As an aside when oil is at 170 will people whine that they hedged 2010 production at 133? or if oil drops to 95 will they write "smart management" for hedging at 133? ALL businesses engage in contracts with their customers to ensure a smooth cash flow over time. Some contracts end up being more profitable than others. What is there to whine about?
It was more of a rhetorical question to stimulate conversation. Yes, I know that 41% of their production is hedged at a loss, but 59% is not. Yes, they did dilute shares with acquisitions, but those acquisitions add value.
On the other hand, cash flow is at an all time high, and projected cash flow is much higher than expected. It seems like PWE should be in an excellent position instead of rising less than oil and falling harder than oil. It doesn't make sense given all of the information.