Wait a year to fix hedges?
You will simply burn another billion on share buybacks, and rob the shareholder of the true evaluation that the share should be trading for today.
Eric Nuttal knew something was wrong with ARX, the way it trading. The reality of the situation was a whale of liability on the balance sheet in the form of risk management.
You can fix the debt and they have, but unless you fix the risk management liability ARX will trade at a discount. ARX can't get competative results with companies like TOU with this boat anchor tied to it.
The share buybacks are futile at this point and a waste of capital
Commodity prices are depressed time to fix the balance sheet.
IMHO