I thought companies hedged direct with oil companies, not with faceless suites of offices in a Texas skyscraper that will promptly go 'into administration' when the punt they were taking goes bad! Oh dear! So they are on a one way bet? Take the profit if the hedge goes well, or roll over if it goes bad- either way they don't pay out! Kinda makes the whole hedging thing look a bit silly, doesn't it?