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2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Aug 3, 2021 · 29 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. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE American: NOG Q2:21 EARNINGS PRESENTATION NYSE American: NOG
  2. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE American: NOG I. Q2 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - November 2020 4
  3. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 3
    Q2:21 FINANCIAL & OPERATING HIGHLIGHTS NYSE American: NOG Q2:21 Earnings Highlights Q2 Free Cash Flow(1) + Dividend Momentum Record Free Cash Flow Returns Free Cash Flow. Free cash flow hit a record 46.2MM in Q2. NOGs 46.2MM 50%…
  4. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 4
    UPDATED 2021 GUIDANCE POST PERMIAN ACQUISTIONS NYSE American: NOG Net/Net: Production Up; CAPEX Down; Cost Structure Trending Lower PRIOR ADJUSTED Annual Production (Boe per day) 47,167 - 53,424* 49,500 - 54,250 Oil % 62 - 64%*…
  5. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 5
    2021 WELLS DRIVING EXCEPTIONAL RESULTS NYSE American: NOG 220 2020 YE Internal Type Curve 220 200 200 180 180 160 160 Cumulative Oil Production (mbbls) 140 Daily Production 140 Well Count 120 Performance of wells…
  6. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 6
    GROUND GAME A HIGH RETURN NOG EXCLUSIVE 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 50 Net…
  7. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 7
    SCALING THE BUSINESS 4X AND REDUCING LEVERAGE NYSE American: NOG 8.0 x 60.0 54.6 7.0 x 6.8 x 50.0 6.0 x Production (Mboepd) 40.0 Total Debt / Adj. EBITDA 5.0 x 38.4 38.6 33.1 4.0 x 30.0 25.6 3.0 x 2.7 x 2.5 x…
  8. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 8
    MAJOR BALANCE SHEET UPGRADE ACHIEVED NYSE American: NOG ( in millions) 950 million of funded debt (100% of total) due by 2024 12/31/20 128 532 288 65 65 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Revolver (Drawn)…
  9. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 9
    LEVERAGE REDUCTION DRIVES A HIGHER DIVIDEND NYSE American: NOG Northern is committed and well positioned to return capital to shareholders via dividend growth Our dividend growth strategy is correlated to our corporate deleveraging…
  10. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 10
    NORTHERN ESTABLISHES SCALE IN THE PERMIAN BASIN NYSE American: NOG Acquisition Highlights- Deal Announced on 6/16 Summary Transaction Stats Unadjusted Purchase Price: 102.2 Million Continues to establish Northern as the premier…
  11. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 11
    PERMIAN - HIGHLY ECONOMIC INVENTORY UNDERPINNED BY AN ESTABLISHED PRODUCTON BASE AND HIGH QUALITY OPERATORS NYSE American: NOG Inventory of 23.1 net undrilled locations with highly attractive returns North Eddy Stats(3) 33.97 B/E…
  12. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 12
    PERMIAN - ATTRACTIVE IMPLIED VALUATION METRICS NYSE American: NOG Production Operating Cash Flow & Cum. Free Cash Flow 40MM 100MM Production 2,200 Boe/d 3,700 Boe/d 6,500 Boe/d Forecasted Forecasted (Boe/d) Operating CF NTM…
  13. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 13
    NYSE American: NOG I. Q2 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 15
  14. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 14
    THE NORTHERN INVESTMENT PROPOSITION NYSE American: NOG National non-op franchise principled ROCE (1) leader (40% in Q2:21) diversified by commodity and geography Strong expected Free Cash Flow(2): 160MM in 2021 and 900MM through…
  15. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 15
    NEW NORTHERN: DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE NYSE American: NOG Northerns Marcellus and Permian acquisitions create a national non-op franchise, with a significantly larger base footprint and production diversified across…
  16. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 16
    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 with 2021 exiting with…
  17. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 17
    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…
  18. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 18
    BENEFITS OF NORTHERNS NON-OPERATED 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 26 employees…
  19. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 19
    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…
  20. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 20
    DIVERSIFIED BASE & PARTNERED WITH BASIN LEADERS NYSE American: NOG Leverage to some of the best performing operators in multiple basins % OF NET PRODUCION WELLS BY OPERATOR OTHERS…
  21. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 21
    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…
  22. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 22
    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 STEADY DEVELOPMENT ACTIVITY WHILE PRODUCTION CONTINUES TO…
  23. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 23
    NYSE American: NOG I. Q2 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 25
  24. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 24
    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.…
  25. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 25
    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…
  26. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 26
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE American: NOG 2017 2018 2019 2020 June 30, 2020 June 30, 2021 PRODUCTION Oil (MBbls) 4,537.3 7,790.2 11,325.4 9,361.1 1,659.3 3,034.4 Natural Gas and NGLs (Mmcf) 5,187.9 9,224.8…
  27. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 27
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA & OTHER NYSE American: NOG Adjusted EBITDA by Year (in thousands) 2017 2018 2019 2020 Net Income (Loss) (9,194) 143,689 (76,318) (906,041) Add: Interest Expense 70,286 86,005 79,229 58,503…
  28. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 28
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG Q2:21 Return on Capital Employed (ROCE) EBIT: 407.74MM (Q2:21 annualized) + Adj. EBITDA: 132.84MM - DD&A: 30.91MM Capital EBIT Employed = 43.5% Capital Employed:…
  29. 2Q 2021 Earnings Presentation – Northern Oil and Gas, Inc. – slide 29
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE American: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 Net Cash Provided by Operating Activities 62,766 106,186 Exclude: Changes in Working Capital and Other Items 20,814 12,204…

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