I wish they didn't hedge at all. Or at most for way out-of-the-money hedges, to prevent disaster. Oil is going to stay up, when you have a large deficet, you are diluting or weakening the dollar. to compensate everything (CPI) must rise. All the gdp growth Hannity and Kudlow are drooling over is just deficet induced gdp growth. The only thing the deficet is good for is eating away at everyones wages without them knowing.
they have a pretty good range though of 28-38. Saw Prince Bandir ( Saudi) on meet the press under heavy grilling by Russert over "secret" deal to lower oil and he said it remained consistent saudi policy (many years not just for Bush) that oil should be 22-28 and 25 is ideal. So who knows where we'll be come six months. Agree GDP and China may keep crude high but Saudi's have been consistent that too high kills the golden goose( world economies) upon which they rely for constant demand.
Did you take away any nuggets of gold from cc ? When I patched in they were talking about a particulary drilling project and estimating something like 1-2 million barrels of production a month I think. can't remember the details. Also sure got impression that these guys looking hard at acquisitions.