Investor Presentaiton
Hedge Profile-SWAPS
NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining
flexibility to capture the opportunistic upside.
1)
CRUDE OIL DERIVATIVE SWAPS
NATURAL GAS DERIVATIVE SWAPS
Contract
Barrels per Day
Total Hedged
Volumes
Weighted Average
Price
Contract
Period
Million British Thermal
Units per Day
Total Hedged
Volumes
Weighted Average
Price
Period
(BBL/d)
(BBL)
2023
Q4
21,724
1,998,576
($/BBL)
$76.00
(mmBTU/d)
(mmBTU)
($/mmBTU)
Q4
105,619
9,716,958
$3.815
Avg./Total
21,724
1,998,576
$76.00
Avg./Total
105,619
9,716,958
$3.815
2024
Q1
16,497
1,501,203
$77.19
Q1
117,161
10,661,616
$3.572
Q2
15,583
1,418,017
$76.22
Q2
119,514
10,875,805
$3.454
Q3
17,201
1,582,456
$74.85
Q3
118,048
10,860,457
$3.494
Q4
13,049
1,200,469
$73.15
Q4
83,890
7,717,909
$3.492
Avg./Total
15,580
5,702,145
$75.45
Avg./Total
109,606
40,115,787
$3.503
2025
Q1
6,308
567,749
$71.99
Q1
16,500
1,485,000
$3.612
Q2
6,089
554,133
$72.15
Q2
10,110
920,000
$3.600
Q3
6,004
552,394
$71.75
Q3
10,000
920,000
$3.600
Q4
5,966
548,911
$71.75
Q4
8,261
760,000
$3.521
Avg./Total
6,091
2,223,187
$71.91
Avg./Total
11,192
4,085,000
$3.590
2026
Q1
2,930
263,726
$69.05
Q1
5,000
450,000
$3.200
Q2
2,930
266,657
$68.98
Q2
5,055
460,000
$3.200
Q3
2,930
269,587
$68.91
Q3
5,000
460,000
$3.200
Q4
2,930
269,587
$68.83
Q4
4,946
455,000
$3.200
Avg./Total
2,930
1,069,557
$68.94
Avg./Total
5,000
1,825,000
$3.200
Hedges are as of November 20, 2023. This table does not include volumes subject to swaptions and call options, which could increase the amounts of
volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed
with the SEC for the year ended September 30, 2023.
Investor Presentation November 2023 | 39 NOGView entire presentation