Contents I. Q2 2025 Highlights II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition V. Appendix Q2 2025 Earnings Presentation 2
Q2 2025 Financial & Operating Highlights Production and Financials Exceed Expectations Average Daily Production +8.7% YoY, flat QoQ, Oil 57% of production, gas volumes Free Cash Flow1,2 Shareholder Returns +1.5% QoQ on declining…
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…
Q2 2025 Operations Highlights Navigating a volatile macro environment with a resilient and diversified asset base. AFEs Wells in Process Well Completions 250 wells evaluated, 21.4 net Drilling & Completions list 20.8 wells added to…
Q2 2025 Production by Basin Uinta production accelerated 18.5% QoQ contributing to stable oil production in the quarter and the 12% increase YoY. Gas production up 1.5% QoQ and 9.1% YoY reflecting uptick in Appalachian activity.…
Q2 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. 19% Production 43% Revenue by by…
Q2 2025 CapEx by Basin Solid development focused on the Core Areas, D&C list building Capital efficient Q2 as wells turned in line new spuds drive an 15% increase to the list of wells-in-process 25% Net new elections were up…
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 170+ 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 and is planned to be renewed and extended, no term security maturities until 2028…
2025 Guidance and Capital Budget UPDATES Prior Current Reducing growth capital wedge as appropriate given commodity Annual Production (2-stream, Boe/day) 130,000 135,000 130,000 133,000 environment, deferring growth activity into…
PART 2 NOG Value Proposition Q2 2025 Earnings Presentation 13
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise offering scale and diversification by Cash Generation - 535MM 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 Q2-25 PRODUCTION BY REGION (BOE) non-op franchise that is benefitting from economies of scale Uinta 9% 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 55,000 Acres As a non-operated E&P…
A Differentiated Upstream Investment Growth Platform Operating leverage at work: NOG has consistently delivered higher volumes while maintaining efficient G&A. NOGs G&A per BOE is among the lowest of its E&P peers; even after nearly…
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 Q2 2025 Earnings Presentation 21
HISTORICAL OPERATING INFORMATION Historical Operating & 2022 2023 2024 2Q24 2Q25 PRODUCTION Oil (MBbls) 16,090.1 22,013.0 26,510.6 6,337.7 7,001.9 Financial Information Natural Gas and NGLs (Mmcf) Total Production (Mboe)…
NON-GAAP Reconciliations: Adjusted EBITDA & Other ADJUSTED EBITDA BY QUARTER (IN THOUSANDS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Income (Loss) 340,191 167,815 26,111 388,853 11,606 138,556 298,446 71,698 138,982…
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q2 25 Adjusted Return on Capital Employed (ROCE) Adj. EBIT: 938.7MM (Q2 25 annualized) + Adj. EBITDA: 440.4MM (Q2 2025) Capital - DD&A: 205.7MM (Q2 2025) EBIT Employed = 19.6% 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 &…
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…
Loading...
