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GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Jun 24, 2015 · 28 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. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 1
    June 2015 NYSE MKT: NOG
  2. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 2
    NYSE MKT: NOG As of 3/31/2015 Shares Outstanding(1) 61.6 million Market Capitalization(2) 425 million Enterprise Value(2) 1.3 billion SEC PV-10(3) 1.7 billion Adjusted EBITDA (TTM) 312 million Average Q1 2015 Daily Production…
  3. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 3
    Pure Play Williston Basin E&P Annual Production (Boepd) 100% Non-Op Business Model 20,000 Production: (1st Quarter 2015) Averaged 17,000 BOEpd 16,000 28% Year over Year Growth 12,000 Premier Non-Op Position Early mover advantage -…
  4. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 4
    Optionality: Consent vs. Non-Consent Flexibility to participate in wells that meet IRR threshold No mandate If non-consent; retain our WI in the unit and ability to participate in all future wells No long term rig, frac, sand or…
  5. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 5
    1) Cutting Capital 2015 budget down 74% vs. 2014 budget Maintain flat year/year production on substantially reduced budget 2015 Guidance: 5.8 million BOE 2) Preserving Liquidity Non-Consent AFEs that dont meet IRR hurdle rate…
  6. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 6
    Capital Expenditures & Production 600 18,000 Capital Expenditures: 537 Capital Expenditures ( millions) 15,800 16,000 500 15,794 Production Flat Drilling and Completion 120 million 14,000 Production (Mboe) 400 12,000…
  7. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 7
    Core Inventory: 200 Net Locations 35 - 50 WTI Breakeven Avg AFE: 7.5 million Avg EUR: 800 MBOE 8
  8. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 8
    Foundation for Continued Development Northern Net Acreage Summary 24% 22% 34% 66% 76% 78% Montana North Dakota Total % Held (1) Total % Non-Held ND % Held (1) ND % Non-Held Net Acres By County Total Net Acreage: 181,000…
  9. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 9
    Proved Reserves as of 12/31/2014 ( in millions) Oil Gas Total SEC (MMBbls) (Bcf) (MMBoe) PV-10(1) P1 Category PDP 35.1 30.5 40.2 1129.2 PDNP 9.6 7.8 10.9 117.1 PUD 44.2 32.7 49.7 455.9 Total Proved Reserves 88.9 70.9 100.7…
  10. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 10
    Do not drill or operate wells We own an acreage portfolio of minority percentage Leasehold/Working Interest (WI) in hundreds of drilling spacing units (DSU) Operator of the DSU proposes to drill a well. State Law requires they send…
  11. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 11
    Percentage of Producing Wells By Operator Top 10 Operators Slawson 1 11.0% Exploration 7.5% Continental 2 Resources 20.7% 7.8% 3 Whiting Petroleum 4 Hess Less Than 2% 5.5% 5 Oasis Petroleum 11.6% 5.0% 6 EOG Resources 4.4%…
  12. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 12
    Disciplined - Every drilling opportunity is carefully evaluated, on a well by well basis, to ensure capital is allocated to projects with highest returns. Flexible - No mandate to participate; we decide based on economics.…
  13. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 13
    Review hundreds of AFEs annually Land Department Pad drilling driving more AFEs Review of Proposal Evaluate using NOG proprietary data Engineering Consider DrillingInfo and NDIC data Consider completion technique Analysis Consider…
  14. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 14
    Do not sign JOAs or have any JVs State Law in ND and MT dictates terms Not mandated to participate We decide based on economics; avoid low IRRs PROs CONs Acreage still HBP Multiple zones Do not participate in the economics HBP by a…
  15. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 15
    Annual Production (Boepd) Cash Flow from Operation ( millions) 20,000 300 16,000 250 200 12,000 150 8,000 100 4,000 50 0 0 2009 2010 2011 2012 2013 2014 TTM Q1'15 2009 2010 2011 2012 2013 2014 TTM Q1'15 Adjusted EBITDA (…
  16. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 16
    TTM Q115 Unit Costs per BOE (1) 45.00 40.00 38.60 35.00 29.78 14.39 30.00 25.00 (/Boe) 21.64 12.43 20.38 18.94 7.03 20.00 15.89 3.95 5.31 2.94 15.00 12.70 1.84 6.03 4.96 6.48 3.04 6.44 2.72 10.00 4.67…
  17. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 17
    Unit Cash Costs: /BOE 25.00 20.83 20.00 2.88 15.00 15.00 8.19 2.17 (/Boe) 3.54 10.00 5.00 9.76 9.29 - Q1 2014 Q1 2015 LOE Production Taxes Cash G&A 18
  18. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 18
    NOG Historical Cash Operating Margins per BOE (1) 90.00 100.0% 80.00 70.00 78.79 79.77 75.85 76.2% 73.51 76.0% 75.2% 72.4% 69.57 60.00 75.0% % Margin 66.39 79.0% 72.8% (/Boe) 50.00 57.77 59.87 59.97 52.44 53.22 50.63…
  19. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 19
    Financial Resources Liquidity (2) 600 Reaffirmed April 2015 500 Liquidity of 403 Million in millions 400 6 300 550 200 397 397 100 153 6 0 Credit Facility(1) Outstanding Available Credit Cash Available Liquidity…
  20. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 20
    SWAPS Weighted Average Price Contract Period Volume (Bbls) (per Bbl) 2015: Q2 990,000 89.03 Q3 990,000 89.82 Q4 990,000 89.82 2016: Q1 450,000 90.00 Q2 450,000 90.00 Q3 450,000 65.00 Q4 450,000 65.00 21
  21. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 21
    EV / Proved Reserves (YE 2014) EV / Production (TTM Q115) 25 140 120 20 /Boepd ( in thousands) 100 15 80 /Boe 60 10 40 5 20 0 0 EOG OAS TPLM CLR WLL NOG EOX CLR WLL OAS EOG TPLM EOX NOG As of 6/19/2015 22
  22. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 22
    Proven Business Model Have been here since the play began - 2006 Participated in the completion of 2,500+ gross Bakken/Three Forks wells 20-25% of all Bakken/Three Forks drilling Favorable Non-Op laws in North Dakota & Montana Premeir…
  23. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 23
    Thank You 24
  24. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 24
    APPENDIX: Supplemental Information 25
  25. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 25
    Year Ended December 31, 2014 2013 2012 2011 2010 Production Oil (MBbls) 5,510.9 4,046.7 3,465.3 1,792.0 849.8 Natural Gas and NGLs (Mmcfe) 3682.8 2,572.2 1,768.9 800.2 234.4 Total Production (Mboe) 7564.7 4,475.4 3,760.1 1,925.4…
  26. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 26
    2014 2013 2012 2011 2010 (In Thousands) Net Income 163,746 53,067 72,285 40,611 6,917 Add Back: Interest Expense 42,106 32,709 13,875 586 583 Income Tax Provision 99,367 30,768 43,002 26,835 4,419 Depreciation, Depletion,…
  27. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 27
    Quarter Ended March 31, December 31, September 30, June 30, In thousands 2015 2014 2014 2014 Net Income (229,739) 103,584 57,985 (4,412) Add Back: Interest Expense 11,737 11,258 10,624 10,326 Income Tax Provision (135,480)…
  28. GHS 100 ENERGY CONFERENCE – Northern Oil and Gas, Inc. – slide 28
    (/Boe, except % Margin) Realized Year Price* Production Expense Production Taxes Cash G&A Margin % Margin 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% 2012 78.79 8.61 7.58 2.64 59.96 76.0%…

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