansion plan. 1-2 weak quarters seriously messed that up.
The hedges made that apply double. Since meeting guidance makes lots of money, while not meeting guidance can even lose money. Unlike unhedged - below guidance would just mean lower profit.
BGL Price at posting:
89.5¢ Sentiment: Buy Disclosure: Held
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