TY  - SER
AU  - Bossley,Liz
TI  - To hedge or not to hedge
N2  - A successful hedge policy only achieves the objective of ironing out oil price and cash-flow fluctuations if it is applied consistently from year to year. Having lost on hedges in 2004, oil companies run the risk of losing from a subsequent oil-price fall if they do not hedge future production
ER  -