You can either sell on spot and have uncertain income each month, or sell on a fixed price and know exactly what your income will be, if you can keep oil & gas production fairly constant. Or, what I like to do is hedge it with 60% locked in and 40% spot, or vice versa. Maybe they locked in it all on a long term oil sales contract, which seemed like a strong lock-in price at time (before prices skyrocketed) but looks pretty darn low now? Dunno.
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