RE:Hedging lossesSorry the context of these hedges is the product of management utter stupidity, and inability to work within a hedging framework, or defined strategy.
If you had a hedging methodology, or follow a hedging strategy you would never have 47 dollar hedges 3 years into the future, for so much of your production.
You woud layer hedges on over time in a methodocial manner, to protect the downside and participate in the upside of commodity cycles.
This was not done at ARX, their hedges represent hedging malpractice. Junior High Approach
IMHO