> These new/small energy companies also did not have the resources to hedge their risk and are getting completely wiped out. I keep seeing this, but it’s just

> These new/small energy companies also did not have the resources to hedge their risk and are getting completely wiped out. I keep seeing this, but it’s just not true. Hedging has low fixed costs, and is mostly variable cost. And given their smaller balance sheets small companies should absolutely be hedging, more so than large companies who might be able to draw revolving capital facilities or long term off takes if need be.