Investor Presentation June 2023
Hedge Profile-COLLARS
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
CRUDE OIL DERIVATIVE COLLARS
Contract
Period
Barrels Per Day
Ceiling (Bbls/d)
Barrels Per Day
Floor (Bbls/d)
Price Ceiling
($/Bbl)
Price Floor
($/Bbl)
Contract
Period
NATURAL GAS DERIVATIVE COLLARS
Million British
Thermal Units British Therma Price Ceiling
Million
Price Floor
Per Day
I Units Per Day
($/mmbtu)
($/mmbtu)
(mmbtu/d)
(mmbtu/d)
2023(1)
Q2
11,706
9,956
$89.42
$73.64
Q2
52,500
52,500
$6.577
$4.190
Q3
18,545
14,545
$86.87
$72.24
Q3
55,000
55,000
$6.674
$4.182
Q4
19,124
15,024
$86.09
$72.18
Q4
68,315
68,315
$6.902
$4.134
Avg./Total
16,475
13,186
$87.17
$72.57
Avg./Total
58,627
58,627
$6.734
$4.162
2024(1)
Q1
20,597
13,575
$85.21
$70.04
Q1
17,500
17,500
$7.917
$4.000
Q2
20,608
13,730
$84.98
$69.36
Q2
2,500
2,500
$8.700
$4.000
Q3
7,751
6,251
$80.96
$68.75
Q3
Q4
7,164
5,414
$82.44
$69.00
Q4
Avg./Total
13,248
9,721
$84.03
$69.45
Avg./Total
4,973
4,973
$8.015
$4.000
2025(1)
Q1
3,123
2,123
$79.00
$68.21
Q1
29,341
29,341
$5.810
$3.250
Q2
2,689
1,939
$75.52
$68.62
Q2
23,909
23,909
$5.792
$3.250
Q3
2,354
1,604
$75.86
$68.65
Q3
21,269
21,269
$5.779
$3.250
Q4
2,066
1,316
$77.20
$68.53
Q4
20,367
20,367
$5.774
$3.250
Avg./Total
2,555
1,743
$76.99
$68.49
Avg./Total
23,690
23,690
$5.791
$3.250
2026(1)
Q1
280
280
$70.00
$63.90
Q1
19,236
19,236
$5.949
$3.250
Q2
280
280
$70.00
$63.90
Q2
19,236
19,236
$5.949
$3.250
Q3
280
280
$70.00
$63.90
Q3
19,236
19,236
$5.949
$3.250
Q4
280
280
$70.00
$63.90
Q4
19,236
19,236
$5.949
$3.250
Avg./Total
280
280
$70.00
$63.90
Avg./Total
19,236
19,236
$5.949
$3.250
1)
Hedges are as of May 22, 2023. This table does not include volumes subject to swaptions, basis swaps, 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 March 31, 2023.
Investor Presentation June 2023 | 35 NOGView entire presentation