Northern Oil and Gas : Conference Call Presentation Q1 2022

Q1:22 EARNINGS PRESENTATION

NYSE: NOG

Northern Oil & Gas, Inc. - November 2020 2

Q1:22 FINANCIAL & OPERATING HIGHLIGHTS

Q1:22 Earnings Highlights

• • Record Free Cash Flow, Strong Growth, Exceptional Returns

  Q1 Free Cash Flow(1)

  $146MM

  Record FCF +107% QoQ

  Q1 Production

  71.3Mboe/d

  +11% QoQ

  Q1 Adj. EBITDA (1)

  $256.6MM

  Record EBITDA +46.5% QoQ

  Dividend Growth

  +35% Increase

  Q2:22 dividend increased to $0.19, +35% vs. Q1:22

  Q1 ROCE(1)

  36.5%

  Top-Tier Across Industry

  Q1 Recycle Ratio(1)

  4.8X

  Cash Margin $40.05/boeDD&A $8.29/boe

  • • Record Free Cash Flow. $146MM in Q1, +107% QoQ

  • • Growth that's Macro Friendly. Q1 net production +85% YoY with no impact on US gross production given NOG's non-op model

  • • Standout margins and returns(1). NOG's recycle ratio of 4.8x and ROCE of 36.5% highlight another quarter of stellar corporate returns

• • Shareholder Returns Initiatives In Focus

  • • Base Dividend Plan (updated 5/3) calls for minimum of 23% QoQ dividend growth 2022 through 2023

  • • $0.19 2Q Dividend declared, 35% increase from Q1 ($0.14)

  • • $36.3MM of Preferred Stock retired, 1.6MM common shares equivalent

    • • Additional $3.7MM retired in Q2, additional 165K shares equivalent

• • Increasing Organic Activity Boosts 2022 Capital Efficiency

  • • Net AFE activity up 62% QoQ in Q4:21 and another +40% in Q1:22

• • Acquisition Pipeline Remains Robust

  • • Veritas Permian Acquisition - largest deal in NOG history - closed on 1/27

  • • 10 Ground Game deals closed in Q1

• • Balance Sheet Strength

  • • 1.1x LQA Debt / EBITDA in Q1:22

(1)Free Cash Flow, Adjusted EBITDA, 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

NYSE: NOG

Q1:22 FCF AND SHAREHOLDER RETURNS AT A GLANCE

NYSE: NOG

NOG Continues a Balanced Approach - Reduce Debt, Pay Rich Dividends, Reduce Highest Cost of Capital Securities

$160

Q1:22 Free Cash Flow - $146 million

$140

$120

$100

Debt Repayment

Preferred Stock Repurchases

$80

Base CoSmtomckoDnividendsBase Common

Dividend

✓ Significant Preferred Stock retirement, reduced the diluted share count by 1.6 million shares in 1Q

✓ 1.8 million share reduction after April retirements ✓ $2.6 million in dividend savings annually

$60

$40

$20

$0

Debt Retirement

✓ Common dividends declared represented ~10% of free cash flow

✓ ~1/2 of free cash flow went to debt retirement

Q1:22 PRODUCTION & CAPEX BREAKDOWN

NYSE: NOG

Northern's Commodity, Capital Expenditures and Production Mix Continue to Become More Diversified and Balanced

Q1 2022 - PRODUCTION BY REGION

10%

➢

Permian production continued to grow as a portion of our production mix, and was bolstered by approximately 2-months of contribution from Veritas

Q1 2022 - PRODUCTION BY COMMODITYQ1 2022 - CAPEX BY CATEGORY

20% 10%

4%

1%

• ➢ Permian capital expenditures grew to 35% of the total in Q1

  ➢

  Production continues to be balanced from a mix perspective

  ➢ Northern is a 'two-stream reporter,' meaning its natural gas prices include the revenues associated with NGLs, but it does not report the volumes of the NGLs themselves

  ➢ This means both its production and liquids mix on a comparative reporting basis with most other public companies would be significantly higher

• ➢ Upcoming Marcellus pad development spending largely already incurred in prior periods

• ➢ Strong activity levels (proposals up over 250% y/y) in our Williston business continue, given pull-forward of activity