VNR has the worst hedge book in the mlp sector. What will save them is that they are the lowest cost producer. The puts they sold will basically destroy their swap positions. http://www.vnrllc.com/wp-content/uploads/2015/12/VNR_Wells-Fargo_Dec_2015_FINAL.pdf pg. 18 unfortunately I have a small long position. will add more under $1 derivative contracts start at page 19 http://www.vnrllc.com/wp-content/uploads/2015/11/10Q-11.8.15.pdf