Investor Presentation June 2023
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
CRUDE OIL DERIVATIVE PRICE SWAPS - NYMEX
NATURAL GAS DERIVATIVE PRICE SWAPS - NYMEX
Contract Period
Barrels Per Day
(Bbls/d)
Total Hedged
Volumes (Bbls)
Weighted Average Price
($/Bbl)
Contract Period
Million British
Thermal Units
Per Day
Total Hedged
Volumes (mmbtu)
Weighted
Average Price
($/mmbtu)
(mmbtu/d)
2023(1)
Q2
23,956
2,179,962
$75.81
Q2
71,926
6,545,221
$4.202
Q3
20,170
1,855,613
$76.92
Q3
87,678
8,066,370
$4.025
Q4
19,524
1,796,176
$75.84
Q4
84,418
7,766,458
$3.987
Avg./Total
21,206
5,831,751
$76.17
Avg./Total
81,375
22,378,049
$4.064
2024(1)
Q1
7,797
709,503
$77.23
Q1
77,271
7,031,616
$3.753
Q2
7,883
717,317
$76.08
Q2
78,064
7,103,805
$3.576
Q3
7,751
713,056
$74.42
Q3
77,385
7,119,457
$3.574
Q4
3,614
332,449
$68.95
Q4
52,369
4,817,909
$3.561
Avg./Total
6,755
2,472,325
$74.97
Avg./Total
71,237
26,072,787
$3.620
2025(1):
Q1
623
56,099
$65.78
Q1
11,500
1,035,000
$3.791
Q2
439
39,983
$65.18
Q2
5,055
460,000
$4.000
Q3
354
32,594
$64.60
Q3
5,000
460,000
$4.000
Q4
316
29,111
$64.13
Q4
3,315
305,000
$4.000
Avg./Total
432
157,787
$65.08
Avg./Total
6,192
2,260,000
$3.904
2026(1):
Q1
280
25,226
$63.55
Q1
Q2
280
25,507
$63.09
Q2
Q3
280
25,787
$62.70
Q3
Q4
280
25,787
$62.11
Q4
Avg./Total
280
102,307
$62.86
Avg./Total
1)
Hedges 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 | 36 NOGView entire presentation