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IPAA OGIS New York 2014 – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Apr 7, 2014 · 33 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 1
    One Step Ahead of The Drill Bit April 2014 NYSE MKT: NOG
  2. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 2
    Statements made by representatives of Northern Oil and Gas, Inc. (Northern or the Company) during the course of this presentation that are not historical facts are forward-looking statements. These statements are based on certain…
  3. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 3
    Position: 187,000 Net Acres 1,400+ Remaining Net Well Inventory(1) 73% of North Dakota Held(2), 63% Held in Total Production: (4th Quarter 2013) Averaged 13,946 BOEpd 90% Crude 1,758 Producing Wells (146.2 net) 252 Wells…
  4. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 4
    Leading Non-op Franchise in the Williston First-mover advantage in 2006 Strong balance sheet and liquidity for drilling and additional acquisitions Acquire only strategic non-operated acreage in the Bakken core Partnered with Leading…
  5. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 5
    Our Focus is Purely North Dakota & Montana 5
  6. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 6
    North Dakota Active Rig Count and Production(1) 1150 250 Active Horizontal Rig Count Daily Production (Mboe/d) 950 200 750 150 550 100 350 150 50 -50 0 Daily Oil Production (MBbl/d) Daily Gas Production (Mboe/d)…
  7. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 7
    Strategy Drives Consistent Production Growth 14,000 180 12,261 160 12,000 10,274 140 10,000 Production (Boepd) 120 Producing Wells 8,000 100 6,000 5,275 80 60 4,000 2,435 40 2,000 773 20 140 - 0 2008 2009…
  8. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 8
    Three Forks Potential Increases Footprint Gamma Ray Resistivity Upper Middle Bakken Bakken Traditional Focus Middle 11,300 Benches of Three Forks Opens Lower New Resource Potential Bakken Petroleum System Three Forks…
  9. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 9
    Strengthening the Foundation, Multi-Year Growth Profile 9
  10. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 10
    Proven Business Model Converts Acreage Into Shareholder Value Step 3 Step 2 Grow Production Fund AFE & Grow Reserves Creating Value One Step Ahead of The Drill Bit Step 4 Step 1 Realize High Buy Acreage Return on Invested…
  11. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 11
    Step Step 2 3 Step Step 1 4 Step Buy Acreage One Step Ahead of the Drill Bit 5 Deep knowledge of the Williston Basin Participated in 2,000+ gross wells Good visibility on who the operators are drilling plans, AFE costs and…
  12. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 12
    JOA State Law Ability to Propose Wells No Yes Ability to Change Operator No Yes Non-Consent Penalty Cost + 300-500% Cost + 200% Oil and Gas Marketing Limited Flexible Forced Pooling Metes and Bounds North Dakota (1) Texas…
  13. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 13
    Step Step 2 3 Step Step 1 4 Step 5 Non-Operated Larger Operators Positions from Seeking to Companies Consolidate Preferring to Operated Positions Operate (Post-Acquisition) Operators Looking to Sell Down Smaller…
  14. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 14
    Step Step 2 3 Step Step 1 4 Step 5 187,000 net acres in the Acquisition History Bakken/Three Forks play 60,000 4,000 56,858 as of December 31, 2013 3,200 45,000 49,032 Net Acres Acquired Acquired 20,900 net acres at…
  15. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 15
    Step Step 2 3 Step Step 1 4 Step Foundation for Continued Growth and Value Creation 5 Northern Net Acreage Summary 22% 27% 37% 63% 78% 73% Montana North Dakota Total % Held (1) Total % Non-Held ND % Held (1) ND %…
  16. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 16
    Step Step 2 3 Step Step 1 4 Current Estimated Gross Run Rate Step 5 Company Williston Rigs(1) Bakken Capex(2) Gross Bakken EOG Resources 20 1,800 MM Total North Dakota Rigs (197)(1) run rate capex for these 12 Hess 19…
  17. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 17
    Step 2 Step 3 Step 1 Step 4 Step 5 Diversify Risk Among Active Drillers in the Williston Basin 10.9% 21.9% 7.2% 6.2% 3.4% 4.0% 5.4% 3.3% 3.9% 3.0% 4.2% 9.3% 5.5% 11.9% Between 2% and 3% Less Than 2% 17
  18. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 18
    Step Step 2 3 Step Step 1 4 Proved Reserves as of 12/31/2013 Step 5 ( in millions) Oil Gas Total SEC (MMBbls) (Bcf) (MMBoe) PV-10(1) P1 Category PDP 26.2 16.5 28.9 881.7 PDNP 5.9 4.1 6.6 151.1 PUD 43.8 29.5 48.7 488.5…
  19. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 19
    Step Step 2 3 Step Step 1 4 Step Historical Cash Operating Margins per BOE (1) 5 90.00 100.0% 80.00 79.0% 79.77 70.00 75.85 78.79 75.2% 76.2% 76.0% 60.00 69.0% 75.0% % Margin 66.39 (/Boe) 50.00 57.77 59.87…
  20. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 20
    Step Step 2 3 Step Step 1 4 Step Strong Fundamental Performance in Key Operational Metrics 5 Three-Year F&D Cost 2011-2013 (/Boe)(1) Cash Operating Margin TTM 12/31/2013 (/Boe) 30.0 70.0 25.0 60.0 20.0 50.0 40.0 15.0 30.0…
  21. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 21
    Step Step 2 3 Step Step 1 4 Step Northern Generated 3.33 in EBITDA for Each 1.00 Invested in F&D 5 400% 350% 339% 333% 327% 300% 273% 250% 200% 183% 176% 150% 112% 100% 50% 0% CLR NOG OAS KOG WLL EOG EOX…
  22. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 22
    Consistent Execution of Business Strategy Oil & Gas Sales (MM) (1) Adjusted EBITDA (MM)(2) 400.0 369.2 300.0 350.0 268.0 296.6 250.0 300.0 225.3 250.0 200.0 200.0 150.0 159.4 112.3 150.0 100.0 100.0 59.4 47.1…
  23. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 23
    Capital and Liquidity to Continue Growth Path 23
  24. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 24
    Financial Resources to Stay One Step Ahead Liquidity 800 700 600 268 268 in millions 264 MM Surplus (Est.) 500 400 300 200 425 425 435 100 6 6 0 Cash Credit Facility(3) Adjusted EBITDA Available Capex 2014E(2)…
  25. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 25
    Acquisition and Development Investment (1) Capital Shifting to Development (1) 600 100% 537.5 90% Percentage of Total Capital Investment Capital Investment ( in millions) 500 38% 80% 439.1 435 414.0 70% 62% 400 73%…
  26. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 26
    COSTLESS COLLARS SWAPS Weighted Average Weighted Average Contract Volume Floor/Ceiling Price Volume Floor/Ceiling Price Period (Bbls) (Bbl) (Bbls) (Bbl) 2014: Q1 60,000 90.00 - 99.05 900,000 91.17 Q2 60,000 90.00 - 99.05 930,000…
  27. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 27
    EV / Proved Reserves (YE 2013) EV / Production (TTM Q413) 40 250 35 200 30 /Boepd ( in thousands) /Boe ( in thousands) 25 150 20 100 15 10 50 5 0 0 MHR KOG EOX OAS EOG CLR WLL NOG EOX MHR OAS CLR KOG NOG EOG…
  28. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 28
    One Step Ahead of the Drill Bit Proven Acquisition Model Acquire High-Potential Acreage Focused on the Bakken and Three Forks A Premier Crude Oil Play in North America Deep Knowledge of the Bakken and Three Forks Go-To Non-Op…
  29. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 29
    APPENDIX: Supplemental Information 29
  30. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 30
    Year Ended December 31, 2013 2012 2011 2010 2009 Production Oil (MBbls) 4,046.7 3,465.3 1,792.0 849.8 274.3 Natural Gas and NGLs 2,572.2 1,768.9 800.2 234.4 47.3 Total Production (Mboe) 4,475.4 3,760.1 1,925.4 888.9 282.2…
  31. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 31
    2013 2012 2011 2010 2009 2008 (In Thousands) Net Income 53,067 72,285 40,611 6,917 2,798 2,424 Add Back: Interest Expense 32,709 13,875 586 583 535 28 Income Tax Provision 30,768 43,002 26,835 4,419 1,466 (830) Depreciation,…
  32. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 32
    Quarter Ended March 31, June 30, September 30, December 31, In thousands 2013 2013 2013 2013 Net Income 8,951 25,011 1,702 17,401 Add Back: Interest Expense 6,108 7,819 9,212 9,569 Income Tax Provision 5,604 14,630 1,028 10,505…
  33. IPAA OGIS New York 2014 – Northern Oil and Gas, Inc. – slide 33
    (/Boe, except % Margin) Realized Year Price* Production Expense Production Taxes Cash G&A Margin % Margin 2009 51.55 2.67 4.60 8.70 35.57 69.0% 2010 66.39 3.70 6.16 4.09 52.44 79.0% 2011 75.85 6.77 7.43 3.88 57.77 76.2%…

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