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RBC Energy Conference – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Jun 7, 2022 · 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. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 1
    NYSE: NOG JUNE 2022- RBC ENERGY CONFERENCE NYSE: NOG
  2. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 2
    NYSE: NOG I. NOG VALUE PROPOSITION II. Q1 EARNINGS AND GUIDANCE III. 2022 and 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 2
  3. RBC Energy 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. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 4
    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): 500 MM in 2022 and 1.8 Bn through 2025 Return…
  5. RBC Energy 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. RBC Energy 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 2.8%(1) NOG declared a 0.19 dividend on May 3,…
  7. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 7
    BENEFITS OF NOGS 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 31 employees SHALE 3.0…
  8. RBC Energy 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. RBC Energy 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. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 10
    BALANCE SHEET & LIQUIDITY ENHANCEMENT CONTINUES NYSE: NOG Ample liquidity post 6/7/22 Amendment & Restatement of Revolving Credit Facility Borrowing Base increased from 850.0 million to 1.3 billion At NOGs discretion, the elected…
  11. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 11
    NYSE: NOG I. NOG VALUE PROPOSITION II. Q1 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 11
  12. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 12
    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%…
  13. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 13
    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…
  14. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 14
    Q1:22 PRODUCTION & CAPEX BREAKDOWN NYSE: NOG NOGs 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 Commodity…
  15. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 15
    INCREASING 2022 GUIDANCE AND SHAREHOLDER RETURNS NYSE: NOG Revising Annual Production, Well Count and Capital Expenditures Guidance Guidance Highlights Prior Current Williston acquisition expected to close in August 2022 Increases…
  16. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 16
    NYSE: NOG I. NOG VALUE PROPOSITION II. Q1 EARNINGS AND GUIDANCE III. 2022 and 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 16
  17. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 17
    JUNE 2022 WILLISTON BASIN ACQUISITION - SNAPSHOT NYSE: NOG Williston Locator Map Key Statistics Price: 170 Million with 5 million earn-out potential(1) NTM Production: 2,500 Boepd (2-stream, 83% oil) Net Acreage: 3,500 Net…
  18. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 18
    FOUR MAJOR ACQUISITIONS ANNOUNCED IN 2021 NYSE: NOG NOG 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 12/31/2020…
  19. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 19
    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 NOG as the premier multi-basin non-…
  20. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 20
    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 NOG as the natural consolidator of working 1H…
  21. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 21
    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…
  22. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 22
    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 implies…
  23. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 23
    NYSE: NOG I. NOG VALUE PROPOSITION II. Q1 EARNINGS AND GUIDANCE III. 2022 and 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO 23
  24. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 24
    NOG REMADE: DIVERSIFIED ASSET BASE OF SCALE NYSE: NOG The New NOG offers diversity and balanced commodity mix and strong presence in Williston, Permian and Appalachian Pre-Tax PV10 (MM) Resource Category Total Gross Locations Oil…
  25. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 25
    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(2) 350,000 2017 Cum(1)…
  26. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 26
    NOG COMMITTED TO GOOD GOVERNANCE NYSE: NOG ENVIRONMENTAL SOCIAL GOVERNANCE NOG employees provided Separate CEO and Chairman Operators are selected for free health care and paid roles environmental and safety family leave…
  27. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 27
    VISUALIZATION OF DIVIDEND STRUCTURE- SIGNIFICANT UPSIDE REMAINS NYSE: NOG Structure Provides Strong Cash Returns with Upside Growth Potential WTI Oil Price (/Bbl) 100 Current Strip Through 2023 (1) Accelerate Increases to Base…
  28. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 28
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE: NOG 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) 16,590.8 16,473.3 44,073.9 4,964.2 15,533.6 Total…
  29. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 29
    HEDGE PROFILE NYSE: NOG NOG 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 -…
  30. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 30
    HEDGE PROFILE NYSE: NOG NOG 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…
  31. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 31
    HEDGE PROFILE NYSE: NOG NOG 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…
  32. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 32
    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)…
  33. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 33
    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…
  34. RBC Energy Conference – Northern Oil and Gas, Inc. – slide 34
    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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