Investor Presentaiton
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
WAHA BASIS SWAP
Barrels per Day
Total Hedged Volumes Weighted Average Price
Million British Thermal Units Total Hedged Volumes Weighted Average Price
Contract Period
Contract Period
(BBL/d)
(BBL)
($/BBL)
per Day (mmBTU/d)
(mmBTU)
($/mmBTU)
2023
Q3
10,914
1,004,126
$1.27
Q3
27,000
2,484,000
($0.999)
Q4
10,872
1,000,252
$1.27
Q4
27,000
2,484,000
($0.999)
Avg./Total
10,893
2,004,378
$1.27
Avg./Total
27,000
4,968,000
($0.999)
2024
Q1
12,268
1,116,431
$1.21
Q1
27,000
2,457,000
($0.999)
Q2
12,490
1,136,609
$1.21
Q2
27,000
2,457,000
($0.999)
Q3
12,551
1,154,712
$1.20
Q3
27,000
2,484,000
($0.999)
Q4
12,325
1,133,869
$1.21
Q4
27,000
2,484,000
($0.999)
Avg./Total
12,409
4,541,621
$1.21
Avg./Total
27,000
9,882,000
($0.999)
2025
Q1
6,113
550,126
$1.01
Q1
27,000
2,430,000
($0.999)
Q2
5,813
528,940
$1.00
Q2
27,000
2,457,000
($0.999)
Q3
5,613
516,352
$1.00
Q3
27,000
2,484,000
($0.999)
Q4
5,613
516,352
$1.00
Q4
22,359
2,057,000
($0.888)
Avg./Total
5,786
2,111,770
$1.00
Avg./Total
25,830
9,428,000
($0.975)
2026
Q1
306
27,563
$1.00
Q1
20,000
1,800,000
($0.813)
Q2
306
27,870
$1.00
Q2
20,000
1,820,000
($0.813)
Q3
306
28,176
$1.00
Q3
20,000
1,840,000
($0.813)
Q4
306
28,176
$1.00
Q4
20,000
1,840,000
($0.813)
Avg./Total
306
111,785
$1.00
Avg./Total
20,000
7,300,000
($0.813)
1)
Hedges are as of July 31, 2023. This table does not include volumes subject to swaptions, basis swaps, puts, 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 period ended June 30, 2023.
Investor Presentation September 2023 | 43 NOGView entire presentation