GREY:LSTMF - Post by User
Comment by
jack20on Dec 31, 2014 10:19am
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Post# 23275278
RE:Re: John Wright
RE:Re: John WrightOf all John Wright's faults the one we should focus on is his failure to hedge more production last summer when futures were in the $90 range. If you look at their current hedging position they are only hedged 25% out to June 30th. This is unconsionable for any E&P with a debt structure like LTS. Even if oil went to $120 they were wrong because they were enjoying $50 netbacks at $80/90 oil. They were just plain greedy when they should have been prudent and conservative. Now all of us, including Mr. Wright, will pay a severe price. But don't fret. Mr. Wright has his FL. property in his wife's name!!!