Contents I. Q1 2023 Highlights II. Financial Results III. Value Proposition IV. Appendix Q1 2023 Earnings Presentation 2
Q1-23 Financial & Operating Highlights Strong Execution, Continuing Momentum from Q4-22 Q1 Free Cash Flow1 Dividend Growth Growth in production and smooth integration drives outperformance Completed MPDC Mascot acquisition in Q1 for a…
FCF Generation and Shareholder Return NOG continues a balanced approach to shareholder returns including buybacks of common stock and highest cost of capital securities, the reduction of outstanding revolving credit facility debt and a…
A Track Record of Dividend Growth NOG has consistently exceeded and accelerated its dividend growth ACTUAL DIVIDENDS COMPARED WITH INITIAL 2021 DIVIDEND PLAN RECOMMENDATIONS 0.40 1 0.37 0.35 0.34 0.30 Dividend Per Common…
Q1 23 Operations Highlights Organic activity up 30% year over year, continuing momentum from 2022 AFEs Wells in Process Well Completions 1.8B (gross) in AFEs Drilling & Completing list Organic completion grew nearly 30% vs YE22…
Investment Activity Update Bolt-On NOGs opportunity set continues to expand. Ground game success in Q1 adds incremental production and inventory Opportunity Set Ground Game Bolt-On Over 6B of opportunities Completed 10 ground Closed…
MPDC Mascot Update NORTHERN DELAWARE BASIN LOCATOR MAP KEY STATISTICS RECENT DEVELOPMENTS Acquisition closed on January 5, 2023 Wells outperforming internal forecasts, by approximately Purchased a 39.958% Non-Op Interest in the…
Q1 2023 Production by Basin NOGs Production Mix Continues to Become More Diversified and Balanced with the Permian Leading the Charge 13% Permian production was record in total, and as a percentage of NOGs production mix (35%)…
Q1 2023 Production by Commodity and Basin (% Boe) Production was heavily weighted toward oil in Q1 and is expected to grow given higher productivity in the Williston and as MPDC volumes come online Williston 27% Marcellus 73%…
Q1 2023 Cap Ex by Basin Capital Expenditures were weighted toward the Williston Basin in Q1 with emphasis balanced between the Williston and Permian for the remainder of the year 1% Seasonally strong activity as TILs were up 30% vs.…
2023 Year-to-Date Cap Ex Q1-23 saw 11.5MM in Ground Game opportunities. Continue to Expect 60% First Half Weighting for Capital Budget 737 - 778 800 700 600 500 Estimated 60% of total budget 400 300 200 100 212 0…
Q1 23 Debt Outstanding Change in Net Debt Reflects MPDC Acquisition and Opportunistic Debt Reduction 277.0 (26.4) (19.1) 1,756.9 1,525.4 Total Debt Outstanding 12/31/2022 MPDC Acquisition Revolver Paydown Notes Repurchased…
Reaffirming 2023 Guidance and Capital Budget 2023 Budget Represents a Year of Over 23% Production Growth at the Midpoint and Significant Cash Flow Growth at the Strip 2023E Underlying Assumptions Annual Production (2-stream, Boe/day)…
PART 2 NOG Value Proposition Q1 2023 Earnings Q1 2023 Earnings Presentation Presentation 15
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise offering scale and diversification by 84MM Free Cash Flow1 in Q1 2023 Return of Capital Commitment: Growing Dividend, Equity Buybacks Strong Balance Sheet…
Benefits of NOGs Non-Operated Model Efficient Operations Enhance Return Profile Leveraging Data and Experience Peer leading cost structure & Corporate ROCE Proprietary database, built from participation in over 9,400 wells Unit G&A…
Leading Non-Op E&P Franchise NOGs acquisitions have created a high return, national Q1-23 PRODUCTION BY REGION (BOE) non-op franchise that is benefitting from economies of scale; 8,000 net acres were added to Permian footprint in…
And Focus on the Highest-Quality Areas No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions Williston Basin: 181,200 Net Acres Permian Basin: 20,000 Net Acres…
A Differentiated E&P Growth Platform 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 increases…
Well Laddered Debt Maturity Schedule Company maintains ample liquidity and careful timing of debt maturities Borrowing Base Expanded in November 22: NOGs borrowing base has grown substantially from standalone and acquired assets…
PART 3 Appendix: Supplemental Info Q1 2023 Earnings Q1 2023 Earnings Presentation Presentation 22
Historical Operating & Historical Operating Information Production 2020 2021 2022 Q1 22 Q1 23 Financial Information Oil (MBbls) Natural Gas and NGLs (Mmcf) Total Production (Mboe) 9,361.1 16,473.3 12,106.7 12,288.4 44,073.9…
Adjusted EBITDA by Year (in thousands) NON-GAAP 2020 2021 2022 Net Income (Loss) (906,041) 6,361 773,237 Add: Reconciliations: Interest Expense 58,503 59,020 80,331 Income Tax Provision (Benefit) (166) 233 3,101 Depreciation,…
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q1-23 Return on Capital Employed (ROCE) EBIT: 923.4MM (Q1 23 annualized) + Adj. EBITDA: 325.5MM - DD&A: 94.6MM Capital EBIT Employed = 42.0% Capital Employed: 2,198.3MM (Avg. of Q1…
NON-GAAP Reconciliations: Free Cash Flow FREE CASH-FLOW (FCF) (in thousands) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Net Cash Provided by Operating Activities 154,034 210,239 276,766 287,379 269,308 Exclude: Changes in Working Capital and Other…
Hedge ProfileCOLLARS 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 NATURAL GAS…
Hedge ProfileSWAPS 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 - NYMEX NATURAL…
Important Disclosures Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended…
Important Disclosures Industry and Marketing Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable…
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