Metallgesellschaft is a company based on germany in early 1990's, they offered

fixed price long-term contracts

to deliver or supply heating oil and gasoline to its clients. The company hedge its
exposure using a stack and
roll strategy.

Metallgesellschaft contracted to sell 154 million barrels of oil through fixed

price contracts ranging over a period of 10 years.
These fixed priced fixed-price contracts created a huge exposure to oil
price increases that MGRM decided to hedge. However, it did not do so in a
straightforward way.
Rather than hedging its future outflows with offsetting positions of matching
maturities, MGRM chose
to take “stacked” positions in short-term contracts,
both futures and swaps, and then roll the entire
“stack” forward as the contracts expired.