Small producers need to hedge, they aren't carrying around $100m...

Small producers need to hedge, they aren't carrying around $100m + of cash that can de-risk operating cashflow shortfalls (from a tanking POG - although this doesn't appear to be the case anymore).
It's not a negative, it's just prudence/insurance from the management team. you'd rather know what the margin will be rather then not.
when POG was going down everyone loved the hedge higher then spot, now POG is on the rise people are complaining about the hedge.
You can't win both ways all the time.
If MOY deliver AISC at around 1150 - 1250 there still making some serious money.
Now it's just a question on how they'll exhaust the current hedge.