RE: Only 2% now Not even sure where to begin with your post....
Do some basic analysis here. First, 35% of earnings come from the gas/butane/etc. marketing arm. Of the remaining 65% of earnings, revenue is split, 80% of it is oil , 20% gas. So 13% ish of earnings come from gas (0.2 * 0.65) = 0.13 They have about a quarter of their gas hedged at 5$ for 2012, the REST is being sold into the market at current prices. So, of the 13%, 4% is hedged at 5, which will come off at the end of the year, downside of maybe 2% in earnings. I think thats what Bruce was saying.
Looking at the companies production numbers and seeing half nat gas, half oil, shows how little work you've actually done examining this company.