Hedging is a good thing if your debt level is to high and to provide some certainty in meeting your obligations but will only cover you for specific period, Santos issue was that they should have reduced the debt level via capital raise while price was high to reduce that debt and had no foresight that oil price collapse could occur and seem to have no contingencies in place when it did occur. in my thinking that is just poor management similar to what occurred with arrium.
$50-60 New Normal or U.S Shale Bubble?, page-727
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