Contents I. Q1 2025 Highlights II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition V. Appendix Q1 2025 Earnings Presentation 2
Q1 2025 Financial & Operating Highlights Production and Financials Exceed Expectations Average Daily Production +2.4% QoQ, +13.0% YoY, Oil 58% of production, gas volumes Free Cash Flow(1) Shareholder Returns +6.5% QoQ Uinta volumes up…
NOG is Highly Diversified(1) with Unique Governance and Top Tier Operators NOGs Joint Ventures make up less than 30% of its 2025 capital budget, but the benefits to visibility and long-term development are substantial. Even with our…
Long Term Focus Creates Value Through Cycles NOG has grown free cash flow over time and through cycles even as oil prices have had their ups and downs. The Company has delivered operating cash flow per share growth while also reducing…
Q1 2025 Operations Highlights Navigating a volatile macro environment with a resilient and diversified asset base. AFEs Wells in Process Well Completions 230 wells evaluated, 19.9 net Drilling & Completions list Q4 deferrals and…
Q1 2025 Production by Basin Uinta production accelerated 18% QoQ contributing to stable oil production in the quarter and the 12% increase YoY. Gas production up 7% QoQ and 14% YoY reflecting uptick in Appalachian activity. Aggregate…
Q1 2025 Production and Revenue by Commodity Oil remains the majority source of production and dominant source of revenue, though gas has improved its contribution as prices have increased. 21% Production 42% Revenue by by…
Q1 2025 CapEx by Basin Q4 Deferrals Drive Strong Results While Net New Normalized AFE Costs Beat Forecasts. 15% Capital efficient Q1 as wells turned in line at a higher rate than new 20% spuds despite a record in seasonal additions…
Investment Activity Update Bolt-On Active pipeline of opportunities persists even in a volatile market, increasing Ground Game opportunities. Opportunity Set Ground Game Bolt-On & JV M&A landscape remains Evaluated 100+ ground 2,275…
Enhanced Liquidity Position NOG has methodically managed its debt structure and maturity wall over time. No debt maturities until 2027 (RBL) which can be renewed and extended, no term security maturities until 2028 Borrowing base…
2025 Guidance and Capital Budget UNDERLYING ASSUMPTIONS PRODUCTION: 2025 Guidance Production guidance reflects increased natural gas development and Appalachian drilling partnership Annual Production (2-stream, Boe/day) 130,000…
PART 2 NOG Value Proposition Q1 2025 Earnings Presentation 13
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise offering scale and diversification by Cash Generation - 543MM Free Cash Flow(1) in last twelve Return of Capital Commitment: Growing Dividend and…
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 11,000 wells Unit…
Leading Non-Op Upstream Franchise NOGs acquisitions have created a high-return, national Q1-25 PRODUCTION BY REGION (BOE) non-op franchise that is benefitting from economies of scale Uinta 7% 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 178,300 Acres 53,400 Acres As a non-operated E&P…
A Differentiated Upstream Investment Growth Platform Operating leverage at work: NOG had record high volumes in Q1 2025 while still maintaining low G&A per BOE even after expanding workforce over the last 12 months. PRODUCTION CONTINUES…
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 2024 ESG report was…
PART 3 Appendix: Supplemental Info Q1 2025 Earnings Presentation 21
HISTORICAL OPERATING INFORMATION 2022 2023 2024 1Q24 1Q25 Historical Operating & PRODUCTION Oil (MBbls) 16,090.1 22,013.0 26,510.6 6,386.5 7,080.7 Financial Information 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 1Q25 Net Income (Loss) 340,191 167,815 26,111 388,853 11,606 138,556 298,446 71,698 138,982 Add:…
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q1 25 Return on Capital Employed (ROCE) Adj. EBIT: 916.2MM (Q1 25 annualized) + Adj. EBITDA: 434.7MM (Q1 2025) Capital - DD&A: 205.7MM (Q1 2025) EBIT Employed = 19.7% Capital…
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 SWAPS NATURAL GAS…
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 opportunistic upside CRUDE OIL DERIVATIVE COLLARS & PUTS…
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 opportunistic upside MIDLAND-CUSHING BASIS SWAP WAHA BASIS…
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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