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Hedging losses and gains are generally valued as nonrecurring by the market.
Hedging is also seen as a "zero-sum" situation.
Therefore, hedged companies are as likely to follow the unhedged companies higher just as they followed them lower in fiscal year 2020.
Management will likely out-drill the hedging coverage if the current optimistic scenario continues.
Balance sheet repair is the priority. But current prices assure that balance sheet repair will not take long. That will free up cash flow for shareholder returns and more drilling.