Most hedging is oil-NG co is done because of demands from bankers in reference to debt servicing and min SGA needs. Thus if NG has doubled from 1QRT 2012 to 1QRT 2013 then PGH will not need to hedge the same volume as they are receiving far more for the NG. That would also imply they were forced to hedge a lot on 1 and 2 QRT 2012 with the 15 year low pricing on NG ( by volume). You add to that the higher production of oil and NG I suspect the free cash flow in 2013 is up significantly and the div @ .04 per month they might be now sitting on allot of cash from operations. This could reduce the need to sell assets to expand the Bitmas project and also might set the stage for a div increase in 3 or 4 QRT ( NG was 4.18 on may contract and yes they get the lower Canadian price but that tracks the HUB pricing). I will be printing out the whole 1qrt results Wed night and read it all ! ( Suzzie orman would die seeing my concentration in this company at this point ! lol).