Northern Oil And Gas, Inc. · NYSE:NOG
Northern Oil And Gas — Q2 2025 Earnings Presentation
30 slides from Northern Oil And Gas's earnings presentation, Aug 1, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation July 31, 2025 Q2 2025 Earnings Presentation | 1
Slide 2: Contents
Contents I. Q2 2025 Highlights II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition V. Appendix Q2 2025 Earnings Presentation | 2
Slide 3: Q2 2025 Financial & Operating Highlights
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 Capital Expenditures QoQ and YoY • Uinta volumes up ~18.5% on a seque
Slide 4: NOG is Highly Diversified with Unique Governance and Top Tier Operators
NOG is Highly Diversified(1) – with Unique Governance and Top Tier Operators NOG’s 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 JVs, NOG’s overall production footprint is highly diversified, w
Slide 5: Long Term Focus Creates Value Through Cycles
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 debt per share significantly. FREE CASH FLOW GROWTH VS. OIL PRICE
Slide 6: Q2 2025 Operations Highlights
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 • Over 95% consent rate, ended the quarter with 53.2 producti
Slide 7: Q2 2025 Production by Basin
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. Aggregate Production Contribution by Basin Production Mix by Basin
Slide 8: Q2 2025 Production and Revenue by Commodity
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 57% Commodity Commodity (1) 81% Commodity Type Oil Gas 1) Excludes the impact
Slide 9: Q2 2025 CapEx by Basin
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 roughly 5% over the prior quarter while absolute AFE costs were down ov
Slide 10: Investment Activity Update
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 net acre bolt-on in robust; quality improving game opportunit
Slide 11: Enhanced Liquidity Position
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 • Borrowing base maintained at $1.8 billion with an elected commi
Slide 12: 2025 Guidance and Capital Budget
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 future periods anticipating better returns Annual Oil Production
Slide 13: NOG Value Proposition
PART 2 NOG Value Proposition Q2 2025 Earnings Presentation | 13
Slide 14: The NOG Investment Proposition
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 Shareholder Strong Balance Sheet with Organic De-Levering to Target of ~1.0x Net Do
Slide 15: 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 over 11,000 wells • Unit G&A costs are 50% less than • Enables well-informed and experien
Slide 16: Leading Non-Op Upstream Franchise
Leading Non-Op Upstream Franchise • NOG’s 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 to capitalize on increased Region 15% non-operated opportuniti
Slide 17: Focus on the Highest-Quality Areas
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 company, NOG is un- burdened by the need to have large contiguous ac
Slide 18: A Differentiated Upstream Investment Growth Platform
A Differentiated Upstream Investment Growth Platform Operating leverage at work: NOG has consistently delivered higher volumes while maintaining efficient G&A. NOG’s G&A per BOE is among the lowest of its E&P peers; even after nearly doubling its headcount over the last 24 months PRODUCTION CONTINUE
Slide 19: NOG's Drakkar System Empowers our Data Driven Investment Process
NOG’s 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 informs our investment management decisions. Inputs Outputs Lan
Slide 20: Sustainability Framework Meaningfully Improved
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 completed using various sustainability reporting frameworks and two
Slide 21: Appendix: Supplemental Info
PART 3 Appendix: Supplemental Info Q2 2025 Earnings Presentation | 21
Slide 22: Historical Operating & Financial Information
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) REVENUE 68,829.1 27,561.6 84,341.9 113,476.3 36,070.0 45,423.4 29,318.6 11,224.
Slide 23: NON-GAAP Reconciliations: Adjusted EBITDA & Other
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 $ 99,585 Add: Interest Expense 30,143 31,968 37,040 3
Slide 24: NON-GAAP Reconciliations: ROCE & Recycle Ratio
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 Employed: $4,794.5MM(1) (Avg. of Q2/24 and Q2/25) • + To
Slide 25: 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 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 Exclude: Changes in
Slide 26: 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 Hedged Weighted Barrels per Total Hedged Weighted
Slide 27: 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 Total Floor Total Ceiling
Slide 28: 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 Barrels per Day Total Hedged Weighted Average Contract Million
Slide 29: 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 30: 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