Northern Oil And Gas, Inc. · NYSE:NOG
Northern Oil And Gas — Q3 2025 Earnings Presentation
31 slides from Northern Oil And Gas's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 7, 2025 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 Q3 2025 Earnings Presentation | 2
Slide 3: 1. Financial Highlights
1. Financial Highlights Q2 2025 Earnings Presentation | 3
Slide 4: Q3 2025 Financial & Operating Highlights
Q3 2025 Financial & Operating Highlights Production and Financials Exceed Expectations • Average Daily Production +8% YoY, -2% QoQ; Oil 55% of production • Gas volumes +15% YoY and +3% QoQ Free Cash Flow1 Shareholder Returns • Well performance exceeding expectations in all basins. 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
NOG is Highly Diversified1 – with Unique Governance and Top Tier Operators NOG’s Joint Ventures make up less than 35% 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, wit
Slide 7: Q3 2025 Operations Highlights
Q3 2025 Operations Highlights Resilient and diversified asset base driving outperformance. AFEs Wells in Process Well Completions • Drilling & Completions list ended • ~216 wells evaluated, 17.2 net the quarter with 53.5 net wells in • 16.5 wells added to production in process Q3, consistent with ex
Slide 8: Q3 2025 Production by Basin
Q3 2025 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 34% 38% 8% 31% 18% 66% 62% Uinta Appalachian
Slide 9: Q3 2025 Production and Revenue by Commodity
Q3 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 the long term outlook has improved. 17% 45% Production Revenue by by Commodity Commodity 55% 83% Commodity Type Oil Gas Q3 2025 Earnin
Slide 10: Q3 2025 CapEx by Basin
Q3 2025 CapEx by Basin Solid development focused within core areas, D&C list built even with an increase in completions. 5% • Organic activity was largely in line with expectations while the 25% Company capitalized on Ground Game opportunities 21% • Net new elections were up roughly 20% relative to
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 • Despite industry trends, • Evaluated 200+ ground • Closed on 1,000 net royalty M&A landscape remains game opportunities i
Slide 12: Enhanced Liquidity Position
Enhanced Liquidity Position NOG has methodically managed its debt structure and maturity wall over time. • As of September 30, 2025, no debt maturities until 2027 (RBL), no material term security maturities until 2029 • As of November 5, 2025, revolver maturity extended to 2030, borrowing base maint
Slide 13: 3. Guidance
3. Guidance Q2 2025 Earnings Presentation | 13
Slide 14: 2025 Guidance and Capital Budget
2025 Guidance and Capital Budget UPDATES Metric Prior Current • Q3 development and well performance setting up for strong Q4 volume increase leading to higher oil and total volumes for FY25 Annual Production (2-stream, Boe/day) 130,000 – 133,000 132,500 – 134,000 o Natural gas volumes continue to gr
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 - >$477MM 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 12,000 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 Q3-25 PRODUCTION BY REGION (BOE) • NOG’s acquisitions have created a high-return, national non-op franchise that is benefitting from economies of Uinta 8% scale Appalachian Region • NOG is positioned to continue to capitalize on increased 18% Williston 31% 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 ~177,700 Acres ~56,300 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 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 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 & 2022 2023 2024 3Q24 3Q25 PRODUCTION Oil (MBbls) 16,090.1 22,013.0 26,510.6 6,524.0 6,656.0 Financial Information Natural Gas and NGLs (Mmcf) Total Production (Mboe) 68,829.1 27,561.6 84,341.9 113,476.3 36,070.0 45,423.4 28,098.2 11,207.1 32,407
Slide 24: 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 Net Income (Loss) $ 26,111 $ 388,853 $ 11,606 $ 138,556 $ 298,446 $ 71,698 $ 138,982 $ 99,585 $ (129,074) Add: Interest Expense 37,040 36,513 37,925 37,696 36,837
Slide 25: NON-GAAP Reconciliations: ROCE & Recycle Ratio
NON-GAAP Reconciliations: ROCE & Recycle Ratio Q3 25 Adjusted Return on Capital Employed (ROCE)(1)(4) • Adj. EBIT: $751.1MM(4) (Q3 25 annualized) • + Adj. EBITDA: $387.1 MM (Q3 2025) Capital • - DD&A: $199.4MM(4) (Q3 2025) EBIT ÷ Employed = 14.9% • Capital Employed: $5,034,068.0MM(1)(4) (Avg. of Q3/
Slide 26: 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 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 Excl
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 Weighted Average Total Hedged Weighted Barrels per Tota
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 Floor Million Ceiling Tota
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 Million Million Total Weighted British 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