Wednesday, August 10, 2022 5:10:23 AM
VTNR booked 2 quarters of hedging expense in one quater. And had some other issues I don't fully understand. They also hedge their inventory prices.
If BDCO started hedging in Q2 which I really doubt, then yes the Q2 results will be lower than expected. But the results later this year will be higher if selling prices are lower. The timing is important here. You have to do it when the crack spread is $60, not when it is $20. I think that is what VTNR did, at $20. Much too early.
One problem with hedging is, it is impossible to explain all of this to the market. I don't even understand what VTNR exactly did after looking at their report. This alone may be a reason for BDCO not to do it.
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Recent BDCO News
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