Dan,
Are you able to get a factual statement from the CFO of where these hedges really stand and on what volume? Is your spreadsheet reflective of where the CFO has represented they actually stand? As with a near 30 dollar disparity per barrel between the hedging price and the market price, there is no factor other than the hedges that have a more material impact on cashflow for the balance of the year.
Status of existing oil contract hedges, page-15
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