It probably doesn't matter too much to the Swifties because you already boxed yourselves into prices in the $3s MCF through massive hedging? So IF natural gas actually goes way up, you don't get the upside and have years and years of slogging it out against your debt heap. Borrow, drill, sell at loss, deplete....that's the Swift model.
They aren't selling at a loss in the 3s--it's called opportunity cost. If I buy a lottery ticket and lose, I didn't lose millions. They aren't hedged in the 3s for eternity and if natural gas goes up to $4-5 and stays there, there will be plenty of money to be made. If it is just a short term spike it makes no difference. If natural gas goes to $1-2 will you be posting this on another message board about how another company is run by inept management and SFY is run by geniuses for locking in hedges at $3? The bottom line is they are making money and are way undervalued.