RE:Reason the market hates it So far as I know the company has never directly addressed their flexibility or lack thereof due to high debt levels. Perhaps they are not allowed to add $299MM of debt to get rid of these hedges, but ever if they could it isn't in their corporate DNA.
Unfortunately Q3 will mirror Q2 (essentially the same hedges other than a bit less on the oil side), but FFO should go up significantly in Q4 (early estimate +40MM/quarter, only rising from there). In 7 months Peyto turns from a pumpkin back into a fancy carriage, but they won't be on the bluebird list from now until then.