National Fuel Gas

(NFG)

Natural gas-primary · Appalachia · 7 hedge positions disclosed

As of 10-K 2025-11-21 · Nov 21, 2025.

National Fuel Gas may have added, unwound, or restructured hedges since this filing, and the changes won't appear here until their next quarterly disclosure. Treat all numbers below as a point-in-time snapshot. View source on SEC EDGAR →

Equity Market Cap

$6.0B

Production /d

1,187

MBoe or MMcfe per filing

% Natural Gas

100%

FCF Breakeven

$/Mcfe

Hedges basis

Estimated value of hedges vs current strip

+$102Min the money vs current forward curve

BoxWood estimate, intrinsic value of the disclosed Henry Hub positions marked against the Sep 3, 2026 CME forward curve. Positive = locked in above today's market. This is an estimate from public data, not National Fuel Gas's own mark. It excludes basis, option time value, SOFR discounting, and the positions themselves may have changed since the filing.

Natural Gas hedge shape

Blended protection by quarter · $/MMBtu

Blended collar (floor to ceiling) Avg hedge price

Swaps and collars volume-weighted into one effective collar · a swap is a floor equal to its ceiling.

Hedged volume by quarter · MMBtu/d

Sum of disclosed daily hedge volume active in each quarter.

Natural Gas positions

Type	Period	Volume	Price level
Swap	Jan 2026 - Dec 2026	327,397 MMBtu/d	$3.92
Swap	Jan 2027 - Dec 2027	257,260 MMBtu/d	$3.92
Swap	Jan 2028 - Dec 2028	124,863 MMBtu/d	$3.77
Swap	Jan 2029 - Dec 2029	11,781 MMBtu/d	$3.69
Collar	Jan 2026 - Dec 2026	275,890 MMBtu/d	$3.54 × $4.75
Collar	Jan 2027 - Dec 2027	119,452 MMBtu/d	$3.44 × $4.37
Collar	Jan 2028 - Dec 2028	17,760 MMBtu/d	$3.33 × $4.23

Sourced from National Fuel Gas's 10-K 2025-11-21 dated Nov 21, 2025. Hedge positions disclosed in 10-K / 10-Q filings reflect the company's book as of the filing date. Material activity may have occurred since. BoxWood does not estimate post-filing position changes. The estimated value above marks those disclosed positions against the current CME forward curve (intrinsic only) and is not the company's own mark-to-market.

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About BoxWood

BoxWood is commodity hedge management software for oil and gas producers, fuel consumers, refiners, and trade houses: AI-checked trade confirmations, one-click daily mark-to-market, counterparty reconciliation, settlements, scenario analysis, and automated daily reports for natural gas, NGL, crude, refined-product, and basis hedges. The Peer Hedge Atlas is the public, filing-sourced part of it.

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