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Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · May 5, 2022 · 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. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE: NOG Q1:22 EARNINGS PRESENTATION NYSE: NOG
  2. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE: NOG I. Q1 HIGHLIGHTS AND 2022 GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Northern Oil & Gas, Inc. - November 2020 2
  3. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 3
    Q1:22 FINANCIAL & OPERATING HIGHLIGHTS NYSE: NOG Q1:22 Earnings Highlights Record Free Cash Flow, Strong Growth, Exceptional Returns Q1 Free Cash Flow(1) Dividend Growth Record Free Cash Flow. 146MM in Q1, +107% QoQ 146MM +35%…
  4. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 4
    Q1:22 FCF AND SHAREHOLDER RETURNS AT A GLANCE NYSE: NOG NOG Continues a Balanced Approach Reduce Debt, Pay Rich Dividends, Reduce Highest Cost of Capital Securities 160 Q1:22 Free Cash Flow - 146 million Significant Preferred Stock…
  5. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 5
    Q1:22 PRODUCTION & CAPEX BREAKDOWN NYSE: NOG Northerns Commodity, Capital Expenditures and Production Mix Continue to Become More Diversified and Balanced Q1 2022 PRODUCTION BY REGION Q1 2022 PRODUCTION BY COMMODITY 16% Region…
  6. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 6
    UPDATED 2022 GUIDANCE NYSE: NOG Annual Production Guidance Raised; Oil Pricing Differentials Improved Annual Production (2-stream, Boe per day) 71,000 - 76,000 Oil Weighting (as a % of Production) 59.5 61.5% Total Capital…
  7. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 7
    NYSE: NOG I. Q1 HIGHLIGHTS AND 2022 GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 7
  8. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 8
    THE NOG INVESTMENT PROPOSITION NYSE: NOG National non-op franchise principled ROCE(1) leader (36.5% in Q1:22) diversified by commodity and geography Strong expected Free Cash Flow (2): 425 MM in 2022 and 1.7 Bn through 2025…
  9. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 9
    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…
  10. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 10
    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…
  11. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 11
    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 2.8%(1) NOG declared a 0.19 dividend on May 3,…
  12. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 12
    FOUR MAJOR ACQUISITIONS ANNOUNCED IN 2021 NYSE: NOG NOG has gained substantial scale through 800 million of acquisitions announced in 2021 Material increased commodity prices since closing have materially increased their reserve values…
  13. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 13
    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…
  14. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 14
    NYSE: NOG I. Q1 HIGHLIGHTS AND 2022 GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 14
  15. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 15
    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 2017 Cum (1)…
  16. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 16
    NOG REMADE: DIVERSIFIED ASSET BASE OF SCALE NYSE: NOG The New Northern offers diversity and balanced commodity mix and strong presence in Williston, Permian and Appalachian Pre-Tax PV10 (MM) Resource Category Total Gross Locations…
  17. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 17
    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…
  18. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 18
    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 just 30 employees SHALE 3.0…
  19. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 19
    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…
  20. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 20
    NOG COMMITTED TO GOOD GOVERNANCE NYSE: NOG ENVIRONMENTAL SOCIAL GOVERNANCE Operators are selected for NOG employees provided Separate CEO and Chairman environmental and safety free health care and paid roles records family…
  21. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 21
    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…
  22. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 22
    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…
  23. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 23
    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…
  24. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 24
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE: NOG Historical Operating Information Years Ended December 31, 2019 2020 2021 1Q21 1Q22 Production Oil (MBbls) 11,325.4 9,361.1 12,288.4 2,630.1 3,824.0 Natural Gas and NGLs (Mmcf)…
  25. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 25
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA & OTHER NYSE: NOG Adjusted EBITDA by Year (in thousands) 2019 2020 2021 Net Income (Loss) (76,318) (906,041) 6,361 Add: Interest Expense 79,229 58,503 59,020 Income Tax Provision (Benefit)…
  26. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 26
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE: NOG Q1:22 Return on Capital Employed (ROCE) EBIT: 813.8MM (Q1:22 annualized) + Adj. EBITDA: 256.6MM - DD&A: 53.2MM Capital EBIT Employed = 76.9% Capital Employed: 1,058.1MM…
  27. Q1 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 27
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 3Q21 4Q21 1Q22 Net Cash Provided by Operating Activities 62,766 106,186 94,413 133,102 154,034 Exclude: Changes in Working Capital and…

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