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March 2016 Investor Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Mar 21, 2016 · 25 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. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 1
    March 2016 NYSE MKT: NOG
  2. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 2
    Capital Allocation 2015 capital expenditures reduced 76% as compared to 2014, total production grew 3% year-over-year 2016 capital expenditure guidance down 45% with total production guided down 15% Unit Cost Reductions 2015 cash…
  3. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 3
    Do not drill or operate wells We own minority leasehold/working interest (WI) percentage in Drilling Spacing Units (DSU) Operator of the DSU initiates/proposes drill schedule State law requires the operator of the DSU to send all…
  4. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 4
    GO Drill well and turn GO / NO-GO to production Consent to only Engineering those wells that will generate high IRRs Analysis AFE Review Use proprietary data to develop type Verify acreage and working interest curve and…
  5. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 5
    Increasing Well Productivity 120,000 2012 Cum 2013 Cum 2014 Cum 2015 Cum 100,000 700 Mboe Type Curve Cum Production (Boe) 80,000 60,000 40,000 20,000 - - 1 2 3 4 5 6 Producing Months 2015 IPs up 33% over 2014…
  6. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 6
    Decreased Costs & Increased Reserves Average EUR Average AFE 1000 10 9.3 8.9 8.9 900 9 8.6 8.4 8.2 800 772 8 727 757 726 7.3 7.4 7.3 700 7 6.5 600 560 571 6 518 (MM) MBoe 500 460 469 5 425 400 4 300 3 200 2…
  7. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 7
    Increasing Mix of High Intensity Completions 100% 90% 80% 70% 60% 50% 40% 30% 59% 62% 56% 20% 38% 42% 10% 0% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 High Intensity Base Trend towards an increased percentage of…
  8. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 8
    Focus Area Economics by Commodity Price 60% 12 700 MBOE: 6.5MM CWC IRR 10 700 MBOE: 6.5MM CWC PV10 Single Well PV10 (MM) 40% 8 IRR 6 20% 4 2 0% 0 40 WTI 3/11/2016 50 WTI 60 WTI 2.00 HH Strip 2.50 HH 3.00 HH…
  9. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 9
    SWAPS Contract Period Volume (Bbls) Weighted Average Price (per Bbl) 2016: Q1 450,000 90.00 Q2 450,000 90.00 Q3 450,000 65.00 Q4 450,000 65.00 12
  10. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 10
    Well Costs (MM) Cash Operating Costs (/Boe) 10 19.81 20.00 9 2.57 9 14.55 15.00 8 7.58 2.15 /Millions 8 (/Boe) 9.2 10.00 3.63 7 7 7.5 6 5.00 9.66 8.77 6 5 - 2014 Q4 2015 2014 2015 13 LOE Production…
  11. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 11
    2015 Unit Costs per BOE 40.00 36.66 35.00 31.05 11.04 30.00 25.00 14.16 5.82 (/Boe) 20.00 16.99 13.57 14.55 14.81 15.00 3.65 4.01 1.13 2.15 2.42 2.02 3.07 3.78 10.00 8.48 3.63 19.80 1.71 12.88 5.00 2.48 10.42…
  12. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 12
    NOG Historical Cash Operating Margins per BOE (1)(2) 90.00 100.0% 80.00 79.0% 78.79 79.77 70.00 75.85 76.2% 76.0% 73.51 73.1% 76.2% 75.2% 60.00 75.0% % Margin 66.39 (/Boe) 61.19 50.00 57.77 59.87 59.97 52.44 53.70…
  13. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 13
    Foundation for Continued Growth and Value Creation Northern Net Acreage Summary 18% 20% 27% 82% 73% 80% Montana North Dakota Total % Held (1) Total % Non-Held ND % Held (1) ND % Non-Held Net Acres By County Total Net…
  14. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 14
    Percentage of Producing Wells By Operator Top 10 Operators 1 Slawson 2 Continental 11.1% 3 Whiting 8.5% 4 Hess 7.2% 5 ConocoPhillips 21.6% 5.2% 6 Oasis 7 EOG Resources 6.1% Less Than 2% 8 XTO 4.4% 9 Emerald Oil 11.3% 4.2%…
  15. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 15
    Capital Discipline 2015 capex down 76% vs. 2014 capex spend 2016 budget down 45% vs. 2015 capex spend Maintain Liquidity 400 million of available liquidity 8% senior notes do not mature until 2020 Allocate capital only to high IRR…
  16. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 16
    Capital Expenditures & Production 600 537 18,000 Capital Expenditures ( millions) Capital Expenditures: 16,000 Ave Daily Production (Boe) 500 15,794 16,285 14,000 Drilling and Completion 50 - 60 million 400 13,800 12,000…
  17. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 17
    NYSE MKT: NOG Shares Outstanding 63.1 million (Fully-Diluted)(1) Market Capitalization(2) 250 million Enterprise Value(2) 1,075 billion Adjusted EBITDA (TTM) 277.3 million Net Producing Wells(3) 204.3 net Average Q4 2015 Daily…
  18. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 18
    Annual Production (Boepd) Cash Flow from Operation ( millions) 300.0 20,000 100.00 250.0 90.00 16,000 80.00 200.0 12,000 70.00 millions dollars 150.0 60.00 8,000 100.0 50.00 40.00 4,000 50.0 30.00 0 0.0 20.00 2011…
  19. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 19
    North Dakota Active Horizontal Rig Count and Production(1) 1600 250 Active Horizontal Rig Count Daily Production (Mboe/d) 1400 200 1200 1000 150 800 600 100 400 50 200 0 0 Daily Oil Production (MBbl/d) Daily Gas…
  20. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 20
    Takeaway Capacity Options Takeaway Capacity (Mbopd) (1) 3,500 3,000 2,500 2,000 1,500 1,000 500 - Pipeline/Refining Rail Basin Production NDIC Production Forecast Current Pipeline and rail provide multiple…
  21. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 21
    Year Ended December 31, 2011 2012 2013 2014 2015 Production Oil (MBbls) 1,792.0 3,465.3 4,046.7 5,150.9 5,168.7 Natural Gas and NGLs 800.2 1,768.9 2,572.3 3,682.8 4,651.6 Total Production (Mboe) 1,925.3 3,760.1 4,475.4 5,764.7…
  22. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 22
    ('s in millions) December 31, 2011 2012 2013 2014 2015 Assets Current assets 80.5 94.2 104.4 226.0 128.8 Property and equipment, net 643.7 1,083.2 1,397.3 1,761.9 589.3 Other assets 1.4 13.5 17.9 38.8 15.8 Total Assets 725.6 1,190.9…
  23. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 23
    (/Boe, except % Margin) Year Realized 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% 2013…
  24. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 24
    Quarter Ended December 31, September 30, June 30, March 31, (In thousands) 2015 2015 2015 2015 Net Income (172,313) (323,242) (250,061) (229,739) Add Back: Interest Expense 16,082 16,154 14,388 11,737 Income Tax Provision 0…
  25. March 2016 Investor Presentation – Northern Oil and Gas, Inc. – slide 25
    2015 2014 2013 2012 2011 (In Thousands) Net (Loss) Income (975,355) 163,746 53,067 72,285 40,611 Add Back: Interest Expense 58,360 42,106 32,709 13,875 586 Income Tax Provision (Benefit) (202,424) 99,367 30,768 43,002 26,835…

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