Northern Oil And Gas, Inc. · NYSE:NOG
Northern Oil And Gas — Q1 2026 Earnings Presentation
31 slides from Northern Oil And Gas's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 28, 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 Q1 2026 Earnings Presentation | 2
Slide 3: 1. Financial Highlights
1. Financial Highlights Q2 2025 Earnings Presentation | 3
Slide 4: Q1 2026 Financial & Operating Highlights
Q1 2026 Financial & Operating Highlights Strong Production Amidst a Volatile Macro Backdrop • Average Daily Production +10% YoY, +6% QoQ. Oil ~ 50% of production, total gas volumes +33% YoY and +12% QoQ. Free Cash Flow1,2 Shareholder Returns • Well performance exceeding expectations in all basins as
Slide 5: 2. Operations & Investment Activity Update
2. Operations & Investment Activity Update Q2 2025 Earnings Presentation | 5
Slide 6: NOG is Highly Diversified
NOG is Highly Diversified1 – with Unique Governance and Top Tier Operators NOG’s joint development assets make up less than 30% of its 2026 capital budget, but the benefits to visibility and long-term development are substantial. Even with our JDAs, NOG’s overall production footprint is highly diver
Slide 7: Q1 2026 Operations Highlights
Q1 2026 Operations Highlights Resilient and diversified asset base driving outperformance. AFEs Wells in Process Well Completions • ~219 wells evaluated, 10.0 net • Drilling & Completions list ended • 17.1 wells added to production in the quarter with 43.7 net wells in Q1, consistent with expectatio
Slide 8: Q1 2026 Production by Basin
Q1 2026 Production by Basin Production in Appalachia continues to ramp, and the Williston topped expectations via a mix of well outperformance on new drills and refracs. Aggregate Production Contribution by Basin Production Mix by Basin Williston Permian 33% 40% 7% 28% 26% 67% 60% Uinta Appalachian
Slide 9: Q1 2026 Production and Revenue by Commodity
Q1 2026 Production and Revenue by Commodity Oil remains the majority source of production and dominant source of revenue, though gas has improved its contribution as the long term outlook has improved. 19% 50% Production Revenue by by Commodity Commodity 50% 81% Commodity Type Oil Gas Q1 2026 Earnin
Slide 10: Q1 2026 CapEx by Basin
Q1 2026 CapEx by Basin Solid development focused within core areas, as development activity was in line with expectations • Organic activity was largely in line with expectations 17% 24% • The Company capitalized on Ground Game opportunities, especially early in the quarter, closing on a record 41 t
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 • M&A landscape remains • Evaluated 219 ground game • Closed on our joint Ohio robust with an increase in opportunities in
Slide 12: Enhanced Liquidity Position
Enhanced Liquidity Position NOG has methodically managed its debt structure and maturity wall over time • No debt maturities until 2029 • Long-term leverage target at or near 1.0x Net Debt / Adj. EBITDA • Borrowing base maintained at $1.975 billion with elected commitment of $1.8 billion • Extended
Slide 13: 3. Guidance
3. Guidance Q2 2025 Earnings Presentation | 13
Slide 14: 2026 Guidance and Capital Budget
2026 Guidance and Capital Budget Guidance reflects range of oil price outcomes Scenarios Low Activity High Activity • Low Activity Case: ◦ Depressed flat and strip oil prices Annual Production (2-stream, Boe/day) 139,000 – 143,000 144,000 – 148,000 ◦ Sharp reduction in organic AFE activity ◦ Increas
Slide 15: 4. NOG Value Proposition
4. NOG Value Proposition Q2 2025 Earnings Presentation | 15
Slide 16: The NOG Investment Proposition
The NOG Investment Proposition 1 2 3 4 5 National Non-Op Franchise – offering scale and diversification Cash Generation - >$319MM 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 17: 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 12,500 wells • Unit G&A costs are 50% less than operating peers • Enables well-infor
Slide 18: Leading Non-Op Upstream Franchise
Leading Non-Op Upstream Franchise Q1-26 PRODUCTION BY REGION (BOE) • NOG’s acquisitions have created a high-return, national non-op franchise that is benefitting from economies of Uinta 7% scale Region • NOG is positioned to continue to capitalize on increased Appalachian Williston 26% 28% non-opera
Slide 19: Focused on the Highest Quality Areas
Focused on the Highest Quality Areas No requirement for contiguous acreage allows NOG to participate in prime Williston Appalachian drilling opportunities across basins or ~177,993 Acres ~94,918 Acres regions1 • As a non-operated E&P company, NOG is un- burdened by the need to have large contiguous
Slide 20: 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 21: Sustainability Framework
Sustainability Framework Alignment with Operators NOG is setting the standard for Non-Op E&P companies who are ESG Leaders Over 68% of our 2025 production was sourced from 20 public Governance-Driven Sustainability operators, many of whom are ESG leaders NOG leads with governance, maintaining an ISS
Slide 22: 5. Appendix: Supplemental Info
5. Appendix: Supplemental Info Q2 2025 Earnings Presentation | 22
Slide 23: Historical Operating & Financial Information
HISTORICAL OPERATING INFORMATION Historical Operating & 2023 2024 2025 1Q25 1Q26 PRODUCTION Oil (MBbls) 22,013.0 26,510.6 27,611.0 7,081.0 6,621.0 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 30,394.0 12,146.8 40,36
Slide 24: 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 Net Income (Loss) $ 298,446 $ 71,698 $ 138,982 $ 99,585 $ (129,074) $ (70,732) $ (522,847) Add: Interest Expense 36,837 45,259 43,850 44,435 42,975 41,120 42,788 Income Tax
Slide 25: NON-GAAP Reconciliations: ROCE & Recycle Ratio
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q1 26 Adjusted Return on Capital Employed (ROCE)(1)(4)(5) • Adj. EBIT: $498.4MM(4) (Q1 26 annualized) • + Adj. EBITDA: $342.5 MM (Q1 2026) Capital • - DD&A: $217.9MM(5) (Q1 2026) EBIT ÷ Employed = 9.4% • Capital Employed: $5,329,212.3MM(1)(4) (Avg. of Q
Slide 26: 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 Net Cash Provided by Operating Activities $ 392,147 $ 340,477 $ 385,761 $ 290,278 $ 407,426 $ 362,112 $ 423,120 $ 312,630 $ 323,615 Exclude: Changes in Working Capita
Slide 27: 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 Total Hedged Weighted Total Hedged Total H
Slide 28: 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 Floor Total Ceilin
Slide 29: 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 Total We
Slide 30: 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 31: 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