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3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Nov 10, 2022 · 29 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. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE: NOG Q3:22 EARNINGS PRESENTATION NYSE: NOG
  2. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE: NOG I. Q3 HIGHLIGHTS AND 2022 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 2
  3. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 3
    Q3:22 FINANCIAL & OPERATING HIGHLIGHTS NYSE: NOG Q3:22 Earnings Highlights Q3 Free Cash Flow(1) Dividend Growth Record EBITDA, Growth, Exceptional Returns Record Adjusted EBITDA. 292.4MM in Q3, up 115% YoY 110.6MM +20% Increase…
  4. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 4
    YTD FCF AND SHAREHOLDER RETURNS AT A GLANCE NYSE: NOG NOG Continues a Balanced Approach Reduce Share Count, Debt, and Highest Cost of Capital Securities and Pay Rich Dividends YTD Free Cash Flow 371 million Over 175 million of…
  5. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 5
    Q3:22 PRODUCTION & CAPEX BREAKDOWN NYSE: NOG NOGs Commodity, Capital Expenditures and Production Mix Continue to Become More Diversified and Balanced Q3 2022 PRODUCTION BY REGION (Boe) Q3 2022 PRODUCTION BY COMMODITY (Boe) 17% Region…
  6. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 6
    UPDATED 2022 GUIDANCE NYSE: NOG Annual Production Guidance Raised; Oil Pricing Differentials Improved; Activity Acceleration Pulling some 2023 CapEx into Q3:22-Q4:22 Current Previous Annual Production (2-stream, Boe per day) 74,500…
  7. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 7
    UPDATED 2022 GUIDANCE: CAPEX DRIVER DETAIL NYSE: NOG Updated CapEx is Driven by Activity, Not Inflation, and is Expected to Translate into Higher Volumes and Future Cash Flows as NOG Enters 2023 Increased TILs and strong well…
  8. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 8
    EXECUTING A BALANCE SHEET SIMPLIFICATION NYSE: NOG NOGs Convertible Preferred Stock will Convert to Common Stock on November 15, 2022 Q4 2021 Q3 2022 7% Capitalization Capitalization Equity Preferred 27% Equity Debt 10% Debt 10%…
  9. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 9
    NYSE: NOG I. Q3 HIGHLIGHTS AND 2022 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 9
  10. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 10
    THE NOG INVESTMENT PROPOSITION NYSE: NOG National Non-Op Franchise Principled ROCE(1) Leader (34.3% in Q3:22) Diversified by Commodity and Geography 500MM Free Cash Flow(1) Target for 2022 + Accelerating Growth Return of Capital…
  11. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 11
    A DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE NYSE: NOG NOGs acquisitions have created a high return national non-op franchise that is benefitting from economies of scale; 8,000 net acres to be added to Permian footprint in 4Q22 &…
  12. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 12
    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…
  13. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 13
    CREATING VALUE WITH FREE CASH FLOW NYSE: NOG NOG is a Flexible Capital Allocation Machine Dedicated to Maximizing Total Return: Growth + Dividends + Buybacks DIVIDENDS EQUITY BUYBACKS DEBT RETIREMENT Q1: 22 Q2: 22 Q3: 22 Q4: 22…
  14. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 14
    CLOSED: WILLISTON BASIN ACQUISITION 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 Locations: 9.2 PDP/…
  15. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 15
    CLOSED: MIDLAND BASIN ACQUISITION NYSE: NOG Midland Basin Locator Map Key Statistics Net Acreage: 1,600 Current Production: 1,600 Boepd (87% oil) NTM Expected Production: 1,800 Boepd (86% oil) PDP (Net): 6.4 WIPs (Net): 1.6…
  16. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 16
    PENDING: ALPHA DELAWARE BASIN ACQUISITION NYSE: NOG Delaware Basin Locator Map Key Statistics 2023 Expected Production: 3,000-3,500 Boepd (68% oil, 2-stream) 2024 & 2025 Expected Production: 4,000 Boepd Wells (Net): 9.6 PDP, 2.8…
  17. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 17
    PENDING: DELAWARE BASIN ACQUISITION NYSE: NOG Northern Delaware Basin Locator Map Key Statistics Purchasing Northern Delaware Non-Operated Properties Net Acreage: 2,100 2023E Production: 2,500 Boepd (68% oil) Wells (Net): 5.3 PDP,…
  18. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 18
    PENDING: MPDC MASCOT PROJECT ACQUISITION NYSE: NOG Mascot Four Unit Project Details Key Statistics Purchasing a 36.7% Non-Op Interest in the Mascot Project, Midland County, TX for 330MM unadjusted cash purchase price Acreage:…
  19. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 19
    BALANCE SHEET & LIQUIDITY ENHANCEMENT CONTINUES NYSE: NOG Liquidity remains strong Company continues to generate substantial Free Cash Flow Revolving Credit Facility: NOGs fall borrowing base redetermination will be completed in…
  20. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 20
    NYSE: NOG I. Q3 HIGHLIGHTS AND 2022 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 20
  21. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 21
    BENEFITS OF NOGS NON-OPERATED MODEL NYSE: NOG HIGH RETURN WAY TO PLAY E&P SPACE Low cost structure & high corporate ROCE Unit G&A costs less than operating peers Scalable Model: NOG has just 32 employees SHALE 3.0 BENEFICIARY…
  22. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 22
    GROUND GAME A HIGH RETURN NOG EXCLUSIVE NYSE: NOG Another Year of Highly Accretive Full Cycle Return Opportunities 2022 Ground Game Wells in Process Acquisitions Free Cash Flow Derivation (MM) 2022 2023 2024 2025 Net Wells…
  23. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 23
    ESG IS FRONT AND CENTER WITH EVERYTHING WE DO NYSE: NOG NOGs Current Top Ten Public Operators Represent a Whos Who of ESG Stewardship EQT CLR OVV CHRD COP EOG HES DVN ERF XOM Dedicated ESG Section of Website Board-Level Oversight…
  24. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 24
    HEDGE PROFILE - SWAPS 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 CRUDE OIL DERIVATIVE PRICE SWAPS…
  25. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 25
    HEDGE PROFILE COLLARS 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 CRUDE OIL DERIVATIVE COLLARS…
  26. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 26
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE: NOG Historical Operating Information Years Ended December 31, 2019 2020 2021 3Q21 3Q22 Production Oil (MBbls) 11,325.4 9,361.1 12,288.4 3,131.2 4,149.8 Natural Gas and NGLs (Mmcf)…
  27. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 27
    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)…
  28. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 28
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE: NOG Q3:22 Return on Capital Employed (ROCE) EBIT: 905.6MM (Q3:22 annualized) + Adj. EBITDA: 292.4MM - DD&A: 66.0MM Capital EBIT Employed = 60.8% Capital Employed: 1,489.3MM…
  29. 3Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 29
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE: NOG Free Cash Flow (FCF) (in thousands) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Net Cash Provided by Operating Activities 62,766 106,186 94,413 133,102 154,034 210,239 276,766 Exclude:…

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