Investor Presentaiton
Hedge Profile-COLLARS and PUTS
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
NATURAL GAS DERIVATIVE COLLARS
Contract
Period
Total Ceiling
Barrels (BBL)
Total Floor
Barrels (BBL)
Barrels per Day
Ceiling (BBL/d)
Barrels per Day
Floor (BBL/d)
Price Ceiling
($/BBL)
Price Floor
($/BBL)
Contract
Period
Total Ceiling
Million British
Thermal Units
(mmBTU)
Total Floor Million
British Thermal
Units (mmBTU)
2023
Q3
1,823,989
1,441,613
19,826
15,670
$86.38
$71.57
Q3
5,060,000
5,060,000
Ceiling Million
British Thermal
Units per Day
(mmBTU/d)
55,000
Floor Million British
Thermal Units per
Day (mmBTU/d)
Price Ceiling Price Floor
($/mmBTU) ($/mmBTU)
55,000
$6.674
$4.182
Q4
1,969,252
1,577,676
21,405
17,149
$85.53
$71.44
Q4
6,285,000
6,285,000
68,315
68,315
$6.902
$4.134
Avg./Total
3,793,241
3,019,289
20,615
16,409
$85.94
$71.50
Avg./Total
11,345,000
11,345,000
61,658
61,658
$6.800
$4.155
2024
Q1
1,945,397
1,294,178
21,378
14,222
$84.84
$69.82
Q1
2,502,500
2,502,500
27,500
27,500
$6.496
$3.636
Q2
1,946,387
1,304,267
21,389
14,333
$84.61
$69.12
Q2
1,137,500
1,137,500
12,500
12,500
$4.948
$3.200
Q3
782,056
630,256
8,501
6,851
$80.44
$68.16
Q3
1,530,000
1,530,000
16,630
16,630
$4.610
$3.000
Q4
723,749
549,800
7,867
5,976
$81.80
$68.15
Q4
1,840,000
1,840,000
20,000
20,000
$4.763
$3.000
Avg./Total
5,397,589
3,778,501
14,748
10,324
$83.71
$69.06
Avg./Total
7,010,000
7,010,000
19,153
19,153
$5.378
$3.259
2025
Q1
323,286
224,849
3,592
2,498
$78.69
$66.98
Q1
4,620,734
4,620,734
51,341
51,341
$6.276
$3.143
Q2
273,171
199,233
3,002
2,189
$75.49
$67.63
Q2
3,859,216
3,859,216
42,409
42,409
$5.506
$3.141
Q3
234,994
161,970
2,554
1,761
$75.76
$67.89
Q3
3,336,781
3,336,781
36,269
36,269
$5.626
$3.147
Q4
208,511
135,487
2,266
1,473
$76.87
$67.63
Q4
3,368,797
3,368,797
36,617
36,617
$5.865
$3.139
Avg./Total
1,039,962
721,539
2,849
1,977
$76.82
$67.48
Avg./Total
15,185,528
15,185,528
41,604
41,604
$5.846
$3.142
2026
Q1
43,226
39,289
480
437
$70.25
$62.50
Q1
3,193,735
3,193,735
35,486
35,486
$5.851
$3.136
Q2
43,707
39,727
480
437
$70.25
$62.50
Q2
3,229,220
3,229,220
35,486
35,486
$5.851
$3.136
Q3
44,187
40,163
480
437
$70.25
$62.50
Q3
3,264,706
3,264,706
35,486
35,486
$5.851
$3.136
Q4
44,187
40,163
480
437
$70.25
$62.50
Q4
3,264,706
3,264,706
35,486
35,486
$5.851
$3.136
Avg./Total
175,307
159,342
480
437
$70.25
$62.50
Avg./Total
12,952,367
12,952,367
35,486
35,486
$5.851
$3.136
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. Please note that NOG has purchased deferred premium crude oil puts in 2H23 for a total consideration of [$1.2] million.
Investor Presentation September 2023 | 44
NOG
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.View entire presentation