Spot C5 taking a beating heading in Dec.A hedging loss is only a loss until it's realized. Never know which way these markets could turn, so I wouldn't say ARX are 'set to lose $___XYZ money until it actually happens on the hedge deltas.
Best thing for ARX is as follows:
-Increase the dividen to 5-6% yield range.
-Continue to buy back shares (on the cheap), stock is very undervalued.
-Focus less on debt repayment, balance sheet is solid.
-Don't sanction attachie. Pick up Crew or another accretive Junior for more production, less risk and instant FCF vs. Capital outlay, MHP has been right on this.. too much money to outlay on a project at this time when production can be bought for much cheaper with less risk.