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First Quarter 2021 Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · May 5, 2021 · 27 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. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE American: NOG Q1:21 EARNINGS PRESENTATION NYSE American: NOG
  2. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE American: NOG I. Q1 TAKEAWAYS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - November 2020 3
  3. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 3
    Q1:21 FINANCIAL & OPERATING HIGHLIGHTS NYSE American: NOG Q1:21 Earnings Highlights Q1 Free Cash Flow(1) Dividend Established Strong Free Cash Flow from Another High Return Quarter Free Cash Flow +43% QoQ. Capex decreased 22%…
  4. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 4
    MAJOR BALANCE SHEET UPGRADE ACHIEVED NYSE American: NOG ( in millions) 950 million of funded debt (100% of total) due by 2024 Weighted Avg. Maturity: 2.4 years Liquidity: 128 million 12/31/20 128 532 288 65 65 2021 2022…
  5. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 5
    GROUND GAME DIFFERENTIATED HIGH RETURN OPPORTUNTIES NYSE American: NOG Another Year of Highly Accretive Full Cycle Return Opportunities 2021 Ground Game Wells in Process Acquisitions Free Cash Flow Derivation (MM) 2021 2022 2023 2024…
  6. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 6
    BEST-IN-CLASS BAKKEN; EARLY PERMIAN RESULTS IMPRESS NYSE American: NOG High-grading of well locations has led to improved well recoveries across both basins Consistent Williston Basin Productivity Permian Basin Productivity 300,000…
  7. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 7
    2021 GUIDANCE NYSE American: NOG 2021 Bakken/Permian Guidance 2021 Marcellus Guidance 2021 Corporate Guidance Total Capital Expenditures ( in 200 - 250 Annual Production (Boe per day) 37,750 - 42,750 Annual Production (Mmcf per…
  8. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 8
    NYSE American: NOG I. Q1 TAKEAWAYS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 9
  9. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 9
    NEW NORTHERN: DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE NYSE American: NOG Northerns Marcellus acquisition creates a national non-op franchise, with a significantly larger base footprint and production diversified across three…
  10. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 10
    THE NORTHERN INVESTMENT PROPOSITION NYSE American: NOG National non-op franchise principled ROCE (1) leader (25.4% in Q1:21) diversified by commodity and geography Strong expected Free Cash Flow(2): 140MM in 2021 and 700MM through…
  11. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 11
    THE NEW NORTHERN OIL AND GAS NYSE American: NOG Northern is the pre-eminent E&P with focus on non-operated model offering superior returns and free cash flow generation Exposure to set of leading operators in Williston and Permian (75%…
  12. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 12
    SHALE 3.0 PARADIGM IDEAL FOR ACTIVE NON-OP MODEL NYSE American: NOG Capital Constrained E&Ps reassessing their Non-Op Positions SHALE 3.0 Operators commit to CAPEX levels no more than 70-80% of cash flow. A growth-driven shale…
  13. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 13
    BENEFITS OF NORTHERNS NON-OPERATOR MODEL NYSE American: NOG HIGH RETURN WAY TO PLAY E&P SPACE Peer leading cost structure & Corporate ROCE Unit G&A costs 50% less than operating peers Scalable Model: NOG has only 25 Employees…
  14. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 14
    RETURNS METRICS CONTINUE TO LEAD THE PACK NYSE American: NOG High Return Business Driven by Low G&A Burden Peer-Leading ROCE (2021) Raymond James E&P Research Coverage 35% 30% 25% Non-operator model allows us to 20% 15% run a…
  15. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 15
    NOG COMMITTED TO GOOD GOVERNANCE NYSE American: NOG ENVIRONMENTAL SOCIAL GOVERNANCE Operators are selected for Separate CEO and Chairman environmental and safety NOG employees provided roles records free health care and paid…
  16. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 16
    DIVERSIFIED BASE & PARTNERED WITH BASIN LEADERS NYSE American: NOG Leverage to some of the best performing operators in multiple basins % OF NET PRODUCING WELLS BY OPERATOR OTHERS…
  17. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 17
    NON-OP OF SCALE WITH IMPROVING COST STRUCTURE NYSE American: NOG Participation in the highest quality wells with stable AFE costs generates consistent production & higher IRRs Organic Net Wells added to Production Production…
  18. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 18
    CURRENT BAKKEN SNAPSHOT NYSE American: NOG Portfolio of high-quality acreage in the heart of the basin with interests in over 7,000 gross Bakken/Three Forks oil wells NET ACREAGE SUMMARY 9% 9% 8% 182,610 NET ACRES 91% 91%…
  19. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 19
    STRONG BAKKEN INVENTORY DRIVES NAV UPSIDE NYSE American: NOG Undeveloped Locations By Operator Undeveloped Locations By Reservoir OTHERS 111.8 155.1 TF3 41.6 86.2 TF2 25.6 113.6 28.6 BKKN 32.3 320.5 78.4 46.2 TF1 73.5…
  20. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 20
    2020 PUD WELLS EXCEEDING RESERVE AUDITOR EXPECTATIONS NYSE American: NOG 220 220 2020 Internal Type Curve 200 200 180 180 160 160 Cumulative Oil Production (mbbls) 140 140 Well Count 120 Performance of wells 120…
  21. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 21
    NYSE American: NOG I. Q1 TAKEAWAYS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 22
  22. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 22
    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.…
  23. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 23
    HEDGE PROFILE 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 upside CRUDE OIL DERIVATIVE PRICE…
  24. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 24
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE American: NOG HISTORICAL OPERATING INFORMATION YEAR ENDED DECEMBER 31, THREE MONTHS ENDED, 2015 2016 2017 2018 2019 2020 March 31, 2020 March 31, 2021 PRODUCTION Oil (MBbls) 5,168.7…
  25. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 25
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA & OTHER NYSE American: NOG Adjusted EBITDA by Year (in thousands) 2015 2016 2017 2018 2019 2020 Net Income (Loss) (975,355) (293,494) (9,194) 143,689 (76,318) (906,041) Add: Interest…
  26. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 26
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG Q1:21 Return on Capital Employed (ROCE) EBIT: 270.2MM (Q1:21 annualized) + Adj. EBITDA: 98.77MM Capital - DD&A: 31.22MM EBIT Employed = 25.4% Capital Employed:…
  27. First Quarter 2021 Presentation – Northern Oil and Gas, Inc. – slide 27
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE American: NOG Q1:21 Free Cash Flow (FCF) (in thousands) 1Q21 Net Cash Provided by Operating Activities 62,766 Exclude: Changes in Working Capital and Other Items 20,814 Less: Capital…

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