I realize all that, but your first point is that LNCO is basically worthless and that isn't a true statement. Each share of LNCO represents ownership of one share on LINE. The only reason they differ in price is due to tax situations. If the dividend is suspended, then no taxes to pay, so LNCO share price should equal LINE share price. Even the company says they don't understand the spread between the share prices. It's totally market driven at any moment based on supply and demand of whose selling and whose buying.
They aren't 100% hedged against oil and the hedge percentage is an estimate based on expected production. If therir costs go down and they produce more than they estimated, their earnings could exceed the hedge book with oil lower than the average hedge price. It's much more complicated then the simplified statement you are making. Also Nat gas prices matter as much if not more than oil prices long term.
Where do you think the electricity comes from for those electric vehicles (windmills)? It is much more efficient to burn nat gas direclty to power autos than burn it to make electricity that can then be distributed to charge batteries to power electric cars. Unless this country is willing to move towards nuclear energy, nat gas will stay a major source of energy in the US.