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December 2021 Investor Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Dec 1, 2021 · 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. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE American: NOG DECEMBER 2021 INVESTOR PRESENTATION NYSE American: NOG
  2. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE American: NOG I. NORTHERN VALUE PROPOSITION II. 2021 ACQUISITIONS III. APPENDIX: SUPPLEMENTAL INFO 2
  3. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 3
    2021 NORTHERN: DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE NYSE American: NOG Northerns 2021 Permian and Marcellus acquisitions have created a high return national non-op franchise that is benefitting from economies of scale Going…
  4. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 4
    THE NORTHERN INVESTMENT PROPOSITION NYSE American: NOG National non-op franchise principled ROCE (1) leader (18.8% Q3:21) diversified by commodity and geography Strong expected Free Cash Flow (2): 375 MM in 2022 (23% FCF Yld) and…
  5. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 5
    A DIFFERENTIATED E&P GROWTH PLATFORM NYSE American: NOG NOG pro forma for Veritas and Comstock acquisitions is now a 70,000 Boe/d company PRODUCTION CONTINUES TO RAMP WHILE MAINTAINING PEER-LEADING LOW CASH G&A(1) Material, but…
  6. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 6
    A TRANSFORMED AND STRONGER NOG 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 pro forma production split as…
  7. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 7
    NOGS NON-OPERATED MODEL- A BETTER WAY TO PLAY E&PS 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…
  8. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 8
    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…
  9. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 9
    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…
  10. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 10
    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…
  11. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 11
    RETURNS METRICS CONTINUE TO LEAD THE PACK NYSE American: NOG High Return Business Driven by Low Cash 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…
  12. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 12
    NYSE American: NOG I. NORTHERN VALUE PROPOSITION II. 2021 ACQUISITIONS III. APPENDIX: SUPPLEMENTAL INFO 12
  13. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 13
    FOUR MAJOR ACQUISITIONS ANNOUNCED IN 2021 NYSE American: NOG Northern has gained substantial scale through 800 million of acquisitions announced in 2021 while improving its balance sheet LQA Net Leverage (1) has been reduced from 2.5x…
  14. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 14
    VERITAS: SCALING NOGS CORE PERMIAN POSITION (11/21) NYSE American: NOG Acquisition Highlights Summary Transaction Stats Total Purchase Price: 406.5 million cash + 1.9 million warrants Continues to establish Northern as the premier…
  15. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 15
    COMSTOCK: STRONG CASH FLOW ON HOME TURF (10/21) NYSE American: NOG Acquisition Highlights Summary Transaction Stats Purchase Price: 154 million, closed November 16, 2021 Continues to establish Northern as the natural consolidator of…
  16. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 16
    PERMIAN DEALS: DELAWARE PLATFORM ESTABLISHED (6/21) 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…
  17. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 17
    RELIANCE: MARCELLUS ENTRY ADDS STABLE GAS ASSET (2/21) 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…
  18. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 18
    VERITAS ENERGY OVERVIEW NYSE American: NOG Agreement to acquire non-operated interests in the core of the Permian Basin for a cash purchase price of 406.5MM (the Veritas Transaction) Transaction Effective date for the Veritas…
  19. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 19
    VERITAS INVENTORY: HIGH RETURNS FROM QUALITY OPERATORS NYSE American: NOG Inventory of 45 net undrilled locations with highly attractive returns Gross Undeveloped Upside Inventory by IRR (1) of Gross Locations 635 Lea Including…
  20. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 20
    VERITAS TRANSACTION IS MEANINGFULLY ACCRETIVE NYSE American: NOG Increased Free Cash Flow (1) Attractive FCF Yield (2) (3) MM % 221.6 35% 140.0 14% NOG Q3A '21 FCF Veritas '22E FCF NOG Q3A '21 FCF Yield Veritas '22E FCF…
  21. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 21
    ATTRACTIVE IMPLIED VALUATION METRICS NYSE American: NOG Veritas Transaction Key Deal Statistics Production 9,100 Boe/d Forecasted 180MM Forecasted 140MM (Boe/d) Operating CF FCF Q4 2021E (1) (MM) 2022E Operating Cash Flow (3) (MM)…
  22. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 22
    NYSE American: NOG I. NORTHERN VALUE PROPOSITION II. 2021 ACQUISITIONS III. APPENDIX: SUPPLEMENTAL INFO 22
  23. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 23
    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…
  24. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 24
    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…
  25. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 25
    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 %…
  26. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 26
    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 30%…
  27. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 27
    NOG COMMITTED TO GOOD GOVERNANCE NYSE American: NOG ENVIRONMENTAL SOCIAL GOVERNANCE Separate CEO and Chairman roles NOG employees provided free health care and paid Operators are selected for Significant shareholder family…
  28. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 28
    HEDGE PROFILE SWAPS 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…
  29. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 29
    HEDGE PROFILE SWAPS NYSE American: NOG In concert with signing the Veritas acquisition, Northern entered into its first hedges in 2024 for a portion of the Veritas PDP volumes CRUDE OIL DERIVATIVE PRICE SWAPS NATURAL GAS DERIVATIVE…
  30. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 30
    HEDGE PROFILE COSTLESS COLLARS NYSE American: NOG High seasonal volatility and steep backwardation have allowed for advantageous collar structures for natural gas hedging NATURAL GAS DERIVATIVE COLLARS Weighted Average Price Contract…
  31. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 31
    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…
  32. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 32
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA, CASH G&A & 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…
  33. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 33
    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:…
  34. December 2021 Investor Presentation – Northern Oil and Gas, Inc. – slide 34
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE American: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 3Q21 YTD21 YTDQ321 Net Cash Provided by Operating Activities 62,766 106,186 94,413 263,365 Exclude: Changes in Working…

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