need to be careful with additional hedges and will depend on...

need to be careful with additional hedges and will depend on managements view of market

they already arnd 70% hedged per last preso - thats not a bad % as protects from downside but also allows some upside participation.

if you hedge 100% no upside participation. Its not all abt eliminating risk - risk is attractive as long as controlled.

So if managements view is 60$ maybe as high going this year increase a bit if think going higher - hold off and wait for btter opportu current ratnity or leave ratio - thats why its difficult.

Thats why in mmp view need more clarity on where economic growth heading - at moment its a mixed bag.