Q4 and Full Year 2024 Earnings Presentation February 19, 2025 Q4 and Full Year 2024 Earnings Presentation 1
Contents I. Q4 and Full Year 2024 Highlights II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition V. Appendix Q4 and Full Year 2024 Earnings Presentation 2
Q4 and Full Year 2024 Financial & Operating Highlights Q4 Production Headwinds Mask Highly Successful 2024 Adjusted EBITDA 406.6MM -1.4% QoQ on lower oil pricing and production headwinds +1.2% YoY, closing out another successful year…
Q4 2024 Operations Highlights Development activity poised to continue growth through 2025 and 2026 AFEs Wells in Process Well Completions 2.5B (gross) in AFEs Drilling & Completions list ended the quarter with Significant uptick…
Well Performance Continues to Impress Williston Basin continues to show improvement in 2024 after a stellar 2023. Permian well productivity remaining consistent. Williston Basin Productivity Permian Basin Productivity 250,000…
Stable D&C List Heading into Year-End NOGs oil-weighted wells-in-process (D&C) list is consistent with strong organic spud and development activity. Q4 and Full Year 2024 Earnings Presentation 6
Q4 2024 Production by Basin NOG saw increased oil production in Q4 driven by acquisitions and organic Permian well performance. Aggregate Production Contribution by Basin Production Mix by Basin Williston Permian 31% 36% 6% 12%…
Q4 2024 Production and Revenue by Commodity Oil remains the majority source of production and dominant source of revenue. 13% 40% Production Revenue by by Commodity Commodity 60% 87% Commodity Type Oil Gas Q4 and…
Q4 2024 CapEx by Basin Highly successful on elective Ground Game in Q4. Increase in completion activity in Q4. Workover and refrac activity continues to accelerate. 6% 2% The D&C list held relatively flat despite strong completions…
Investment Activity Update Bolt-On Significant elective Ground Game across the entire portfolio accumulating both near term development and longer dated inventory. Large bolt-on opportunities emerging across multiple basins.…
Enhanced Liquidity Position NOG has methodically managed its debt structure and maturity wall over time. No debt maturities until 2027 Borrowing base maintained at 1.8 billion with an elected commitment expanded to 1.5 billion (April…
2025 Guidance and Capital Budget Guidance implies another year of growth for oil and total production UNDERLYING ASSUMPTIONS PRODUCTION: 2025 Guidance Production guidance reflects increased natural gas development and Appalachian…
PART 2 NOG Value Proposition Q4 and Full Year 2024 Earnings Presentation 13
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise offering scale and diversification by Cash Generation - 461MM Free Cash Flow1 in last twelve Return of Capital Commitment: Growing Dividend and Shareholder…
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 10,000 wells Unit…
Leading Non-Op Upstream Franchise NOGs acquisitions have created a high-return, national Q4-24 PRODUCTION BY REGION (BOE) non-op franchise that is benefitting from economies of scale Uinta 6% Appalachia NOG is positioned to continue…
Focus on the Highest-Quality Areas No requirement for contiguous acreage allows NOG to participate Williston Appalachian in prime drilling opportunities across basins or regions1 179,200 Acres 53,140 Acres As a non-operated E&P…
A Differentiated Upstream Investment Growth Platform Operating leverage at work: NOG had record high volumes and record low Adjusted Cash G&A per Boe(1) in 2024. PRODUCTION CONTINUES TO RAMP WHILE MAINTAINING PEER-LEADING LOW CASH…
NOGs Drakkar System Empowers our Data Driven Investment Process Drakkar is an internal, proprietary data science system developed in partnership with technology industry leaders. The system enables us to optimize daily operations and…
Sustainability Framework Meaningfully Improved NOG made significant strides in its environmental, social and governance1 framework and is setting the standard for publicly-traded non-operating E&P companies. Our 2023 ESG report was…
PART 3 Appendix: Supplemental Info Q4 and Full Year 2024 Earnings Presentation 21
Historical Operating Information Historical Operating & Production 2022 2023 2024 4Q23 4Q24 Financial Information Oil (MBbls) 16,090.1 22,013.0 26,510.6 6,336.2 7,262.4 Natural Gas and NGLs (Mmcf) 68,829.1 84,341.9 113,476.3…
NON-GAAP Reconciliations: Adjusted EBITDA & Other Adjusted EBITDA by Quarter (in thousands) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net Income (Loss) 340,191 167,815 26,111 388,853 11,606 138,556 298,446 71,698 Add: Interest Expense…
NON-GAAP Reconciliations: ROCE & Recycle Ratio 2024 Return on Capital Employed (ROCE) EBIT: 878.2MM (2024) + Adj. EBITDA: 1,619.1MM (Full Year 24) Capital - DD&A: 740.9MM (Full Year 24) EBIT Employed = 19.2% Capital Employed:…
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 upside CRUDE OIL DERIVATIVE SWAPS NATURAL GAS DERIVATIVE SWAPS…
Hedge ProfileCOLLARS and PUTS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the upside CRUDE OIL DERIVATIVE COLLARS & PUTS NATURAL GAS…
Hedge ProfileBasis SWAPS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the upside MIDLAND-CUSHING BASIS SWAP WAHA BASIS SWAP Barrels…
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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