Re: they lose "real money" when netback is negativeNo no no........when the netback is negative they are insolvent..........anytime the realized loss on hedges is negative they are loseing money on their hedged production.........which in turn reduces the profit on the unhedged production to make up for the loss on its hedged production..........the only reason that the hedge loss is non cash is because the unhedged profit or netback is high enough to keep the adjusted funds flow netback above zero.......but make no mistake hedge loss money is still " REAL MONEY"