Q2:22 Earnings Presentation

NYSE: NOG

Q2:22 EARNINGS PRESENTATION

NYSE: NOG

1. Q2 HIGHLIGHTS AND 2022 GUIDANCE

II. NOG VALUE PROPOSITION

III. APPENDIX: SUPPLEMENTAL INFO

2

Q2:22 FINANCIAL & OPERATING HIGHLIGHTS

NYSE: NOG

Q2:22 Earnings Highlights

Q2 Free Cash Flow(1)

$114.3MM

2nd Highest FCF ever

Q2 Production

72.7Mboe/d

+2% QoQ, despite Storms

Q2 Adj. EBITDA (1)

$272.5MM

Record Adj. EBITDA +6% QoQ

Dividend Growth

+32% Increase

Q3:22 dividend increased to $0.25, +32% vs. Q2:22

Q2 ROCE(1)

37.6%

Up Yet Again in Q2

Q2 Recycle Ratio(1)

4.98X

Cash Margin	DD&A
$41.23/boe	$8.28/boe

• Record EBITDA, Growth, Exceptional Returns
• • Record Adjusted EBITDA. $272.5MM in Q2, up >105% YoY
  • Macro-FriendlyGrowth. Q2 net production +33% YoY
  • Standout margins and returns(1). NOG's recycle ratio of 4.98x and ROCE of 37.6% highlight another quarter of stellar corporate returns
• Shareholder Returns Accelerating
• • $0.25 3Q Dividend declared, 32% increase from Q2 ($0.19)
  • $57.5MM of Preferred Stock retired YTD, 2.6MM common shares as- converted
  • 756,177 shares of common stock repurchased YTD ($26.45 per sh. average)
  • $13.4MM Senior Notes repurchased at a discount to Par Value
• Increasing Organic Activity Boosts 2022 Capital Efficiency
• • Net AFE activity to date in 2022 has surpassed the entirety of 2021
• Acquisition Pipeline Remains Robust
• • Williston Bolt-on announced in June 2022, mid-August expected closing
  • 4 Ground Game deals closed in Q2

• Balance Sheet Strength
• • 1.0x LQA Debt / EBITDA in Q2:22 - target reached 2 quarters early

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 backto Total Assets.	3

YTD FCF AND SHAREHOLDER RETURNS AT A GLANCE

NYSE: NOG

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

YTD Free Cash Flow -$260.3 million

Preferred Stock

Repurchases

Common Stock

Repurchases

Base Common Stock Dividends

Debt

Retirement

• $57.5MM Face Value of Preferred Stock repurchased YTD
• • Reduced diluted share count by 2.6 million shares
  • $3.7 million reduction in dividend payments annually

 $26MM in dividend payments YTD

• $20MM common stock repurchases year-to-date
• • Reduced share count by 0.8 million shares
• Net of Veritas Acquisition and Williston Acquisition Deposit, over $102 million of net debt reduction
• • $13.4 million Notes repurchased for <100% of Par Value

4

Q2:22 PRODUCTION & CAPEX BREAKDOWN

NYSE: NOG

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

Q2 2022 - PRODUCTION BY REGION (Boe)

Q2 2022 - PRODUCTION BY COMMODITY (Boe)

18%

Region

43%

Commodity Type

Williston

Marcellus

Oil

Gas

24%

57%

58%

Permian

• Permian production continued to grow as a portion of our production mix, and was bolstered by a full contribution of Veritas
• Williston production was affected by April storms reducing oil volumes materially in April and early May
• Marcellus production was up 11% this quarter driven by strong results from latest pad development

Q2 2022 - CAPEX BY CATEGORY

5% 1%

• Williston: 73% Oil; Permian: 63% Oil ; Marcellus: 100% Dry Gas
• High oil-cut Williston production was affected by April storms reducing oil volumes materially in April and early May
• Production continues to be balanced from a mix perspective
• NOG 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

Category

38%
			Williston		Marcellus
56%				Permian		Other
 Permian capital expenditures grew to 56% of the total in Q2
 Inflation is real, but well within NOG's 2022 guidance to-date
 Significant portion of increase to Q2:22 capital spending driven by Ground Game success	5