The oil price has crashed over the past year, but for explorer Tullow Oil (LSE: TLW) the pain has been greatly reduced by its sensible decision to hedge a substantial volume of its output at higher prices.

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Owain Bennallack has no position in any shares mentioned. The Motley Fool UK has recommended Tullow Oil. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.