Hedging schmedging Only bankers, bond holders, and guys with buy orders perpetually 10% under the bid care about hedges. When oil crashes and everybody dumps all the oil stocks the best hedges in the world won't help. Investors look forward and see nothing but an abyss. And unlucky saying I told you so. When oil jumps investors don't care what cash flow bte is earning this quarter or last quarter. When we look ahead we see rainbows, unicorns, giant piles of money and unlucky saying I told you so, I knew it all along. Hedges aren't holding bte or any other oil stock back. Fear has still not been replaced completely by greed. The big money is still very underweight oil stocks. In other words, it's still early. In my unhumble , but not quite Eric or trump sized ego, opinion.