Ouch Hess

[Fraser921]

Hess Corp. cited that it recently eliminated the portion of their hedging book which limited their high-end price exposure. They paid $325 million to remove $100 WTI & $105 Brent hedges, which was almost double what they paid to enter the positions.

So much for protection…

[dan_s]

This tells you that John Hess, my old boss, thinks oil prices are going a lot higher.