Re: for what it's worth Robert444, I understand what you are saying, but that's taking a speculative view of hedging. IAE (like most other O&G companies) uses hedging as a risk management tool to ensure a steady cash flow to fund its capital program.
No one can accurately predict where oil prices will go. The way most companies see it, minimizing the risk of not having enough cash to fund capital program and having to to tap into debt far outweighs the risk of losing out on some revenues as the oil price rises.