RE:RE:Cenovus has one of the Smartest CEO in the entire PatchI would say that TOU, has go through a major transition in the last 18 months, and i would not be surprized to see them change their hedging strategy.
In fact many of their current hedges were a product of their acquisitions.
We will see what happens, however hedign at 40 dollar oil, and just covering your operating costs, essentially make little or no money, and hedging at 100 dollars and locking in very high ROI are two totally different strategies.
One is a survival strategy, the other could be to ensure funding for growth, or share holder returns.
In any case the trend is not to hedge more at low prices, and if interest rates are going up, which they are and they stock are getting sold off, the best way to protect you share price, is to juice up the cash flow which buying back the hedges would do, rather than buying back the share.
Buy back the share when it is a good opportunity, that may not be right now.
IMHO