The "Shale 3.0" beneficiary - the Golden Age for non-op is now
ROCE is a non-GAAP financial measure. See Appendix for methodology and reconciliation
Free Cash Flow (FCF) is a non-GAAP financial measure. See Appendix for methodology. NOG is unable to present a reconciliation of forward-looking FCF because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable.
FCF yield assumes >$500MM of 2022 FCF, a $34.56 share price (6/6/22 close) and 77.333MM shares (5/4/22 common outstanding), equating to a market capitalization of $2,673MM
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3. As of 6/6/2022 based off Bloomberg consensus estimates for 2022 EPS $6.30/share and a NOG share price of $34.56
A DIFFERENTIATED E&P GROWTH PLATFORM
NYSE: NOG
NOG continues to build scale as the largest dedicated public non-operated working interest company
PRODUCTION CONTINUES TO RAMP…
…WHILE MAINTAINING PEER-LEADING LOW CASH G&A(1)
Material growth driven by organic growth +
Reducing overhead cash
accretive M&A
G&A cost
71.3
$3.02
64.2
$2.71
57.6
54.6
43.943.7
40.8
38.4
$1.61
36.3 35.0
$1.58
35.7
34.6
$1.45
$1.15
$1.39
$1.20
29.1
$1.28
$1.13
$1.01
26.7
23.8
$1.01
$1.06
$0.95
$1.04
$0.91
21.0
$0.92
$0.78
$0.86
(1)
18.0
$0.77
15.3 16.7
13.8
Production (MBoe/d)
Cash G&A per BOE- Adjusted
1. Adjusted Cash G&A is a non-GAAP financial measure. Please see the appendix for reconciliation to the most directly comparable GAAP Measure.
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Northern Oil & Gas Inc. published this content on 07 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 June 2022 00:01:02 UTC.
Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins within the contiguous United States. Its principal business is crude oil and natural gas exploration, development, and production with operations in the United States. Its 272,251-acre portfolio is distributed across the Williston, Permian, and Appalachia Basins. Its portfolio comprises about 272,251 acres of low-breakeven lands with over 9,765 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It primarily engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. In addition, it acquires wellbore-only working interests in wells. It also owns the Utica and Northern Delaware Basin assets.
NORTHERN OIL AND GAS, INC. 
