NYSE American: NOG Q3:21 EARNINGS PRESENTATION NYSE American: NOG
NYSE American: NOG I. Q3 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - November 2020 2
Q3:21 FINANCIAL & OPERATING HIGHLIGHTS NYSE American: NOG Q3 Free Cash Flow(1) + Dividend Momentum Q3:21 Earnings Highlights Record Free Cash Flow and Strong Margins and Returns 55.4MM 50% Increase Free Cash Flow. Free cash flow…
UPDATED 2021 GUIDANCE NYSE American: NOG Net/Net: Production Up; CAPEX down; Differentials Improved; Cost Structure Trending Lower PRIOR ADJUSTED Midpoint Annual Production (Boe per day) 49,500 - 54,250 51,750 53,750 875* Oil %…
Q3:21 PRODUCTION & CAPEX BREAKDOWN NYSE American: NOG Northerns Commodity, Capital Expenditures and Production Mix Continue to Become More Diversified and Balanced Q3 2021 PRODUCTION BY REGION Q3 2021 PRODUCTION BY COMMODITY 20% 21%…
EXCEPTIONAL 2021 PERFORMANCE CONTINUES NYSE American: NOG 250 500 225 2020 Internal Type Curve 450 200 400 Performance of wells classified as PUD at YE20 that Cumulative Oil Production (mbbls) 175 350 are now online 150…
BALANCE SHEET & LIQUIDITY ENHANCEMENT CONTINUES NYSE American: NOG Ample liquidity post closing of Comstock transaction Company continues to generate record Free Cash Flow Borrowing Base Expansion: NOGs borrowing base has grown…
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…
NYSE American: NOG I. Q3 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 9
THE NORTHERN INVESTMENT PROPOSITION NYSE American: NOG National non-op franchise principled ROCE leader diversified by commodity and geography Strong expected Free Cash Flow(2): 175 MM in 2021 and 1B through 2025 Committed to…
2021 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…
THREE MAJOR ACQUISITIONS INKED IN 2021 NYSE American: NOG Northern has gained substantial scale through acquisitions in 2021 while improving its balance sheet LQA Net Leverage(1) has been reduced from 2.5x at 12/31/2020 to 1.6x at…
COMSTOCK ACQUISITION PROVIDES STRONG CASH FLOW NYSE American: NOG Acquisition Highlights November anticipated close Summary Transaction Stats Purchase Price: 154 million, expected to close November 2021 Continues to establish…
SCALE ESTABLISHED IN THE PERMIAN NYSE American: NOG Acquisition Highlights - Deals closed on or before 8/2/21 Summary Transaction Stats Unadjusted Purchase Price: 102.2 Million (Aggregate of 3 deals) (2) Core Delaware Basin position…
MARCELLUS ENTRY ADDS STABLE GAS ASSET NYSE American: NOG Acquisition Highlights - Deal closed on 4/1/21 Summary Transaction Stats Cash Purchase Price: 109.7 Million (1) Attractive valuation PDP + wells-in-progress PV-10 implies a PV-…
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 125 Net…
THE NEW NORTHERN OIL AND GAS NYSE American: NOG Northerns non-operated E&P model offers superior returns and free cash flow generation Exposure to set of leading operators with estimated 2021 exiting production split as follows:…
NYSE American: NOG I. Q3 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 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…
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…
DIVERSIFIED BASE & PARTNERED WITH BASIN LEADERS NYSE American: NOG Leverage to some of the best performing operators in multiple basins % OF NET PRODUCTION WELLS BY OPERATOR Key Takeaways OTHERS…
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…
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…
NOG COMMITTED TO GOOD GOVERNANCE NYSE American: NOG ENVIRONMENTAL SOCIAL GOVERNANCE Separate CEO and Chairman NOG employees provided roles free health care and paid Operators are selected for family leave Significant…
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…
HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE American: NOG Historical Operating Information Years Ended December 31, 2017 2018 2019 2020 3Q20 3Q21 Production Oil (MBbls) 4,537.3 7,790.2 11,325.4 9,361.1 2,054.8 3,131.2 Natural…
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…
NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE American: NOG Q3:21 Return on Capital Employed (ROCE) EBIT: 400.8MM (Q3:21 annualized) + Adj. EBITDA: 136.1MM - DD&A: 35.9MM Capital EBIT Employed = 46.0% Capital Employed:…
NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE American: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 3Q21 YTD21 Net Cash Provided by Operating Activities 62,766 106,186 94,413 263,365 Exclude: Changes in Working Capital and…
THE NEW NORTHERN: DIVERSIFIED ASSET BASE OF SCALE NYSE American: NOG The New Northern offers diversity and balanced commodity mix and strong presence in Williston, Permian and Appalachia Pre-Tax PV10 (MM) Resource Category Total…
DISCLAIMER NYSE American: NOG Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933,…
DISCLAIMER (Cont.) NYSE American: NOG Industry and Marketing Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections…
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