Northern Oil And Gas, Inc. · NYSE:NOG
Northern Oil And Gas — Q4 2025 Earnings Presentation
32 slides from Northern Oil And Gas's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Full Year 2025 Earnings Presentation
Q4 and Full Year 2025 Earnings Presentation February 25, 2026 Q2 2025 Earnings Presentation | 1
Slide 2: Contents
Contents 1. Financial Highlights 2. Operations & Investment Activity Updates 3. Guidance 4. NOG Value Proposition 5. Appendix Q4 2025 Earnings Presentation | 2
Slide 3: 1. Financial Highlights
1. Financial Highlights Q2 2025 Earnings Presentation | 3
Slide 4: Q4 and Full Year 2025 Financial & Operating Highlights
Q4 and Full Year 2025 Financial & Operating Highlights Production and Financials • Average Daily Production of 140.1 Mboe, +6.3% YoY, +6.9% QoQ; Oil 53% of production • Gas volumes +23.7% YoY and +11.3% QoQ Free Cash Flow1 Annual Shareholder Returns • Third consecutive quarter of record Appalachian
Slide 5: 2. Operations & Investment Activity Update
2. Operations & Investment Activity Update Q2 2025 Earnings Presentation | 5
Slide 6: NOG is Highly Diversified with Unique Governance and Top Tier Operators
NOG is Highly Diversified1 – with Unique Governance and Top Tier Operators NOG’s overall production footprint is highly diversified, with some of the best and most efficient operators in the United States. Recent Aggregate Production Contribution from ~100 Operators Operator by Type OTHERS EQT ASCEN
Slide 7: Q4 2025 Operations Highlights
Q4 2025 Operations Highlights Resilient and diversified asset base driving strong performance. AFEs Wells in Process Well Completions • ~235 wells evaluated, 16.9 net • Drilling & Completions list ended • 24.2 wells added to production in the quarter with 45.6 net wells in Q4, consistent with expect
Slide 8: Q4 2025 Production by Basin
Q4 2025 Production by Basin Production in Appalachia continues to ramp, and the Williston and Uinta topped expectations despite commodity price headwinds to end the year. Aggregate Production Contribution by Basin Production Mix by Basin Williston Permian 32% 38% 8% 29% 21% 68% 62% Uinta Appalachian
Slide 9: Q4 2025 Production and Revenue by Commodity
Q4 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 Appalachia ramps and gas prices have strengthened. 19% 47% Production Revenue by by Commodity Commodity 53% 81% Commodity Type Oil Gas
Slide 10: Q4 2025 CapEx by Basin
Q4 2025 CapEx by Basin Solid development focused within core areas, D&C list declined in line with seasonal trends 8% 26% • Organic activity was largely in line with expectations while the Company capitalized on Ground Game opportunities 22% • Net new elections were up nearly 17% relative to 2024's
Slide 11: Investment Activity Update
Investment Activity Update Diversity and scaled non-op model bucking industry trends increasing both M&A and Ground Game opportunities. Opportunity Set Ground Game Bolt-On & JV • 2026 M&A landscape • Evaluated 200+ ground • Signed 40% joint acquisition spooling with continued game opportunities in Q
Slide 12: Ohio Utica Joint Acquisition Provides Integrated Growth Gas Asset and Scaled Midstream
Ohio Utica Joint Acquisition Provides Integrated Growth Gas Asset and Scaled Midstream Asset Overview Key Financial Statistics • Agreement to purchase 40% undivided interest in Ohio Utica upstream and midstream assets for $464.5 MM • ~28,000 net acres, over 100 identified underwritten gross location
Slide 13: Enhanced Liquidity Position
Enhanced Liquidity Position NOG has methodically managed its debt structure and maturity wall over time. • No significant debt maturities until 2029 • In February 2026, revolver borrowing base increased from $1.8 billion to $1.975 billion with elected commitment increased from $1.6 billion to $1.8 b
Slide 14: 3. Guidance
3. Guidance Q2 2025 Earnings Presentation | 14
Slide 15: 2026 Guidance and Capital Budget
2026 Guidance and Capital Budget Guidance reflects range of oil price outcomes Low Activity High Activity Scenarios • Low Activity Case: Annual Production (2-stream, Boe/day) 139,000 – 143,000 144,000 – 148,000 ◦ Depressed flat and strip oil prices ◦ Sharp reduction in organic AFE activity Annual Oi
Slide 16: 4. NOG Value Proposition
4. NOG Value Proposition Q2 2025 Earnings Presentation | 16
Slide 17: The NOG Investment Proposition
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise – offering scale and diversification Cash Generation - ~$424MM Free Cash Flow1 in last twelve Return of Capital Commitment: Growing Dividend and Shareholder Strong Balance Sheet with Organic De-Levering to Target of ~1.0x Net Dominan
Slide 18: Benefits of NOG's Non-Operated Model
Benefits of NOG’s Non-Operated Model Efficient Operations Enhance Return Profile Leveraging Data and Experience • Peer leading cost structure & Corporate ROCE • Proprietary database, built from participation in ~12,000 wells • Unit G&A costs are 50% less than operating peers • Enables well-informed
Slide 19: Leading Non-Op Upstream Franchise
Leading Non-Op Upstream Franchise Q4-25 PRODUCTION BY BASIN (BOE) • NOG’s acquisitions have created a high-return, national non-op franchise that is benefitting from economies of Uinta 8% scale Region • NOG is positioned to continue to capitalize on increased Appalachian Williston 21% 29% non-operat
Slide 20: Focused on the Highest Quality Areas
Focused on the Highest Quality Areas No requirement for contiguous acreage allows NOG to participate in prime Williston Appalachian2 drilling opportunities across basins or ~178,000 Acres ~62,000 Acres regions1 • As a non-operated E&P company, NOG is un- burdened by the need to have large contiguous
Slide 21: Drakkar
Drakkar Drakkar is NOG’s intelligence platform developed to maximize Enhanced Security data and accelerate decision-making while ensuring scalability & Data Quality and precision. Turning data into a strategic advantage. Intelligent Unified Data Automations Platform Centralized Data Integration Drak
Slide 22: Sustainability Framework
Sustainability Framework Alignment with Operators NOG is setting the standard for Non-Op E&P companies who are ESG Leaders Over 60% of our 2024 production was sourced from 18 public Governance-Driven Sustainability operators, many of whom are ESG leaders NOG leads with governance, maintaining an ISS
Slide 23: 5. Appendix: Supplemental Info
5. Appendix: Supplemental Info Q2 2025 Earnings Presentation | 23
Slide 24: Historical Operating & Financial Information
HISTORICAL OPERATING INFORMATION Historical Operating & 2023 2024 2025 4Q24 4Q25 PRODUCTION Oil (MBbls) 22,013.0 26,510.6 27,611.0 7,262.4 6,873.0 Financial Information Natural Gas and NGLs (Mmcf) Total Production (Mboe) 84,341.9 113,476.3 130,084.0 36,070.0 45,423.4 49,291.7 29,166.6 12,123.5 36,07
Slide 25: NON-GAAP Reconciliations: Adjusted EBITDA & Other
NON-GAAP Reconciliations: Adjusted EBITDA & Other ADJUSTED EBITDA BY QUARTER (IN THOUSANDS) 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net Income (Loss) $ 26,111 $ 388,853 $ 11,606 $ 138,556 $ 298,446 $ 71,698 $ 138,982 $ 99,585 $ (129,074) $ (70,732) Add: Interest Expense 37,040 36,513 37,92
Slide 26: NON-GAAP Reconciliations: Q4 and 2025 ROCE & Recycle Ratio
NON-GAAP Reconciliations: Q4 25 and 2025 ROCE & Recycle Ratio 2025 Return on Capital Employed (ROCE)(1)(4) • Adj. EBIT: 796.4MM(4) (2025) • + Adj. EBITDA: 1,629 MM (Full Year 2025) Capital • - DD&A: 832.4MM(4) (Full Year 2025) EBIT ÷ Employed = 15.0% • Capital Employed: $5,307MM(1)(4) (Avg. of YE 24
Slide 27: NON-GAAP Reconciliations: Free Cash Flow
NON-GAAP Reconciliations: Free Cash Flow FREE CASH FLOW (FCF) - QUARTERLY (IN THOUSANDS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Net Cash Provided by Operating Activities $ 269,308 $ 307,786 $ 263,865 $ 342,362 $ 392,147 $ 340,477 $ 385,761 $ 290,278 $ 407,426 $ 362,112 $ 423,120
Slide 28: Hedge Profile—SWAPS
Hedge Profile—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 CRUDE OIL DERIVATIVE SWAPS NATURAL GAS DERIVATIVE SWAPS Million British Weighted Total Hedged Weighted Contract
Slide 29: Hedge Profile—COLLARS and PUTS
Hedge Profile—COLLARS 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 NATURAL GAS DERIVATIVE COLLARS & PUTS Ceiling Million Total Floo
Slide 30: Hedge Profile—Basis SWAPS
Hedge Profile—Basis 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 SWAP APP BASIS SWAP REX BASIS SWAP Total Million British Total Weig
Slide 31: Important Disclosures
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 (the “Securities Act”) and the Securities Exchange Act of 1934,
Slide 32: Important Disclosures
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 markets), were obtained from sources believed to be reliable an