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INVESTOR PRESENTATION – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Mar 1, 2014 · 32 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. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 1
    One Step Ahead of The Drill Bit March 2014 NYSE MKT: NOG
  2. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 2
    Position: 187,000 Net Acres 1,000 Remaining Net Well Inventory(1) 63% Held(2), 73% Held in North Dakota Production (4th Quarter 2013): Averaged 13,946 BOE/d, 90% Crude 1,758 Producing Wells (146.2 net) 252 Wells Drilling (18.8…
  3. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 3
    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…
  4. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 4
    Our Focus is Purely North Dakota & Montana 5
  5. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 5
    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)…
  6. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 6
    Strategy Drives Consistent Production Growth 14,000 180 12,261 160 12,000 10,274 140 10,000 Producing Net Wells Production (Boepd) 120 8,000 100 6,000 5,275 80 60 4,000 2,435 40 2,000 773 20 140 - 0 2008 2009…
  7. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 7
    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…
  8. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 8
    Strengthening the Foundation, Multi-Year Growth Profile 9
  9. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 9
    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…
  10. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 10
    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…
  11. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 11
    JOA State Law (ND & MT) 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…
  12. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 12
    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…
  13. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 13
    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 as of December 31, 2013 56,858 3,200 45,000 49,032 Net Acres Acquired Acquired 20,900 net acres at…
  14. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 14
    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 %…
  15. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 15
    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 18 1,620 MM Total North Dakota Rigs (191)(1) run rate capex for these 12 Hess 18…
  16. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 16
    Step 2 Step 3 Step 1 Step 4 Step 5 Operating Partner Breakdown (% of net PDP wells) 0000 10.9% 21.9% 7.2% 6.2% 3.4% 3.3% 4.0% 3.9% 5.4% 3.0% 9.3% 4.2% 5.5% 11.9% Between 2% and 3% Less Than 2% 17
  17. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 17
    Step Step 2 3 Step Step 1 4 Net 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…
  18. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 18
    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…
  19. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 19
    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…
  20. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 20
    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% 100% 50% 0% CLR NOG OAS KOG WLL EOG Capital…
  21. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 21
    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…
  22. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 22
    Capital and Liquidity to Continue Growth Path 23
  23. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 23
    Financial Resources to Stay One Step Ahead Liquidity (as of 12/31/2013) 800 700 600 in millions 268 268 214 MM Surplus 500 (Est.) 400 300 200 375 375 435 100 6 6 0 Cash Credit Facility(3) Adjusted EBITDA Available…
  24. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 24
    Acquisition and Development Investment (1) Capital Shifting to Development (1) 600 100% 538.1 90% Percentage of Total Capital Investment Capital Investment ( in millions) 500 38% 439.1 435.0 80% 414.0 70% 62% 400 73%…
  25. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 25
    COSTLESS COLLARS SWAPS Weighted Average Contract Volume Floor/Ceiling Price Volume Weighted Average Period (Bbls) (Bbl) (Bbls) Price (Bbl) 2014: Q1 60,000 90.00 - 99.05 900,000 91.17 Q2 60,000 90.00 - 99.05 930,000 91.15 Q3…
  26. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 26
    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 OAS EOG CLR WLL NOG MHR OAS CLR KOG NOG EOG WLL As…
  27. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 27
    One Step Ahead of the Drill Bit Proven Acquisition Model Acquire High-Potential Acreage About to be Drilled Focused on the Bakken and Three Forks A Premier Crude Oil Play in North America Deep Knowledge of the Bakken and Three Forks…
  28. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 28
    APPENDIX: Supplemental Information 29
  29. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 29
    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…
  30. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 30
    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,…
  31. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 31
    Quarter Ended March 31, June 30, September 30, December 31, In thousands 2012 2012 2012 2012 Net Income 8,807 43,626 300 19,552 Add Back: Interest Expense 196 2,728 5,204 5,744 Income Tax Provision 5,824 28,840 213 8,123…
  32. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 32
    (/Boe, except % Margin) Realized Year Price* Production Expense Production Taxes Cash G&A Margin % Margin 2009 51.55 2.67 4.6 8.83 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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