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September 2020 Company Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Sep 8, 2020 · 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. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE American: NOG SEPTEMBER PRESENTATION NYSE American: NOG Northern Oil & Gas, Inc - September 2020
  2. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE American: NOG I. COMPANY OVERVIEW II. Q2 TAKEAWAYS AND KEY POINTS III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - August 2020
  3. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 3
    NORTHERN 1-PAGER NYSE American: NOG Non-Operator Model Benefits Williston Basin Core182,899 net acres A superior return on capital (16.4% ROCE (1) in 2019) A Lean structureonly 24 full-time employees Capital allocation…
  4. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 4
    THE RIGHT TIME TO EXPAND THE MODEL TO THE PERMIAN NYSE American: NOG Entry into the Delaware with a top operator in the top county On 9/10 Northern announced its entry into the core of the Delaware Basin through a Ground Game deal in…
  5. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 5
    THE NOG INVESTMENT PROPOSITION NYSE American: NOG Northern has prepared to face the environment seen today Best in Class ROCE in E&P space: 16.4% in 2019 1 SUPERIOR RETURNS & FCF Industry Leading Free Cash Flow Yield NOG has…
  6. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 6
    RETURNS METRICS CONTINUE TO LEAD THE PACK NYSE American: NOG High Return Business Driven by Low G&A Burden Peer-Leading ROCE (2019) 18% 16% 14% 12% Non-operator model allows us to 10% run a lean cost structure and cash 8% 6%…
  7. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 7
    2020 GROUND GAME ADVANTAGE ACTIVE & PROFITABLE NYSE American: NOG Highly Accretive Full Cycle Return Opportunities 2020 Ground Game Wells in Process Acquisitions 200+ ground game deals executed since 2018 2020 2021 2022 2023 Net…
  8. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 8
    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…
  9. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 9
    POSITIVE 2020 BALANCE SHEET MOVES NYSE American: NOG Balance Sheet Improvement Maturity Schedule (MM) 12/31/19 6/30/20 1,200 92 Total Debt Total Debt Key Takeaways: 1,000 (132MM) 1,127MM 995MM 132MM of debt retired YTD 568 11…
  10. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 10
    CURRENT BAKKEN 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% 182,899 NET ACRES 91% 90%…
  11. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 11
    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…
  12. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 12
    BAKKEN WELL PERFORMANCE REMAINS 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 RECOVERIES +…
  13. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 13
    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…
  14. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 14
    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…
  15. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 15
    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…
  16. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 16
    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…
  17. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 17
    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 date CAPEX…
  18. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 18
    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.…
  19. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 19
    NYSE American: NOG I. COMPANY OVERVIEW II. Q2 TAKEAWAYS AND KEY POINTS III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - August 2020
  20. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 20
    Q2:20 FINANCIAL & OPERATING HIGHLIGHTS NYSE American: NOG CFFO(1) Recycle Ratio(2) Q2:20 Highlights Cash Flow (1) CAPEX: 53.1 million vs. capital 53.1MM 1.8X expenditures of 34.5 million Cash Margin DD&A Strong Realized Hedge…
  21. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 21
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE American: NOG HISTORICAL OPERATING INFORMATION YEAR ENDED DECEMBER 31, THREE MONTHS ENDED, 2014 2015 2016 2017 2018 2019 June 30, 2019 June 30, 2020 PRODUCTION Oil (MBbls) 5,150.9…
  22. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 22
    NON-GAAP RECONCILIATIONS: EBITDA & OTHER ADJUSTED EBITDA BY YEAR (IN THOUSANDS) 2015 2016 2017 2018 2019 NYSE American: NOG Net Income (Loss) (975,355) (293,494) (9,194) 143,689 (76,318) Add: Interest Expense 58,360 64,486 70,286…
  23. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 23
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG Q2:20 Return on Capital Employed (ROCE) EBIT: 117MM (Q2:20 annualized) + Adj. EBITDA: 264MM Capital EBIT Employed = 10% - DD&A: 147MM Capital Employed: 1,173MM…
  24. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 24
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG 2019 Return on Capital Employed (ROCE) EBIT: 244MM + Adj. EBITDA: 454MM Capital EBIT Employed = 16.4% - DD&A: 210MM Capital Employed: 1,487 MM (2018-19 Avg.) +…
  25. September 2020 Company Presentation – Northern Oil and Gas, Inc. – slide 25
    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, 2022, and 2023 volumes that give counterparties the…

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