Why is it hedging you ask........because it is a sound business strategy to cover all eventualities including a sharp frop in price, which some posters here are suggesting if Iran and shale start pumping.
I'm in the school that belieives VET is being cautious by paying just enough in divs to stave off a revolt by some large investors so they can get the debt level down, since that was always one of the big criticism of them in the past. Just like the homeowner who is, or should be, taking advantage of low rates to pay down the mortgage because they know when the rates go up they could get screwed.
Investing requires patience and I'm afraid there is little of that in some of the posts I read here.