Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Cogito Ergo Sum who wrote (32925)	5/2/2003 10:19:20 PM
From: energyplay	Read Replies (2) of 74559

Hi Kastel - If AVN did a hedge at $8 CDN and moved from heavy oil to mostly NG... Wow ! That's like T.Boone Pickens. Not many companies make good moves like that. More than 70% of the E&Ps do lousy hedges, another 20% do okay hedges, maybe 10% do advantagous hedges. By lousy I mean the pick prices and times which are significantly WORSE than a random selection would be. 95% of them think they are great at hedging, of course. If they were so great at hedging, which is commodity speculation, they would be living large in New York or California or the Bahamas instead of getting up at 5:30 am in some dusty cow town...

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