sm
sm
Perhaps I missed it in all the numbers and words in your new sm update, but are they hedged for 2016? If not, what will their P&L look like, if oil is still in the doldrums? We know that memp is strongly hedged, and look what is happening to their share price. I may be comparing apples and oranges, but I guess we have to pick those companies that will generate profits if this low price environment hangs around longer than you expect. If sm is not hedged going forward, will they be among the winners anyway? Thx.