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November 2014 Investor presentation – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Nov 2, 2014 · 31 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. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 1
    One Step Ahead of The Drill Bit November 2014 NYSE MKT: NOG
  2. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 2
    100% Williston Basin Bakken/Three Forks Pure Play: 185,000 Net Acres 1,300 Remaining Net Well Inventory(1) 76% of North Dakota Acreage Held(2), 64% Held in Total Production: (3rd Quarter 2014) Averaged 16,450 BOEpd; 90% Crude Oil…
  3. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 3
    Largest, Exclusively Non-operator in the Williston Basin First-mover advantage in 2006 Strong balance sheet and liquidity for drilling and additional acquisitions Participation in over 2,600 Bakken/Three Forks wells yields a wealth of…
  4. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 4
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  5. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 5
    Step 2 Step 3 Step 1 Step 4 Step 5 Current Inventory - 93% of D&C Wells Located in Big Four Counties Mountrail McK 27% 30% 7% Other 10% 26% Dunn Williams 6
  6. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 6
    2014 CapEx Budget ( in millions) Production and Net Well Additions Drilling and Completion* 415 5.6 5.5 MMBoe 45 Acreage and Other Expenditures 35 5.5 5.4 44 Wells Total 450 44 5.3 5.2 Production (MMBoe) 5.1 43 25% Increase in…
  7. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 7
    North Dakota Active Rig Count and Production(1) 1400 250 Active Horizontal Rig Count Daily Production (Mboe/d) 1200 200 1000 800 150 600 100 400 50 200 0 0 Daily Oil Production (MBbl/d) Daily Gas Production…
  8. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 8
    Consistent Growth 18,000 200 16,000 180 15,300 14,000 160 12,261 140 Net Producing Wells Production (Boepd) 12,000 10,274 120 10,000 100 8,000 80 5,275 6,000 60 4,000 2,435 40 2,000 773 20 140 - 0 2008 2009…
  9. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 9
    Three Forks Potential Increases Footprint Gamma Ray Resistivity Upper Middle Bakken Bakken Traditional Focus Middle 11,300 Lower Benches of Three Forks Lower Opens New Resource Potential Bakken Petroleum System Three…
  10. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 10
    Proven Business Model Converts Acreage Into Shareholder Value Step 3 Step 2 Grow Production Fund AFE & Grow Reserves Creating Value One Step Ahead of The Drill Bit Step 4 Step 1 Realize High Buy Acreage Return on Invested…
  11. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 11
    Step Step 2 3 Step Step 1 4 Step Buy Acreage One Step Ahead of the Drill Bit 5 Deep knowledge of the Williston Basin Participated in 25% of all Bakken/Three Forks wells drilled since 2006 2,197 gross producing wells; 359…
  12. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 12
    Step Step 2 3 Step Step 1 4 Step 5 Non-Operated Larger Operators Positions from Seeking to Companies Consolidate Preferring to Operated Positions Operate (Post-Acquisition) Operators Looking to Sell Down Smaller…
  13. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 13
    Step Step 2 3 Step Step 1 4 Step 5 Acquisition History 60,000 4,000 56,858 49,032 3,200 45,000 Net Acres Acquired 43,239 2,400 / Acre 30,000 1,832 1,600 1,043 17,050 20,316 15,000 17,590 1,586 544 20,900…
  14. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 14
    Step Step 2 3 Step Step 1 4 Step Foundation for Continued Growth 5 Northern Net Acreage Summary 23% 24% 36% 64% 77% 76% Montana North Dakota Total % Held (1) Total % Non-Held ND % Held (1) ND % Non-Held Net Acres…
  15. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 15
    Step Step 2 3 Step Step 1 4 Step Current Estimated Gross Run Rate Total North Dakota Rigs (192)(1) 5 Company Williston Rigs(1) Bakken Capex(2) 22 1,980 MM 4% 19 1,710 MM 12 1,080 MM 10 900 MM 96% 16 1,440 MM NOG…
  16. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 16
    Step 2 Step 3 Step 1 Step 4 Step 5 Percentage of PDPs By Operator Top 10 Operators Slawson 1 10.8% Exploration 7.2% Continental 2 Resources 21.5% 6.2% 3 Hess 5.5% 4 Whiting Petroleum Less Than 2% 5 Oasis…
  17. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 17
    Step Step 2 3 Step Step 1 4 Proved Reserves as of 12/31/2013 Step 5 ( in millions) Oil Gas Total SEC (MMBbls) (Bcf) (MMBoe) PV-10(1) P1 Category PDP 26.2 16.5 28.9 881.7 PDNP 5.9 4.1 6.6 151.1 PUD 43.8 29.5 48.7 488.5…
  18. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 18
    Step Step 2 3 Step Step 1 4 Step Historical Cash Operating Margins per BOE (1) 5 90.00 100.0% 80.00 79.0% 79.77 70.00 75.85 78.79 75.2% 77.74 76.2% 76.0% 73.2% 60.00 69.0% 75.0% % Margin 66.39 (/Boe) 50.00 57.77…
  19. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 19
    Step Step 2 3 Step Step 1 4 Step Strong Fundamental Performance in Key Operational Metrics 5 Three-Year F&D Cost 2011-2013 (/Boe)(1) Cash Operating Margin TTM 09/30/2014 (/Boe) 30.0 60.0 25.0 50.0 20.0 40.0 15.0 30.0 10.0…
  20. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 20
    Step Step 2 3 Step Step 1 4 Step Northern Generated 3.17 in EBITDA for Each 1.00 Invested in F&D 5 500% 450% 450% 400% 355% 350% 317% 300% 257% 250% 204% 200% 183% 160% 150% 100% 50% 0% CLR OAS NOG KOG WLL…
  21. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 21
    Consistent Execution of Business Strategy Oil & Gas Sales (MM) (1) Adjusted EBITDA (MM)(2) 500.0 350.0 450.0 436.3 299.6 300.0 400.0 268.0 369.2 250.0 350.0 225.3 296.6 300.0 200.0 250.0 150.0 200.0 159.4 112.3 150.0…
  22. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 22
    Financial Resources to Stay One Step Ahead Liquidity 600 500 228 Liquidity of in millions 400 330 Million 550 300 8 200 322 322 100 8 0 Credit Facility(1) Outstanding Available Credit Cash Available Liquidity…
  23. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 23
    Organic Disciplined Growth 16,000 700 15,300 15,000 650 Capital Expenditures (MM) Annual Production (Boepd) 14,000 600 13,000 12,261 12,000 538 550 11,000 10,274 500 10,000 CapEx 450 439 450 9,000 8,000 400…
  24. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 24
    Acquisition and Development Investment (1) Capital Shifting to Development (1) 600 100% 537.5 90% Percentage of Total Capital Investment Capital Investment ( in millions) 500 38% 450 80% 439.1 414.0 70% 62% 400 73%…
  25. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 25
    SWAPS COSTLESS COLLARS Weighted Weighted Average Average Contract Volume Floor/Ceiling Volume Floor/Ceiling Period (Bbls) Price (Bbl) (Bbls) Price (Bbl) 2014: Q4 975,000 89.77 60,000 90.00 - 99.05 2015: Q1 990,000 89.03 - - Q2…
  26. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 26
    Proven Acquisition Model Acquire High-Potential Acreage Participated in over 2,600 Bakken/Three Forks wells; 25% of all Bakken/TF Drilling Deep Knowledge of the Bakken and Three Forks Go-To Non-Op Acreage Buyer Steady Deal Flow from…
  27. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 27
    EV / Proved Reserves (YE 2013) EV / Production (TTM Q314) 35 200 180 30 160 /Boepd ( in thousands) 25 140 120 20 /Boe 100 15 80 10 60 40 5 20 0 0 KOG MHR EOG OAS EOX CLR WLL NOG EOX CLR MHR KOG OAS WLL NOG…
  28. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 28
    Year Ended December 31, 2013 2012 2011 2010 2009 Production Oil (MBbls) 4,046.7 3,465.3 1,792.0 849.8 274.3 Natural Gas and NGLs 2,572.2 1,768.9 800.2 234.4 47.3 Total Production (Mboe) 4,475.4 3,760.1 1,925.4 888.9 282.2…
  29. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 29
    2013 2012 2011 2010 2009 2008 (In Thousands) Net Income 53,067 72,285 40,611 6,917 2,798 2,424 Add Back: Interest Expense 32,709 13,875 586 583 535 28 Income Tax Provision 30,768 43,002 26,835 4,419 1,466 (830) Depreciation,…
  30. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 30
    Quarter Ended September 30, June 30, March 31, December 31, In thousands 2014 2014 2014 2013 Net Income 57,985 (4,412) 6,589 17401 Add Back: Interest Expense 10,624 10,326 9,898 9,569 Income Tax Provision 35,050 (2,750) 4,100…
  31. November 2014 Investor presentation – Northern Oil and Gas, Inc. – slide 31
    (/Boe, except % Margin) Realized Year Price* Production Expense Production Taxes Cash G&A Margin % Margin 2009 51.55 2.67 4.60 8.70 35.57 69.0% 2010 66.39 3.70 6.16 4.09 52.44 79.0% 2011 75.85 6.77 7.43 3.88 57.77 76.2%…

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