They hedged at $46-$49 because they had to, no choice.

Timing is a game that not to many people win at. If they hedge today for example they can probably get a 6-9 month hedge at about $82-$83. They stand to lose more on a big WTI drop then they can gain on a price increase. Protecting the downside right now is probably more important then trying to squeeze the last $ out of WTI.

Just think what a hedge for 6-9 months would have protected last year at $100.