Derivative Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table presents the absolute notional amounts related to open positions on NW Natural derivative instruments:

	March 31,				December 31,
In thousands	2024		2023		2023
Natural gas (in therms):
Financial	690,905		681,850		948,425
Physical	374,350		295,382		571,610
Foreign exchange	$	10,457	$	10,444	$	11,926

Income Statement Presentation of Derivative Instruments

The following table reflects the income statement presentation for the unrealized gains and losses from NW Natural's derivative instruments:

	Three Months Ended March 31,
	2024				2023
In thousands	Natural gas commodity		Foreign Exchange		Natural gas commodity		Foreign Exchange
Benefit (expense) to cost of gas	$	37,964	$	(179)	$	(61,321)	$	13
Operating revenues (expense)	—		—		—		—
Amounts deferred to regulatory accounts on balance sheet	(37,964)		179		61,321		(13)
Total gain (loss) in pre-tax earnings	$	—	$	—	$	—	$	—