The VPP's are crack for the crack addict McClenndon. He currently he can't find a deal for the Permian outright, or a Missisippian JV. But he'll never find an empty line for a VPP. They typically sell at a slight premium to current spot, but CHK bears the cost of production and tax's to deliver the volumes to couterparties. So imagine what the NPV looks like, and why there is no shortage of companies on the other side of the deal. Im also begining to susspect that another reason McClenndon likes VPP's is because there somewhat of a poison-pill on any take-over attempt.
I looked at all of them and no where near double. Henry hub is the lowest priced hub, and is the one that is headlined. Also i'd agree with you on the hedge front except you can't hedge production cost and tax's...seems like a hefty cost if all your doing is hedging.