Investor Presentaiton
Contract
Period
Barrels per Day
Hedge Profile-BASIS 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.
MIDLAND-CUSHING BASIS SWAP
Total Hedged Weighted Average
WAHA BASIS SWAP
Volumes
Price
Contract
Period
(BBL/d)
(BBL)
2023
Q4
13,028
1,198,534
($/BBL)
$1.22
Million British
Thermal Units per
Day
(mmBTU/d)
Total Hedged
Weighted Average
Volumes
Price
(mmBTU)
($/mmBTU)
Q4
33,739
3,104,000
($0.795)
Avg./Total
13,028
1,198,534
$1.22
Avg./Total
33,739
3,104,000
($0.795)
2024
Q1
17,152
1,560,814
$1.16
Q1
52,000
4,732,000
($0.663)
Q2
17,703
1,610,991
$1.16
Q2
52,000
4,732,000
($0.848)
Q3
17,475
1,607,689
$1.16
Q3
52,000
4,784,000
($0.848)
Q4
15,400
1,416,792
$1.13
Q4
52,000
4,784,000
($0.848)
Avg./Total 16,930
6,196,286
$1.15
Avg./Total
52,000
19,032,000
($0.802)
2025
Q1
11,383
1,024,514
$1.03
Q1
47,000
4,230,000
($0.874)
Q2
11,369
1,034,552
$1.03
Q2
47,000
4,277,000
($0.874)
Q3
11,113
1,022,352
$1.03
Q3
47,000
4,324,000
($0.874)
Q4
9,156
842,358
$1.03
Q4
42,359
3,897,000
($0.802)
Avg./Total
10,750
3,923,776
$1.03
Avg./Total
45,830
16,728,000
($0.857)
2026
Q1
5,247
472,257
$1.05
Q1
30,000
2,700,000
($0.777)
Q2
5,365
488,176
$1.05
Q2
30,000
2,730,000
($0.777)
Q3
5,306
488,176
$1.05
Q3
30,000
2,760,000
($0.777)
Q4
3,518
323,682
$1.05
Q4
30,000
2,760,000
($0.777)
Avg./Total
4,856
1,772,291
$1.05
Avg./Total
30,000
10,950,000
($0.777)
1)
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 | 41 NOGView entire presentation