Northern Oil and Gas, Inc. · NYSE:NOG
Northern Oil and Gas — Q3 2026 Earnings Presentation
29 slides from Northern Oil and Gas's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 5, 2026 Q2 2025 Earnings Presentation | 1
Slide 2: Q3 2026 Financial & Operating Highlights
Q3 2026 Financial & Operating Highlights Financial and operational outperformance on strength of assets, optionality of NOG model and higher oil prices Free Cash Flow1 Shareholder Returns2 NOG's Areas of Operation $148.6MM ~$74.0MM Appalachia (PA,OH, WV) ~97K acres Duvernay (Alberta CA) ~88K net acr
Slide 3: Q3 2026 Operations Highlights
Q3 2026 Operations Highlights Record production driven by clean operations across the board with an acceleration in oil-weighted activity AFE's Wells in Process Well Completions • ~215 wells evaluated, 15.5 net, • Drilling & Completions list ending • 23.9 wells added to production in driven by the P
Slide 4: Basin Level Performance Metrics Q3
Basin Level Performance Metrics Q3 Three Months Ended September 30, 2026 CMA BENCHMARK PRICING - NYMEX WTI $85.67/Bbl NYMEX HENRY HUB $2.89/MMBtu Production Volumes WILLISTON PERMIAN APPALACHIAN UINTA DUVERNAY(3) TOTAL Oil (MBbl/d) 27.5 32.5 0.9 10.4 3.5 74.8 Gas (MMcf/d) 79.6 146.2 251.3 6.6 4.7 48
Slide 5: Basin Level Performance Metrics Q1-Q3
Basin Level Performance Metrics Q1-Q3 Nine Months Ended September 30, 2026 CMA BENCHMARK PRICING - NYMEX WTI $83.69/Bbl NYMEX HENRY HUB $3.11/MMBtu Production Volumes WILLISTON PERMIAN APPALACHIAN UINTA DUVERNAY(3) TOTAL Oil (MBbl/d) 27.3 32.5 0.9 10.0 1.5 72.2 Gas (MMcf/d) 80.4 137.2 241.9 5.6 2.1
Slide 6: 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 • M&A landscape • Increased deal sourcing, • Duvernay acquisition accelerating with continued evalu
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) 5.9 5.6 2.8 0.0 3.8 18.1 Net TI
Slide 8: Liquidity Position
Liquidity Position Ample liquidity to support business plan $1.6B 2029 ~5.3 yrs ~6.7% AVAILABLE LIQUIDITY NEXT DEBT MATURITY WTD AVG DEBT MATURITY AVG COST OF BORROWINGS2 09/30/26 DEBT MATURITY PROFILE1 $ in millions, as of 9/30/2026 REVOLVER CAPACITY & LIQUIDITY $725 $ in millions, as of 9/30/2026
Slide 9: Strategic Risk Management — Hedge Position
Strategic Risk Management — Hedge Position REMAINING Q4 2026 (OCT-DEC 2026) - OPEN POSITIONS AS OF OCTOBER 27, 2026 Q4 2026 Swaps & Collars Q4 2026 Basis Swaps Oil Volumes (MBbls) Price ($/Bbl) OIL VOLUMES WTI Midland-Cushing Basis 2,487 $0.95 Gas Volumes (BBtu) Price ($/MMBtu) ~4,272 MBbls hedged1
Slide 10: Updated 2026 Guidance and Capital Budget
Updated 2026 Guidance and Capital Budget Previous Guidance Revised FY 2026 (August 2026) Guidance UPDATE: Annual Production (2-stream, Boe/day) 143,000 - 148,000 147,000 - 150,000 • Production guidance increased driven by strong natural gas production Annual Oil Production (Bbl/day) 71,500 - 73,500
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 Q3 2026 26% 36% 27% 8% 3% Williston Permian Appalachian Uinta Duvernay ~178,000 Net Ac
Slide 13: The NOG Investment Case
The NOG Investment Case North American Non-Op Franchise 1 5-Basin North American platform. 156 Mboe/d production. 2.1MM+ 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 Key Acquisitions Driving Growth 2018–20 Williston Basin Build-out Single-basin foundation Average Daily Production (MBoe/d) 200 2021 Marcellus (Appalachian) Gas diversification 156 150 135 Premier basin
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 October 30, 2026, Oil and Gas Strip 2.2 x IRR Retu
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 ($4.6 billion), approximates its Q3 2026 enterprise value ($5.0 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 Debt /
Slide 18: Appendix: Supplemental Information
Appendix: Supplemental Information Q2 2025 Earnings Presentation | 18
Slide 19: Historical Operating & Financial Information
HISTORICAL OPERATING INFORMATION Historical Operating & 2023 2024 2025 3Q25 3Q26 PRODUCTION Oil (MBbls) 22,013.0 26,510.6 27,611.0 6,656.0 6,885.0 Financial Information Natural Gas and NGLs (Mmcf) Total Production (Mboe) 84,341.9 36,070.0 113,476.3 45,423.4 130,084.0 49,291.7 32,407.0 12,057 44,932.
Slide 20: NON-GAAP Reconciliations: Adjusted EBITDA & Other
NON-GAAP Reconciliations: Adjusted EBITDA & Other ADJUSTED EBITDA BY QUARTER (IN THOUSANDS) 3Q25 4Q25 1Q26 2Q26 3Q26 Net Income (Loss) $ (129,074) $ (70,732) $ (522,847) $ 236,628 $ (111,805) Add: Interest Expense, Net 42,975 41,120 42,788 41,442 43,740 Income Tax Benefit (39,728) (15,326) (173,070)
Slide 21: NON-GAAP Reconciliations: ROCE & Recycle Ratio
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q3 26 Adjusted Return on Capital Employed (Adjusted ROCE)(1)(4)(5) • Adj. EBIT: $829.4MM(5) (Q3 26 annualized) • + Adj. EBITDA: $444.5 MM (Q3 2026) Capital • - DD&A: $237.1MM(5) (Q3 2026) EBIT ÷ Employed = 14.7% • Capital Employed: $5,655.0MM(1)(4) (Avg
Slide 22: NON-GAAP Reconciliations: Free Cash Flow
NON-GAAP Reconciliations: Free Cash Flow FREE CASH FLOW (FCF) - QUARTERLY (IN THOUSANDS) 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Cash Provided by Operating Activities $ 407,426 $ 362,112 $ 423,120 $ 312,630 $ 323,615 $ 321,617 $ 397,699 Exclude: Changes in Working Capital and Other Items (19,997) (23
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 Hedges as of October 27, 2026. This table does not include volumes subject to swaptions, basis swaps, puts, and
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 Hedges as of October 27, 2026. This table does not include volumes subject to swaptions, basis swaps
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 Hedges as of October 27, 2026. This table does not include volumes subject to swaptions, basis swaps, put
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