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June 2020 Investor Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Jun 15, 2020 · 34 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. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE American: NOG JUNE 2020 NYSE American: NOG
  2. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE American: NOG I. 1-PAGER, VALUE PROPOSITION, & RECENT EVENTS II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO
  3. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 3
    NORTHERN 1-PAGER NYSE American: NOG Non-Operator Model Benefits Williston Basin Core183,245 net acres A superior return on capital (16.3% ROCE (1) in 2019) Increased free cash flow (2) (125MM in 2020E) A Lean structureonly 24…
  4. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 4
    THE NOG INVESTMENT PROPOSITION NYSE American: NOG Northern has prepared to face the environment seen today Best in Class ROCE in E&P space: 16.3% in 2019 1 SUPERIOR RETURNS & FCF Free Cash Flow approaching market cap over next 2…
  5. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 5
    RECENT EVENTS WORTH TALKING ABOUT NYSE American: NOG INCREMENTAL DATA POINTS FROM Q1 AND AFTERWARD NOGs recycle ratio remained strong at 1.8x Margins Remained Strong in Q1 Cash Margin (27.31/boe) / DD&A (15.53/boe) 2020 EBITDA…
  6. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 6
    NYSE American: NOG I. 1-PAGER, VALUE PROPOSITION, & RECENT EVENTS II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO
  7. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 7
    CURRENT NOG ASSET SNAPSHOT NYSE American: NOG Portfolio of high-quality acreage in the heart of the basin with interests in over 6,500 gross Bakken/Three Forks oil wells NET ACREAGE SUMMARY 9% 10% 8% 183,245 NET ACRES 91% 90%…
  8. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 8
    FIXING THE BALANCE SHEET & ACHIEVING SCALE NYSE American: NOG Participation in the highest quality wells with stable AFE costs generates consistent production growth & higher IRRs CONSISTENTLY FUNDING ATTRACTIVE WELLS GENERATES…
  9. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 9
    THE RECENT EVOLUTION OF NORTHERN OIL & GAS NYSE American: NOG Entry into new RBL facility and Northern enters into Northern has 16.8mBoe/d successful existing Secured Notes COVID/OPEC driven Oil of production, 145mm consent…
  10. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 10
    NORTHERNS SENIOR MANAGEMENT TEAM NYSE American: NOG Nicholas OGrady: Chief Executive Officer Nicholas OGrady has served as Chief Executive Officer since January 2020, following 18 months as the Companys Chief Financial Officer. Mr.…
  11. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 11
    MGMT. ALIGNED WITH STAKEHOLDERS LIKE NO OTHER E&P NYSE American: NOG Northern is focused on what it means to be accountable TYPICAL E&P PEER NORTHERN 3.00 Cash G&A per Barrel 0.95 per boe Cash G&A in Q1 20 Insider & Management…
  12. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 12
    BENEFITS OF NORTHERNS NON-OPERATOR MODEL NYSE American: NOG LEVERAGING EXPERIENCE Proprietary Northern database, built from participation in over 6,500 wells, 40%+ of all Bakken and Three Forks wells drilled play to data CAPEX…
  13. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 13
    THE NON-OPERATOR MODEL NYSE American: NOG CAPITAL BENEFITS COST BENEFITS Ability to increase and decrease capital quickly Only 24 full-time employees No rig or drilling contracts, no embedded personnel at the field level Virtually…
  14. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 14
    NYSE American: NOG I. 1-PAGER, VALUE PROPOSITION, & RECENT EVENTS II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO
  15. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 15
    Q4/Q1 BALANCE SHEET MOVES: REDUCED DEBT & INT. COST NYSE American: NOG Balance Sheet Improvement Maturity Schedule (MM) Key Takeaways: 9/30/19 3/31/20 1,200 50%+ reduction of highest cost, most Total Debt Total Debt restrictive…
  16. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 16
    MAJORITY OF PRODUCTION HEDGED THROUGH 2021 NYSE American: NOG Northern continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic…
  17. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 17
    NYSE American: NOG I. 1-PAGER, VALUE PROPOSITION, & RECENT EVENTS II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO
  18. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 18
    DIVERSIFIED BASE & PARTNERED WITH BASIN LEADERS NYSE American: NOG Leverage to some of the best performing operators in the Williston Basin % OF NET PRODUCING WELLS BY OPERATOR OTHERS…
  19. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 19
    2020 WELLS IN PROCESS ARE IN STRONG AREAS NYSE American: NOG The 2020 program is defined and focused in core areas Williston Basin Core NOGS DATA ADVANTAGE NORTHERN HAS 40% PARTICIPATED IN 40% OF WELLS EVER DRILLED IN THE…
  20. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 20
    OUR WELL PERFORMANCE REMAINS CONSISTENTLY STRONG NYSE American: NOG Completion technology and high-grading of well locations has led to improved well recovery across the basin NOGs INCREASING WELL PRODUCTIVITY 2015 Cum (1) HIGHER…
  21. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 21
    STRONG UNDEVELOPED INVENTORY DRIVES NAV UPSIDE NYSE American: NOG Undeveloped Locations By Operator Undeveloped Locations By Reservoir TF3 OTHERS 114.5 41.7 155.5 TF2 115.1 26.4 88.0 BKKN 28.1 329.0 32.2 83.3 TF1 47.1 285.6…
  22. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 22
    NYSE American: NOG I. 1-PAGER, VALUE PROPOSITION, & RECENT EVENTS II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO
  23. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 23
    NORTHERNS CORE GROWTH THESIS IS SUSTAINABLE NYSE American: NOG Northerns goal is to leverage its strong financial position to counter-cyclically invest in acreage and drilling opportunities across the Williston Basin during volatile…
  24. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 24
    ORGANIC GROWTH DRIVES OPPORTUNITY SET NYSE American: NOG ORGANIC GROWTH GROUND GAME WORKING INTEREST ADDITIONS GROWTH IN EXISTING POSITIONS UPSTREAM BACKDROP PROVIDES STRATEGIC OPPORTUNITIES Flow of inbound AFEs Incremental…
  25. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 25
    WHILE ACQUISITIONS BUILD SCALE NYSE American: NOG ACQUISITIONS ACQUISITIONS LEVER STRONG PARTNERSHIPS Non-operator is natural consolidator Not bound to contiguous or concentrated acreage Proprietary database facilitates well…
  26. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 26
    2020 A&D OPPORTUNITY SET GROWING NYSE American: NOG The landscape for both ground-game acquisitions and corporate transactions has been consistently growing with asset quality increasing Unprecedented ability to partner, provide…
  27. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 27
    NYSE American: NOG VI: APPENDIX
  28. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 28
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE American: NOG HISTORICAL OPERATING INFORMATION YEAR ENDED DECEMBER 31, THREE MONTHS ENDED, 2014 2015 2016 2017 2018 2019 March 31, 2019 March 31, 2020 PRODUCTION Oil (MBbls) 5,150.9…
  29. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 29
    NON-GAAP RECONCILIATIONS: EBITDA & OTHER NYSE American: NOG ADJUSTED EBITDA BY YEAR (IN THOUSANDS) 2015 2016 2017 2018 2019 Net Income (Loss) (975,355) (293,494) (9,194) 143,689 (76,318) Add: Interest Expense 58,360 64,486 70,286…
  30. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 30
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG 2019 Return on Capital Employed (ROCE) EBIT: 244MM + Adj. EBITDA: 454MM Capital - DD&A: 210MM EBIT Employed = 16.4% Capital Employed: 1,487 MM (2018-19 Avg) +…
  31. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 31
    SALT CREEK & PIVOTAL ACQUISITIONS NYSE American: NOG Salt Creek Oil & Gas Acquisition Overview Pivotal Petroleum Acquisition Overview 6MM shares issued at closing 25.75MM shares issued at closing Acquisition Price: Acquisition…
  32. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 32
    FLYWHEEL ENERGY: ACQUISITION SUMMARY NYSE American: NOG Flywheel Energy Acquisition Overview Northern to acquire Williston Basin properties of VEN Bakken, LLC (Seller), a wholly-owned subsidiary of Flywheel Bakken, LLC (formerly…
  33. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 33
    W ENERGY PARTNERS ACQUISITION NYSE American: NOG Acquisition Overview First 12-Month Cumulative Oil Production(1) 51.4 MM shares Acquisition Price: 117.1 MM Cash Effective July 1, 2018 Timeline: Closed October 1, 2018 Acreage:…
  34. June 2020 Investor Presentation – Northern Oil and Gas, Inc. – slide 34
    HEDGING DISCLOSURES NYSE American: NOG Further Detail about Swap Transaction and Swaption Volumes 1. The Company has entered into certain crude oil derivative contracts for 2021 volumes that give counterparties the option to extend…

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