What hedging losses do the share PriceEnergy companies should not only have engineering expertise but also business acumen in terms of macro economics and global supply and demand. In other words to have some idea in terms of probalistically looking at where prices are headed using forward strips and even geopolitical climates. Right now all indicators look towards flat or rising prices in the near to mid term. But wild cards are new strain of COVID, inflation, OPEC cheating, Biden's call for more oil and big banks giving US producers more money. You can bet with bank rates going up the banks want more money there. As someone said, it's a list opportunity cost. Wrong. Share price is usually a function of future cash flow. Using a FCF multiple of 5, our price has a 4 to 5 dollar haircut right No disrespect to Steve W., But even Stevie Wonder could have seen prices rising in late 2020 with increasing demand and the progress of the vaccine. They and the board blew it big time.