Good question. I would like to know as well.
Here is what I think. I will really appreciate if someone with knowledge can tell me if I am right or wrong.
It looks like we are missing out on greater profits because of the hedging but if I read this correctly, we have 9million barrels hedged. This means we can still realise the full value of higher oil prices on the remaining 45 odd million barrels? So on 80% of sales we are still realizing full oil value?
Latest afr article, page-52
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