RE:Tic tac toeIf they could hedge all new drilling until payback (12 months or less) that would be by far the best E&P business model - grow fast when commodity prices are cooperating without incurring any long term debt (as the drill program gets paid back by the first 12 months or less of production and the hedges) - backed by decades of drilling locations. You're borrowing yes but there is a very specific practically guaranteed repayment plan.