Could Have, Would Have, Should Have
AOI hedged 95 percent of its oil entitlement in 2020 when the oil briefly crashed to below zero. They could have unwound their hedge and would have made hundreds of millions since the oil price rebounded after.
According to Bloomberg, "...[Pemex] Mexico first hedged its oil revenue during the first Gulf War, the country didn’t introduce the current annual program until a decade later. Since then, it has hedged almost every year. The deal paid off most recently in 2020, when Mexico earned $2.38 billion from the hedge as oil prices crashed.