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InvestMNt Conference 2016 – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Aug 24, 2016 · 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. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 1
    August 2016 NYSE MKT: NOG
  2. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 2
    NYSE MKT: NOG Shares Outstanding 64.6 million (Fully-Diluted)(1) Market Capitalization(2) 224 million Enterprise Value(2) 1,050 billion Adjusted EBITDA (TTM) (3) 219.8 million Net Producing Wells(3) 208.1 net Average Q2 2016 Daily…
  3. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 3
    Liquidity Capital Allocation Non-Op Business Model 4
  4. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 4
    Capital Allocation Second quarter capital expenditures reduced 51% as compared to second quarter of 2015 First half of 2016 capital expenditures reduced 56% as compared to first half of 2015 2016 capital expenditure guidance down 45%…
  5. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 5
    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…
  6. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 6
    FLEXIBLE Our option to consent or non-consent a well PROPRIETARY DISCIPLINED 3,000+ well database Evaluate every drilling gives us an advantage opportunity, allocate in analyzing wells and capital only to wells acreage with…
  7. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 7
    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 Verify acreage and to develop type working interest curve and estimated…
  8. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 8
    Increasing Well Productivity 200,000 2012 Cum 2013 Cum 180,000 2014 Cum 2015 Cum 160,000 700 Mboe Type Curve 140,000 Cum Production (Boe) 120,000 100,000 80,000 60,000 40,000 20,000 - - 1 2 3 4 5 6 7 8 9 10 11…
  9. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 9
    Decreased Costs & Increased Reserves Average EUR Average AFE 10 9.3 1000 8.9 8.9 9 8.6 8.4 900 8.2 802 794 8 7.4 800 772 7.3 7.3 7.1 727 757 726 6.9 7 6.5 700 571 6 5.6 600 560 518 5.0 (MM) MBoe 500 460 469 5…
  10. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 10
    Increasing Mix of High Intensity Completions 100% 90% 80% 70% 60% 50% 89% 40% 79% 30% 59% 62% 56% 20% 38% 42% 10% 0% Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 High Intensity Base Trend towards an…
  11. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 11
    Focus Area Economics by Commodity Price 60% 12 700 MBOE: 6.5MM CWC IRR 700 MBOE: 6.5MM CWC PV10 10 Single Well PV10 (MM) 40% 8 IRR 6 20% 4 2 0% 0 40 WTI 50 WTI 08/11/2016 60 WTI 2.00 HH 2.50 HH Strip 3.00 HH…
  12. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 12
    Foundation for Continued Growth and Value Creation Northern Net Acreage Summary 16% 18% 25% 84% 75% 82% Montana North Dakota Total % Held(1) Total % Non-Held ND % Held (1) ND % Non-Held Net Acres By County Total Net…
  13. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 13
    Percentage of Producing Wells By Operator Top 10 Operators 1 Slawson 2 Continental 11.2% 3 Whiting 8.3% 7.0% 4 Hess 5 ConocoPhillips 5.3% 21.3% 6 Oasis 6.3% 7 XTO Less Than 2% 8 EOG Resources 4.5% 9 Emerald Oil 10.6% 10…
  14. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 14
    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…
  15. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 15
    Takeaway Capacity Options Takeaway Capacity (Mbopd) (1) 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 Capacity…
  16. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 16
    SWAPS Contract Period Volume (Bbls) Weighted Average Price (per Bbl) 2016: Q3 450,000 65.00 Q4 450,000 65.00 2017: Q1 360,000 50.00 Q2 360,000 50.00 Q3 120,000 52.75 Q4 120,000 52.75 (1) As of August 23, 2016 17
  17. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 17
    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…
  18. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 18
    Capital Discipline 2015 capex down 76% vs. 2014 capex spend First half 2016 capex down 56% vs. first half 2015 2016 budget down 45% vs. 2015 capex spend Maintain Liquidity 220 million of available liquidity 8% senior notes do not…
  19. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 19
    ENDURANCE DURABILITY OPTIONALITY Northerns non-op business model Access to core acreage and best in class operators Consent vs. Non-Consent capital allocation process Liquidity Ability to adjust spending up or down based on…
  20. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 20
    21
  21. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 21
    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…
  22. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 22
    Annual Production (Boepd) Cash Flow from Operations vs WTI 300 274.3 20,000 100 16,857 15,794 250 222.8 90 16,000 218.9 198.5 80 12,261 200 12,000 10,274 70 150 60 8,000 5,275 100 85.1 50 40 4,000 50 30 0 0 20 2011 2012 2013…
  23. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 23
    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…
  24. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 24
    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…
  25. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 25
    ('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…
  26. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 26
    (/Boe, except % Margin) Year Realized Price* Production Expense Production Taxes Cash G&A Cash 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 76.1%…
  27. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 27
    Quarter Ended June 30, March 31, December 31, September 30, (In thousands) 2016 2016 2015 2015 Net Income (Loss) (108,979) (126,566) (172,313) (323,242) Add Back: Interest Expense 16,046 16,098 16,082 16,154 Income Tax…
  28. InvestMNt Conference 2016 – Northern Oil and Gas, Inc. – slide 28
    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 31,768 43,002 26,835…

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