Northern Oil And Gas, Inc. · NYSE:NOG
Northern Oil And Gas — Q2 2026 Earnings Presentation
29 slides from Northern Oil And Gas's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 6, 2026 Q2 2025 Earnings Presentation | 1
Slide 2: Q2 2026 Financial & Operating Highlights
Q2 2026 Financial & Operating Highlights Financial and operational outperformance on strength of assets, optionality of NOG model and higher oil prices Free Cash Flow1 Shareholder Returns NOG's Areas of Operation Appalachia (PA,OH, WV) ~96K acres $159.0MM ~$97.4MM Duvernay (Alberta CA) ~78K net acr
Slide 3: Q2 2026 Operations Highlights
Q2 2026 Operations Highlights Acceleration in oil-weighted activity coming through Wells In Process and AFEs AFE's Wells in Process Well Completions • ~250 wells evaluated, 16.8 net • Strong build to the Drilling & • 12.7 wells added to production in driven by the Permian and Completions list ending
Slide 4: First Half 2026 Basin Level Performance Metrics
First Half 2026 Basin Level Performance Metrics CMA BENCHMARK PRICING - NYMEX WTI $82.67/Bbl NYMEX HENRY HUB $3.21/MMBtu Production Volumes WILLISTON PERMIAN APPALACHIAN UINTA DUVERNAY3 TOTAL Oil (MBbl/d) 27.1 32.5 1.0 9.8 0.5 70.9 Gas (MMcf/d) 80.8 132.6 237.2 5.0 0.8 456.4 Equivalent (Mboe/d) 40.7
Slide 5: Investment Activity Update
Investment Activity Update Diverse and scaled non-op model provides a vast total addressable market in both M&A and Ground Game opportunities relative to peers Opportunity Set Ground Game Bolt-On & JV • Increased deal sourcing, • Closed Duvernay Joint • M&A landscape remains evaluated approximately
Slide 6: Light-Oil Duvernay: Strategic TAM Expansion into Canada
Light-Oil Duvernay: Strategic TAM Expansion into Canada 25% non-operated stake | ~$262MM purchase price | Operated by Parallax Energy, L.P. | Closed June 1,2026 Why the Duvernay? Why Now? • Strategic TAM expansion into one of North America's premier light ~$262MM ~78,000 ~4K Boe/d oil resources — 40
Slide 7: Activity and Cap Ex Spend by Basin For the Quarter and Year-to-Date
Activity and Cap Ex Spend by Basin For the Quarter and Year-to-Date Drilling activity outperforming expectations. Operators pulling forward activity in Permian and Williston. Activity in Quarter WILLISTON PERMIAN APPALACHIAN UINTA DUVERNAY1 TOTAL Net Drills (net wells) 5.8 8.8 1.6 2.9 0.0 19.1 Net T
Slide 8: Liquidity Position
Liquidity Position Ample liquidity to support business plan $1.02B 2029 ~5.5 yrs 6.0% AVAILABLE LIQUIDITY NEXT DEBT MATURITY WTD AVG DEBT MATURITY AVG COST OF 6/30/2026 BORROWINGS2 DEBT MATURITY PROFILE1 REVOLVER CAPACITY & LIQUIDITY $ in millions, as of 6/30/2026 $ in millions, as of 6/30/2026 $1,9
Slide 9: Strategic Risk Management — Hedge Position
Strategic Risk Management — Hedge Position1 REMAINING H2 2026 (JUL-DEC 2026) - OPEN POSITIONS AS OF JULY 31, 2026 H2 2026 Swaps & Collars H2 2026 Basis Swaps Oil Volumes (MBbls) Price ($/Bbl) OIL VOLUMES WTI Midland-Cushing Basis 5,045 $0.94 Gas Volumes (BBtu) Price ($/MMBtu) ~8,174 MBBls hedged2 60
Slide 10: Updated 2026 Guidance and Capital Budget
Updated 2026 Guidance and Capital Budget Previous Guidance Revised Guidance UPDATE: (May 26,2026) (August 6,2026) Annual Production (2-stream, Boe/day) 143,000 - 148,000 143,000 - 148,000 • Production and Cap Ex guidance reiterated in NOG’s 2Q 2026 Operational Update Annual Oil Production (Bbl/day
Slide 11: NOG Investment Case
NOG Investment Case Q2 2025 Earnings Presentation | 11
Slide 12: NOG – The Premier Non-Op 5-Basin North American Platform
NOG – The Premier Non-Op 5-Basin North American Platform NOG's total addressable market continues to expand, providing broad access to price resilient, high-quality plays Basin contribution to aggregate production Q2 2026 27% 35% 30% 8% NEW Williston Permian Appalachian Uinta Duvernay ~178,000 Net A
Slide 13: The NOG Investment Case
The NOG Investment Case North American Non-Op Franchise 1 5-Basin North American platform. 146 Mboe/d production. 1.7MM+ gross acres. Total addressable market expanding – the flywheel keeps spinning Proven Acquisition Engine 2 $6B+ deployed since 2018. Disciplined underwriting. Record ground game ac
Slide 14: A Proven Acquisition Engine
A Proven Acquisition Engine Every deal expands the flywheel — more data, more partners, more TAM Average Daily Production (MBoe/d) Key Acquisitions Driving Growth 160 146 2018–20 Williston Basin Build-out Single-basin foundation 140 135 124 120 2021 Marcellus (Appalachian) Gas diversification 99 100
Slide 15: NOG M&A Delivering Strong IRRs
NOG M&A Delivering Strong IRRs > 20% NOG underwrites every acquisition to the same disciplined standard. The inputs below are the basis of the look-back - no upside case, no reserve-life extension UNDERWRITING INPUT BASIS USED Commodity price deck July 10, 2026, Oil and Gas Strip Return horizon 14+y
Slide 16: NOG – A Growth Compounder Trading at a Value Multiple
NOG – A Growth Compounder Trading at a Value Multiple Not all reserve reports are the same. NOG's Non-Op status results in conservative reserves bookings, understating inventory and value. • NOG's PDP PV-10 alone ($4.4 billion), approximates its Q2 2026 enterprise value ($4.6 billion)1 PDP PV-10 ~$4
Slide 17: Capital Allocation, Deleveraging and Beyond
Capital Allocation, Deleveraging and Beyond We anticipate robust excess free cash flow while maintaining our production1 ILLUSTRATIVE CUMULATIVE FREE CASH FLOW2 NOG has the ability to Ranked Priorities • Reduce leverage to target 1.0x to 1.5x achieve a pro forma Net • Equity share repurchases • Free
Slide 18: Appendix: Supplemental Information
Appendix: Supplemental Information Q2 2025 Earnings Presentation | 18
Slide 19: Historical Operating & Financial Information
HISTORICAL OPERATING INFORMATION Historical Operating & PRODUCTION 2023 2024 2025 2Q25 2Q26 Financial Information Oil (MBbls) 22,013.0 26,510.6 27,611.0 7,001.9 6,213.0 Natural Gas and NGLs (Mmcf) 84,341.9 113,476.3 130,084.0 31,203.9 42,254.0 Total Production (Mboe) 36,070.0 45,423.4 49,291.7 12,20
Slide 20: NON-GAAP Reconciliations: Adjusted EBITDA & Other
NON-GAAP Reconciliations: Adjusted EBITDA & Other ADJUSTED EBITDA BY QUARTER (IN THOUSANDS) 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net Income (Loss) $ 298,446 $ 71,698 $ 138,982 $ 99,585 $ (129,074) $ (70,732) $ (522,847) $ 236,628 Add: Interest Expense, Net 36,837 45,259 43,850 44,435 42,975 41,12
Slide 21: NON-GAAP Reconciliations: ROCE & Recycle Ratio
NON-GAAP Reconciliations: ROCE & Recycle Ratio • Adj. EBIT: $716.4MM(5) (Q2 26 annualized) • + Adj. EBITDA: $401.0 MM (Q2 2026) Capital • - DD&A: $221.9MM(5) (Q2 2026) EBIT ÷ Employed = 12.7% • Capital Employed: $5,657.7MM(1)(4) (Avg. of Q2/25 and Q2/26) • + Total Assets: $6,217.0MM(1)(4) (Avg. of Q
Slide 22: NON-GAAP Reconciliations: Free Cash Flow
NON-GAAP Reconciliations: Free Cash Flow FREE CASH FLOW (FCF) - QUARTERLY (IN THOUSANDS) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net Cash Provided by Operating Activities $ 392,147 $ 340,477 $ 385,761 $ 290,278 $ 407,426 $ 362,112 $ 423,120 $ 312,630 $ 323,615 $ 321,617 Exclude: Changes in
Slide 23: 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 Total Total Weighted Total Weighted Total Hedged Contra
Slide 24: 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 Ceiling Total Sub
Slide 25: 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 Total Total Total Weighted
Slide 26: 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 27: Important Disclosures
Important Disclosures Forward Looking Statements (cont.) NOG has based any forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business,
Slide 28: 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
Slide 29: Important Disclosures
Important Disclosures Reserves Information Reserve engineering is a process of estimating underground accumulations of oil, natural gas and natural gas liquids that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation o