Northern Oil and Gas : Conference Call Presentation FY 2021

Q4:21 EARNINGS PRESENTATION

NYSE: NOG

1. Q4 HIGHLIGHTS AND 2022 GUIDANCE

1. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO

Northern Oil & Gas, Inc. - November 2020

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Q4:21 FINANCIAL & OPERATING HIGHLIGHTS

NYSE: NOG

Q4 Free Cash Flow(1)

$70.7MM

Record FCF +28% QoQ

Q4 Production

64.2Mboe/d

+80% YoY

Strong 22 Guidance

>75% FCF Growth at Strip

> 30% Production Growth

Decreasing Unit Cost

Dividend Growth

+78% Increase

Q4:21 dividend increased to $0.08, +78% vs. Q3:21

Q4 ROCE(1)

24.2%

Top-Tier Across Industry

Q4 Recycle Ratio(1)

4.1X

Cash Margin	DD&A
$29.70/boe	$7.25/boe

Q4:21 Earnings Highlights

• Record Free Cash Flow and Strong Margins and Returns
• • Free Cash Flow. Free cash flow hit a record $70.7MM in Q4, +28% QoQ
  • Standout margins and returns(1). NOG's recycle ratio of 4.1x and ROCE of 24.2% highlight another quarter of stellar corporate returns
• Shareholder Returns Initiatives In Focus
• • Base Dividend Plan (announced 12/15) calls for minimum of 20% QoQ dividend growth through 2023
  • Dividend increased 78% in Q4 ($0.08), and another 75% in Q1 ($0.14)
  • $7.2MM of Preferred Stock retired, 316,219 common shares equivalent
• Increasing Organic Activity Setting up a Strong 2022
• • AFE activity up 60% in Q4 vs. Q3
  • Ended Q4 with 42.5 net wells in process (1/3 Permian)
• Acquisition Pipeline Remains Robust
• • Veritas Permian Acquisition - largest deal in NOG history - closed on 1/27
  • 9 Ground Game deals closed in Q4
  • >$1B backlog of acquisition and partnership opportunities
• Balance Sheet Improvements Continue
• • <1x Debt / EBITDA expected at current strip by YE22

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(1) Free Cash Flow, Recycle Ratio and ROCE may be considered non-GAAP financial measures. See Appendix for methodology and reconciliations. We calculate ROCE with impairments added back to Total Assets

2022 GUIDANCE

NYSE: NOG

>30% growth expected in 2022 following an active M&A campaign in 2021

Annual Production (2-stream, Boe per day)	70,000	- 75,000
Oil Weighting (as a % of Production)	59.5 - 61.5%
Total Capital Expenditures ($MM)	$350	- $415
Net Wells Added to Production	48 - 52
Production Expenses (per Boe)	$8.50	- $8.85
Cash G&A (ex transaction costs) (per Boe)	$0.80	- $0.85
Non-Cash G&A (per Boe)	$0.20	- $0.30
Production Taxes (as a % of Oil & Gas Sales)	8.0 - 9.0 %
Oil Differential to NYMEX WTI (per Bbl)	$5.75	- $6.25
Gas Realization as a Percentage of Henry Hub (per Mcf)	100 - 110%

• Approximate budget allocation: 45% Williston, 45% Permian, and 10% Marcellus and Other

Source: Company disclosures.

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EXCEPTIONAL 2021 WELL PERFORMANCE

NYSE: NOG

	250												500
	225					Performance of wells				2020 Internal Type Curve	450
	200					classified as PUD at YE20 that					400
					are now online
(mbbls)	175												350
150			Daily Production								300
Oil Production
125												250	Well Count
100								Audited Type Curve		200
Cumulative	75					Daily Production							150
50					2020 YE Internal Type Curve						100
					2020 YE Audited Type Curve
	25					Well Count							50
	-												-
	-	30	60	90	120	150	180	210	240	270	300	330	360
					Normalized Producing Days - Excluding Downtime

(1) Includes PDP wells as of December 31, 2021 classified as PDNP or PUD in yearend 2020 reserve report.

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