reply to Myhoneypot
Did you not read my post at all? My point was that even companies which have hedged their production into 2015 have gone down significantly - I named three, two of which I hold along with COS. Baytex, as of yesterday, had gone down in dollar terms and percentage wise more than COS and yet Baytex has a good deal of its production hadged in the $90. range, even 30% into 2015. The same can be said for Crescent Point, Surge Energy, Pengrowth. All of these companies have been beaten down by the market. I am suggesting that the respective hedging positions have had little or no effect on the stock prices. Husky Energy, which has new natural gas production off the coast of China and sells that gas production at much better prices than gas in North America, and has refineries in North America to act as a natural hedge against falling oil prices, even Husky has gone way, way down. Hedging hasn't helped at all. I will grant you that if COS had hedged some of their production before the oil price slumped, their dividend might be more secure. But I'm not even certain of that because the above mentioned companies hedged their production and there are serious questions about their dividends even with the hedges in place. I really don't think your argument about hedges makes much sense.
Lundu