RE:How do we lose for hedging?They didn’t lose on the hedge. They gained 365m. The 600m you are referring to is them having to mark to market their hedge book. Last quarter they had a billion dollar gain because oil fell off a cliff so the hedges were worth more in relation to the market. As the price of oil recovers, the intrinsic value of those hedges falls so they value them against the current strip pricing. It’s not a realized gain or loss, it’s a valuation adjustment of their intrinsic value. If oil dropped to 20 at the time of the q3 reporting, there would be a huge gain again.