RE: If very cold winterwhat are you talking about. First only a small portion of there reserves are hedged that too, with the purchase of Tom Brown aquistion. Secondly, if they hedged some gas futures at 6.
and the spot price is 14.00 they are not losing money, they are simply not making as much on the differential. Maybe thats why
the term is unrealized hedge losses??????????????????????? Look
at the Cash flow, over 800 million each quarter and growing,
one day soon when they are sitting on their balance sheet with 4 billion in cash, the longs will be laughing to the bank