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4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Feb 22, 2023 · 28 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. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 1
    NYSE: NOG Q4 AND FULL-YEAR 2022 EARNINGS PRESENTATION
  2. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 2
    NYSE: NOG I. Q4 2022 HIGHLIGHTS AND 2023 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 2
  3. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 3
    Q4 2022 FINANCIAL & OPERATING HIGHLIGHTS NYSE: NOG Q4 2022 Earnings Highlights Weather-related disruption pressured Q4 results but record Q4 M&A activity Q4 Free Cash Flow1 Dividend Growth sets groundwork for strong 2023 Completed…
  4. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 4
    2022 FCF AND SHAREHOLDER RETURNS AT A GLANCE NYSE: NOG NOG Continues a Balanced Approach Reduce Share Count, Debt, and Highest Cost of Capital Securities While Growing Dividends 2022 Free Cash Flow 450 million 250 million of debt…
  5. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 5
    Q4 2022 PRODUCTION & CAPEX BREAKDOWN NYSE: NOG NOGs Commodity, Capital Expenditures and Production Mix Continue to Become More Diversified and Balanced Q4 2022 PRODUCTION BY REGION (Boe) Q4 2022 PRODUCTION BY COMMODITY (Boe %) 15%…
  6. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 6
    2023 GUIDANCE AND CAPITAL BUDGET NYSE: NOG 2023 Budget Represents a Year of Over 23% Production Growth at the Midpoint and Significant Cash Flow Growth at the Strip 2023 Annual Production (2-stream, Boe per day) 91,000 96,000 Oil…
  7. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 7
    2023 CAPITAL BUDGET NYSE: NOG 2023 CAPITAL SPENDING BRIDGE millions 212 - 228 737 -778 Significant MPDC spending will not reoccur in 2024, depending on completion timing in late 2023 25 - 50 500 Base Business (excl.…
  8. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 8
    A TRACK RECORD OF DIVIDEND GROWTH NYSE: NOG NOG Has Consistently Exceeded and Accelerated its Dividend Growth Actual Dividends Compared with 2021 Dividend Plan Recommendations* Proposed 2Q-23 0.4 0.37 0.34 0.35 0.30 0.3 0.27…
  9. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 9
    BALANCE SHEET SIMPLIFICATION NYSE: NOG NOGs Convertible Preferred Stock Converted to Common Stock on November 15, 2022 Q4 2021 Q4 2022 7% Capitalization Capitalization Equity Preferred Equity 37% Debt 10% Debt 10% 42% 51% 88.3MM…
  10. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 10
    NYSE: NOG I. Q4 HIGHLIGHTS AND 2023 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 10
  11. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 11
    THE NOG INVESTMENT PROPOSITION NYSE: NOG National Non-Op Franchise Diversified by Commodity and Geography 450MM Free Cash Flow1 in 2022 + Accelerating Growth into 2023 Return of Capital Commitment: Growing Dividend, Equity…
  12. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 12
    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 were added to Permian footprint in 4Q22 & 1Q23…
  13. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 13
    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&A1 Material…
  14. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 14
    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…
  15. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 15
    CLOSED: 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 AFEs…
  16. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 16
    CLOSED: DELAWARE BASIN ACQUISITION NYSE: NOG Northern Delaware Basin Locator Map Key Statistics Purchased Northern Delaware Non-Operated Properties Net Acreage: 2,100 2023E Production: 2,500 Boepd (68% oil) Wells (Net): 5.3 PDP,…
  17. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 17
    CLOSED: MPDC MASCOT PROJECT ACQUISITION NYSE: NOG Mascot Four Unit Project Details Key Statistics Purchased a 39.958% Non-Op Interest in the Mascot Project, Midland County, TX Acreage: Working interest in 4,400 gross acre contiguous…
  18. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 18
    BALANCE SHEET & LIQUIDITY ENHANCEMENT SUPPORT GROWTH PLAN NYSE: NOG Company continues to generate substantial Free Cash Flow Borrowing Base Expanded in November 22: NOGs borrowing base has grown substantially from standalone and…
  19. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 19
    NYSE: NOG I. Q4 HIGHLIGHTS AND 2022 GUIDANCE II. NOG VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO 19
  20. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 20
    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 full-time employees INDUSTRY…
  21. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 21
    GROUND GAME UPDATE 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 Turned-in-Line 5.8 2.7 0.2 -…
  22. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 22
    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…
  23. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 23
    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…
  24. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 24
    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…
  25. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 25
    HISTORICAL OPERATING & FINANCIAL INFORMATION NYSE: NOG Historical Operating Information 2020 2021 2022 4Q21 4Q22 Production Oil (MBbls) 9,361.1 12,288.4 16,090.1 3,492.6 4,314.6 Natural Gas and NGLs (Mmcf) 16,473.3 44,073.9…
  26. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 26
    NON-GAAP RECONCILIATIONS: ADJUSTED EBITDA & OTHER NYSE: NOG Adjusted EBITDA by Year (in thousands) 2020 2021 2022 Net Income (Loss) (906,041) 6,361 773,237 Add: Interest Expense 58,503 59,020 80,331 Income Tax Provision (Benefit)…
  27. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 27
    NON-GAAP RECONCILIATIONS: ROCE & RECYCLE RATIO NYSE: NOG Q4-22 Return on Capital Employed (ROCE) EBIT: 750.0MM (Q4:22 annualized) + Adj. EBITDA: 264.8MM - DD&A: 77.3MM Capital EBIT Employed = 40.3% Capital Employed: 1,862.8MM…
  28. 4Q 2022 Earnings Presentation – Northern Oil and Gas, Inc. – slide 28
    NON-GAAP RECONCILIATIONS: FREE CASH FLOW NYSE: NOG Free Cash Flow (FCF) (in thousands) 4Q21 1Q22 2Q22 3Q22 4Q22 Net Cash Provided by Operating Activities 133,102 154,034 210,239 276,766 287,379 Exclude: Changes in Working Capital…

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