JUNE 2022 INVESTOR PRESENTATION

NYSE: NOG

  1. NORTHERN VALUE PROPOSITION
  1. Q1 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS
    IV. APPENDIX: SUPPLEMENTAL INFO

2

A DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE

NYSE: NOG

  • NOG's 2021 Permian and Marcellus acquisitions have created a high return national non-op franchise that is benefitting from economies of scale
  • Going forward, NOG is positioned to continue to capitalize on increased non-operated opportunities present in the "Shale 3.0" era

Williston Basin : ~180,000 Net AcresQ1:22 Production by Region

16%

20%

Region

64%

Williston

Marcellus

Permian

Northern

Wells In Progress

Wells Completed 2019 - 2021

Permian Basin: ~10,000 Net Acres

Northern

Wells Completed 2019 - 2021

Q1:22 Production by Commodity

Commodity Type

60%

40%

Liquids

Gas

Marcellus Acres: ~62,000 Net Acres

Armstrong

Indiana

Allegheny

Cambria

Westmoreland

Washington

Somerset

Fayette

Greene

Northern

Wells Completed 2019 - 2021

3

THE NOG INVESTMENT PROPOSITION

NYSE: NOG

National non-op franchise - principled ROCE(1) leader (36.5% in Q1:22) diversified by commodity

and geography

Strong expected Free Cash Flow (2): >$425 MM in 2022 and >$1.7 Bn through 2025

Return of capital commitment: +23% QoQ dividend growth through 2023; $40.0 Preferred Stock

repurchased YTD

Continuously improving balance sheet with LQA leverage of 1.1x

Compelling Valuation: >16.5% 2022 Free cash flow yield (2) and 5.0x 22 P/E Ratio (3)

The "Shale 3.0" beneficiary - the Golden Age for non-op is now

  1. ROCE is a non-GAAP financial measure. See Appendix for methodology and reconciliation
  2. Free Cash Flow (FCF) is a non-GAAP financial measure. See Appendix for methodology. Northern 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 >$425MM of 2022 FCF, a $33.33 share price (5/27/22 close) and 77.333MM shares (5/4/22 common outstanding), equating to a market capitalization of $2,577MM

4

3. As of 5/31/2022 based off Bloomberg consensus estimates for 2022 EPS $6.13share and a NOG share price of $33.33

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 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 21:51:08 UTC.