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Enercom Dallas Conference – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Apr 6, 2022 · 32 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. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 1
    NYSE: NOG ENERCOM DALLAS - APRIL 2022 NYSE: NOG
  2. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 2
    NYSE: NOG I. NORTHERN VALUE PROPOSITION II. Q4 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 2
  3. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 3
    A DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE NYSE: NOG NOGs 2021 Permian and Marcellus acquisitions have created a high return national non-op franchise that is benefitting from economies of scale Going forward, NOG is positioned to…
  4. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 4
    THE NORTHERN INVESTMENT PROPOSITION NYSE: NOG National non-op franchise principled ROCE(1) leader (24.2% in Q4:21) diversified by commodity and geography Strong expected Free Cash Flow (2): 375 MM in 2022 and 1.3 Bn through 2025…
  5. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 5
    A DIFFERENTIATED E&P GROWTH PLATFORM NYSE: NOG NOG continues to build scale as the largest dedicated public non-operated working interest company PRODUCTION CONTINUES TO RAMP WHILE MAINTAINING PEER-LEADING LOW CASH G&A(1) Material…
  6. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 6
    NOGS UPDATED BASE DIVIDEND GROWTH PLAN NYSE: NOG Superior Investment Proposition: The S&P 500 Has a Current Dividend Yield of 1.4% with a 3-Year Trailing Annual Dividend Growth Rate of 4.7%(1) NOG plans, assuming 50 WTI prices or…
  7. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 7
    BENEFITS OF NORTHERNS NON-OPERATED MODEL NYSE: 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 under 30 employees SHALE 3.0…
  8. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 8
    SHALE 3.0 PARADIGM IDEAL FOR ACTIVE NON-OP MODEL NYSE: 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 strategy…
  9. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 9
    GROUND GAME A HIGH RETURN NOG EXCLUSIVE NYSE: 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 200 175 Net Wells…
  10. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 10
    BALANCE SHEET & LIQUIDITY ENHANCEMENT CONTINUES NYSE: NOG Ample liquidity post closing of Comstock and Veritas transactions Company continues to generate record Free Cash Flow Borrowing Base Expansion: NOGs borrowing base grew…
  11. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 11
    NYSE: NOG I. NORTHERN VALUE PROPOSITION II. Q4 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 11
  12. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 12
    Q4:21 FINANCIAL & OPERATING HIGHLIGHTS NYSE: NOG Q4:21 Earnings Highlights Q4 Free Cash Flow(1) Dividend Growth Record Free Cash Flow and Strong Margins and Returns Free Cash Flow. Free cash flow hit a record 70.7MM in Q4, +28% QoQ…
  13. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 13
    2022 GUIDANCE NYSE: NOG 30% growth expected in 2022 following an active M&A campaign in 2021 Annual Production (2-stream, Boe per day) 70,000 - 75,000 Oil Weighting (as a % of Production) 59.5 61.5% Total Capital Expenditures…
  14. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 14
    EXCEPTIONAL 2021 WELL PERFORMANCE NYSE: NOG 250 500 225 2020 Internal Type Curve 450 Performance of wells 200 classified as PUD at YE20 that 400 are now online Cumulative Oil Production (mbbls) 175 350 150 Daily…
  15. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 15
    NYSE: NOG I. NORTHERN VALUE PROPOSITION II. Q4 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 15
  16. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 16
    FOUR MAJOR ACQUISITIONS ANNOUNCED IN 2021 NYSE: 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 at…
  17. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 17
    VERITAS: SCALING NOGS CORE PERMIAN POSITION (11/21) NYSE: NOG Acquisition Highlights Summary Transaction Stats Total Purchase Price: 406.5 million cash + 1.9 million warrants Continues to establish Northern as the premier multi-basin…
  18. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 18
    COMSTOCK: STRONG CASH FLOW ON HOME TURF (10/21) NYSE: NOG Acquisition Highlights Summary Transaction Stats Purchase Price: 154 million, closed November 16, 2021 Continues to establish Northern as the natural consolidator of 1H 2021…
  19. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 19
    PERMIAN DEALS: DELAWARE PLATFORM ESTABLISHED (6/21) NYSE: 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…
  20. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 20
    RELIANCE: MARCELLUS ENTRY ADDS STABLE GAS ASSET (2/21) NYSE: 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…
  21. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 21
    NYSE: NOG I. NORTHERN VALUE PROPOSITION II. Q4 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 21
  22. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 22
    THE NEW NORTHERN: DIVERSIFIED ASSET BASE OF SCALE NYSE: NOG The New Northern offers diversity and balanced commodity mix and strong presence in Williston, Permian and Appalachian Veritass year-end 2021 proved PV-10 value was 428…
  23. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 23
    BEST-IN-CLASS BAKKEN; PERMIAN RESULTS IMPRESS NYSE: NOG High-grading of well locations has led to improved well recoveries across both basins Consistent Williston Basin Productivity Permian Basin Productivity 350,000 (1) 350,000 (1)…
  24. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 24
    NOG COMMITTED TO GOOD GOVERNANCE NYSE: NOG ENVIRONMENTAL SOCIAL GOVERNANCE NOG employees provided free health care and paid Separate CEO and Chairman Operators are selected for family leave roles environmental and safety…
  25. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 25
    VISUALIZATION OF DIVIDEND STRUCTURE- SIGNIFICANT UPSIDE REMAINS NYSE: NOG Structure Provides Strong Cash Returns with Upside Growth Potential WTI Oil Price (/Bbl) 100 Accelerate Increases to Base Dividend 90 Accelerate Reduction…
  26. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 26
    HEDGE PROFILE NYSE: 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 NATURAL GAS DERIVATIVE PRICE SWAPS…
  27. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 27
    HEDGE PROFILE NYSE: 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 NATURAL GAS DERIVATIVE PRICE…
  28. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 28
    HEDGE PROFILE NYSE: 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 NATURAL GAS DERIVATIVE COLLARS…
  29. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 29
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE: NOG Historical Operating Information Years Ended December 31, 2018 2019 2020 2021 4Q20 4Q21 Production Oil (MBbls) 7,790.2 11,325.4 9,361.1 12,288.4 2,508.6 3,492.6 Natural Gas and…
  30. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 30
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA & OTHER NYSE: NOG Adjusted EBITDA by Year (in thousands) 2018 2019 2020 2021 Net Income (Loss) 143,689 (76,318) (906,041) 6,361 Add: Interest Expense 86,005 79,229 58,503 59,020 Income Tax…
  31. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 31
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE: NOG Q4:21 Return on Capital Employed (ROCE) EBIT: 529.8MM (Q4:21 annualized) + Adj. EBITDA: 175.3MM - DD&A: 42.8MM Capital EBIT Employed = 56.2% Capital Employed: 942.5MM…
  32. Enercom Dallas Conference – Northern Oil and Gas, Inc. – slide 32
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 3Q21 4Q21 2021 Net Cash Provided by Operating Activities 62,766 106,186 94,413 133,102 396,467 Exclude: Changes in Working Capital and…

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