Slides
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Q2 2025 Earnings Presentation | 1 Q2 2025 Earnings Presentation July 31, 2025
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Q2 2025 Earnings Presentation | 2 Contents I. Q2 2025 Highlights II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition V. Appendix
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Q2 2025 Earnings Presentation | 3 Q2 2025 Financial & Operating Highlights $210MM Production and Financials Exceed Expectations • Average Daily Production +8.7% YoY, flat QoQ, Oil 57% of production, gas volumes +1.5% QoQ on declining Capital Expenditures QoQ and YoY • Uinta volumes up ~18.5% on a sequential quarter basis and 17.2% on an Mboe/day basis. Record Appalachian volumes of 123.5 mmcf per day • Record Adjusted EBITDA $440.4MM +6.6% YoY and +1.3% on a sequential quarter basis, including the recent $48.6 million legal settlement (net of legal expense) • FCF -5.7% YoY and -7.0% QoQ, excludes the net impact of recent legal settlement. FCF benefited from ~$61M in hedge gains which partially offset the impact of lower commodity prices • Quarterly Recycle Ratio of 1.9x and Adjusted ROCE(1)(3) of 19.6% even during lower pricing underscores the resilience of NOG’s business model. See P24 Ground Game & Acquisition Landscape • Record backlog of M&A opportunities • Continued evaluation of larger non-op and drilling joint venture opportunities • Closed $31.1MM, inclusive of associated development costs, of highly accretive Ground Game in Q2 adding over 2,600 net acres and an additional ~4.8 net wells • On April 1, 2025, NOG closed on its previously announced Upton County, Texas acquisition from a private operator. The assets add 2,275 net acres and were acquired for total cash consideration of $61.7 million, net of closing adjustments Shareholder Returns • Paid Q1 dividend of $0.45, payable on April 30, 2025. Increase of 12.5% YoY, flat QoQ • Repurchased $35M or 1.1M shares of common stock at an average price of $31.15/share in Q2 in conjunction with convertible note offering • Q2 shareholder returns comprised of stock repurchases and dividends paid totaled approximately $79.3 million Balance Sheet & Liquidity • Net Debt to LTM Adj EBITDA ratio of ~1.39x. Flat on a sequential quarter basis, primarily driven by Midland acquisition, convert offering and working capital 1,4 • Over $1.1 billion of available liquidity at quarter-end, a material increase from prior Q Capital Expenditures 19.6% ROCE1,3 134.1Mboe/d Average Daily Production $126.2MM Free Cash Flow1,2 Adj. EBITDA1 Shareholder Returns ~ Flat QoQ ~$79.3MM $440.4MM 1) Free Cash Flow, Adjusted EBITDA, Recycle Ratio and ROCE are non-GAAP financial measures. See Appendix for methodology and reconc iliations. 2) Excludes the net impact of a legal settlement (See Note 2 to our condensed financial statements) 3) ROCE is adjusted for a $115.6M impairment during the quarter -ended June 30, 2025 4) Net debt is total debt less cash and acquisition deposits. +8.7% YoY , -0.6% QoQ +6.6% YoY , +1.3% QoQ -5.7% YoY , -7.0% QoQ In dividends and share repurchases -11.5% YoY , -16.0% QoQ
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Q2 2025 Earnings Presentation | 4 NOG is Highly Diversified(1) – with Unique Governance and Top Tier Operators Recent Aggregate Production Contribution from ~95 Operators Operator by Type Traditional Non-Op Operators with Enhanced Governance NOG’s Joint Ventures make up less than 30% of its 2025 capital budget, but the benefits to visibility and long-term development are substantial. Even with our JVs, NOG’s overall production footprint is highly diversified, with some of the best and most efficient operators in the United States. 1) Production (Boe per day) by operator and by type for Q2 2025. Note: NOG has multi-basin exposure with certain operators, such as SM, Devon, ConocoPhillips and EOG. PERMIAN RESOURCES EQT SM ENERGY MEWBOURNE OIL CONOCO PHILLIPS VITAL DEVON CONTINENTAL SLAWSON PERMIAN DEEP ROCK OXY CHORD HESS ASCENT KRAKEN SOGC EXXON EOG COTERRAMATADOR OTHERS
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Q2 2025 Earnings Presentation | 5 2017 2018 2019 2020 2021 2022 2023 2024 Q225 Ann. 2017 2018 2019 2020 2021 2022 2023 2024 Q2 Ann. Long Term Focus Creates Value Through Cycles 1) Free Cash Flow is a non-GAAP measure, See Appendix for calculation. 2) Excludes the net impact of a legal settlement (See Note 2 to our condensed financial statements) 3) Net debt is total debt less cash and acquisition deposits. See Appendix for calculation. OPERATING CASH FLOW PER SHARE (ex WC)(2) NET DEBT PER SHARE (3) NOG has grown free cash flow over time and through cycles even as oil prices have had their ups and downs. The Company has delivered operating cash flow per share growth while also reducing debt per share significantly. $50.85 $64.95 $57.02 $39.24 $68.09 $94.38 $77.61 $75.76 $63.90 $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00 $90.00 $100.00 -$100.00 $0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 2017 2018 2019 2020 2021 2022 2023 2024 Q225 Ann. Free Cash Flow Avg Annual WTI Price per BBL FREE CASH FLOW GROWTH VS. OIL PRICE VOLATILITY(1) Avg Annual WTI Price per BBL Free Cash Flow
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Q2 2025 Earnings Presentation | 6 AFEs • ~250 wells evaluated, 21.4 net • Over 95% consent rate, expected IRR’s well above hurdle rate at flat $55 oil and $2.75 gas price deck • Net elections increased compared to Q1 2025 and over 50% compared to 2024’s quarterly average • Longer average lateral lengths consistent with Q1 2025 proposals • Increased activity levels in the Permian, Uinta, and Appalachia Wells in Process Well Completions Q2 2025 Operations Highlights Navigating a volatile macro environment with a resilient and diversified asset base. • 20.8 wells added to production in Q2, including 13.5 organic turn in lines consistent with expectations • Permian and Uinta wells accounting for 80% of organic activity • Appalachian activity continues to accelerate • Monitoring back-half completion cadence considering macro volatility • Drilling & Completions list ended the quarter with 53.2 net wells in process • Net wells in process were split approximately 47% Permian, 21% Appalachia, 14% Uinta, and 18% Williston • 27.1 net wells added to the D&C list resulting in a build of 14.3 net wells • Permian Resources, Mewbourne, Continental driving activity
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Q2 2025 Earnings Presentation | 7 Q2 2025 Production by Basin Uinta production accelerated ~18.5% QoQ contributing to stable oil production in the quarter and the ~12% increase YoY . Gas production up ~1.5% QoQ and ~9.1% YoY reflecting uptick in Appalachian activity. 31% 45% 15% 9% Williston AppalachianPermian Uinta 69% 31% Williston Aggregate Production Contribution by Basin 62% 38% Permian 90% 10% Uinta 1% 99% Appalachian Production Mix by Basin Oil Gas
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Q2 2025 Earnings Presentation | 8 Oil remains the majority source of production and dominant source of revenue, though gas has improved its contribution as prices have increased. 43% 57% Q2 2025 Production and Revenue by Commodity Oil Commodity Type Gas 81% 19% Production by Commodity Revenue by Commodity (1) 1) Excludes the impact of a legal settlement (See Note 2 to our financial statements on Form 10-Q for quarter ended June 30, 2025)
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Q2 2025 Earnings Presentation | 9 25% 34% 26% 15% Q2 2025 CapEx by Basin Solid development focused on the Core Areas, D&C list building • Capital efficient Q2 as wells turned in line new spuds drive an increase to the list of wells-in-process • Net new elections were up roughly 5% over the prior quarter while absolute AFE costs were down over 5% • Overall continue to see moderating activity in the Williston in line with lower oil pricing • Continued elevated levels of workovers helps drive long term PDP performance Basin Williston AppalachianPermian Uinta
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Q2 2025 Earnings Presentation | 10 Opportunity Set • M&A landscape remains robust; quality improving and increase in gas- weighted assets being marketed • NOG’s capital and solutions remain sought-after • Variety of structures (Non- Op packages, Joint Development, Co-Bids) • Wide range of partners and basins Ground Game Bolt-OnInvestment Activity Update Active pipeline of opportunities persists even in a volatile market, increasing Ground Game opportunities. • 2,275 net acre bolt-on in Upton County, TX closed in April with joint development agreement • Prosecuting 2025 Appalachian Development Agreement according to plan • Multiple small scale development agreements closed in Q2 with major operators • Evaluated 170+ ground game opportunities in Q2’25, nearly 40% increase vs. Q1’25 • Completed 22 ground game deals in Q2, focusing on both near term development and longer dated inventory • Deals closed across all basins • Added 4.8 Net Wells and over 2,600 Net Acres in Q1 Bolt-On & JV
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Q2 2025 Earnings Presentation | 11 Enhanced Liquidity Position • No debt maturities until 2027 (RBL) which can and is planned to be renewed and extended, no term security maturities until 2028 • Borrowing base maintained at $1.8 billion with an elected commitment of $1.6 billion • Maintaining long-term leverage target at or near 1.0x Net Debt / Adj. EBITDA • Over $1.1 billion in liquidity to support growth initiatives after recent $200M Convertible Notes offering completed in late June 2025 1) Revolver outstanding balance and capacity as of 06/30/2025. NOG has methodically managed its debt structure and maturity wall over time. ($ in millions) $86(1) $705.1 2025 2026 2027 2028 2029 2030 $1.8 Billion Borrowing base with a ~$480 million balance on the revolver(1) $700 2031 $500 Senior NotesRevolver Capacity(1) $1,800 $480 06/30/25
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Q2 2025 Earnings Presentation | 12 2025 Guidance and Capital Budget - Prior Current Annual Production (2-stream, Boe/day) 130,000 – 135,000 130,000 – 133,000 Annual Oil Production 75,000 – 79,000 74,000 – 76,000 Net Oil Wells Turned-in-Line (TILs) 87.0 – 91.0 73.0 – 76.0 Net Total Wells Turned-in-Line (TILs) 97.0 – 99.0 83.0 – 85.0 Net Wells Spud 106.0 – 110.0 75.0 – 85.0 Total Budgeted Capital Expenditures ($MM) $1,050– $1,200 $925– $1,050 LOE/Production Expenses (per Boe)* $9.15 - $9.40 $9.25 - $9.60 Cash G&A (ex-transaction costs) (per Boe) $0.85 - $0.90 $0.85 - $0.90 Non-Cash G&A (per Boe) $0.25 - $0.30 $0.25 - $0.30 Production Taxes (as a % of Oil & Gas Sales) 8.5% – 9.0% 7.5% – 8.5% Oil Differential to NYMEX WTI (per Bbl) ($4.75) – ($5.50) ($5.25) – ($5.75) Gas Realization as a % of Henry Hub/MCF 85.0% – 90.0% 85.0% – 90.0% DD&A Rate per Boe (excluding impairments) $16.50 – $17.50 $16.00 – $17.00 UPDATES • Reducing growth capital wedge as appropriate given commodity environment, deferring growth activity into future periods anticipating better returns • Midpoint of production guidance now at the low end of prior guidance versus $125 - $275 million reduction to capital spending range versus prior range. o Low end of original guidance still intact despite TIL and capital reduction o Well performance continues to exceed expectations o Should increase free cash flow profile meaningfully in 2025 and 2026 at current strip prices • 2026 outlook still to be determined by outlook for oil o Growth and near-term capital spending can be increased if commodity prices and returns warrant a change in activity o Current levels production can be maintained with a similar or lower level of TIL activity in 2026 • Adjusting oil differentials and LOE for higher values experienced year-to-date driven by workovers • Lowering production tax rate modestly • Adjusting DD&A rate lower based on actuals and impairment • Other sources of growth include non-budgeted, inorganic acquisition opportunities, given higher convexity to long-term improvements in commodity prices
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Q2 2025 Earnings Presentation | 13 NOG Value Proposition PART 2
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Q2 2025 Earnings Presentation | 14 The NOG Investment Proposition 321 4 5 National Non-Op Franchise – offering scale and diversification by commodity across four core basins in the United States. Cash Generation - >$535MM Free Cash Flow(1) in last twelve months – a 19.4% yield on the 6/30/25 Market Cap(2) Return of Capital Commitment: Growing Dividend and Shareholder Returns Strong Balance Sheet with Organic De-Levering to Target of ~1.0x Net Debt to LQA EBITDA Dominant Data & Technical Advantage = Consistent and Reliable Counterparty 1) Free Cash Flow is a non-GAAP financial measures. See Appendix. 2) Equity Market Capitalization As of June 30, 2025.
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Q2 2025 Earnings Presentation | 15 Benefits of NOG’s Non-Operated Model Efficient Operations Enhance Return Profile • Peer leading cost structure & Corporate ROCE • Unit G&A costs are 50% less than operating peers • Scalable Model: ~60 employees Leveraging Data and Experience Capital Allocation Flexibility • Ability to “cherry-pick” from ~100 operating partners across ~1MM+ gross acres in 4 basins • Superior flexibility to manage capital allocation and to do so quickly • Costs limited to drilling, completion, and acreage • NOG is capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth • This has led to record level non-op “Ground Game” opportunities Non-Op Tailwind • Proprietary database, built from participation in over 11,000 wells • Enables well-informed and experience-backed investment decisions on a timely basis
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Q2 2025 Earnings Presentation | 16 Leading Non-Op Upstream Franchise • NOG’s acquisitions have created a high-return, national non-op franchise that is benefitting from economies of scale • NOG is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator Q2-25 PRODUCTION BY REGION (BOE) Williston 31% Permian 45% Appalachia 15% Uinta 9% Q2-25 PRODUCTION BY COMMODITY (BOE) Gas Commodity Type Oil 43% 57% Williston Appalachia Permian Uinta Region ND SD MT UT NM TX PAOH WV
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Q2 2025 Earnings Presentation | 17 Q2 2025 Earnings Presentation | 17 • As a non-operated E&P company, NOG is un- burdened by the need to have large contiguous acreage to support on-the-ground infrastructure • This optionality allows us to be surgical with our investment dollars, targeting high-quality, low break- even acreage in core areas with high quality partners • The quality of our investments is confirmed by our financial performance • And our ability to pursue opportunities across basins and commodities allows us to continue building high quality reserves to ensure the perpetuation of delivering value to our shareholders 1) Permian is inclusive of the Permian, Delaware and Midland basins Focus on the Highest-Quality Areas No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions 1 NOG Wells in progress Wells completed 2021-2024 Uinta ~15,900 Acres Williston ~178,300 Acres Appalachian ~55,000 Acres Permian(1) ~45,900 Acres
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Q2 2025 Earnings Presentation | 18 Operating leverage at work: NOG has consistently delivered higher volumes while maintaining efficient G&A. NOG’s G&A per BOE is among the lowest of its E&P peers; even after nearly doubling its headcount over the last 24 months A Differentiated Upstream Investment Growth Platform 1) Adjusted Cash G&A is a non-GAAP financial measure. Please see Appendix for reconciliation to the most directly comparable GAAP M easure. 14.8 25.6 38.6 33.1 53.8 75.5 98.8 124.1 134.1 2017 2018 2019 2020 2021 2022 2023 2024 Q2 25 Material increases driven by organic growth + accretive M&A PRODUCTION CONTINUES TO RAMP… WHILE MAINTAINING PEER-LEADING LOW CASH G&A $2.38 $1.15 $1.11 $1.19 $0.94 $0.91 $0.83 $0.81 $0.89 2017 2018 2019 2020 2021 2022 2023 2024 Q2 25 Reducing overhead unit cash G&A costs, with ability to reduce further over the long- term, despite investments in data science, systems integration and personnel Production (MBoe per day) Adjusted Cash G&A per Boe(1)
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Q2 2025 Earnings Presentation | 19 NOG’s Drakkar System Empowers our Data Driven Investment Process Inputs Outputs Drakkar is an internal, proprietary data science system developed in partnership with technology industry leaders. The system enables us to optimize daily operations and informs our investment management decisions. Land, Lease, Unit & Contract Data National Well Database NOG 11,000+ wellbores Evaluation Archives 3rd Party and Public Reservoir Engineering Models Financial Data Operator Cost Structure Midstream Statistics Well Development Monitoring Permitting & Rig Schedules Production & Capex Reports Streamlined Access & Communication Central Data Lake Instantaneous, Cross-Departmental Data Linkage Real-Time Data Analytics & Reporting Process Improvements Live Dashboards Improved Monitoring Well Performance Operator Cost Structures Operator Behaviors M&A Activity
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Q2 2025 Earnings Presentation | 20 Environmental Social Governance NOG made significant strides in its environmental, social and governance1 framework and is setting the standard for publicly-traded non-operating E&P companies. Our 2024 ESG report was completed using various sustainability reporting frameworks and two SASB industry standards: the Oil & Gas – Exploration & Production standard and the Asset Management and Custody Activities standard, reflecting the unique nature of the Non-Op business model. Access the full report here. Sustainability Framework Meaningfully Improved • Implemented ESG Risk and Control Matrix and GHG Inventory Management Plan • Completed TCFD-based, Climate Risk Assessment for our portfolio • Created Climate Risk Dashboard to monitor potential environmental risks and to assist with risk management of our portfolio going forward • Implemented Operator ESG Survey • Adopted Human Rights Statement aligned with GRI, UNGP and OECD guidelines • Launched NOG’s Analyst Development Program to develop pipeline for future leadership • Repositioned and re-branded corporate philanthropy program to Community Investment program to align philanthropy with NOG strategic interests • Adopted Executive Clawback Policy • Instituted Equity Ownership requirement for the NEOs and Board • Fortified executive LTIP program to include 3 and 5 year TSR and absolute stock price performance hurdles • Improved cybersecurity protocols and implemented Crisis Management Framework to ensure the safety and security of our data • Adopted formal ESG Policy 1) Company adopted or updated multiple governance matters. See Definitive 2025 Proxy dated April 11, 2025 on our website.
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Q2 2025 Earnings Presentation | 21 Appendix: Supplemental Info PART 3
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Q2 2025 Earnings Presentation | 22 1) Adjusted EBITDA is a non-GAAP measure. See reconciliation on the slide that follows. 2) Excludes certain acquisition related expenses 3) Excludes the impact of certain non-cash adjustments to oil revenues. 4) Excludes the impact of a legal settlement (See Note 2 to our financial statements on Form 10-Q for quarter ended June 30, 2025) 5) Net debt is total debt less cash and acquisition deposits Historical Operating & Financial Information HISTORICAL OPERATING INFORMATION 2022 2023 2024 2Q24 2Q25 PRODUCTION Oil (MBbls) 16,090.1 22,013.0 26,510.6 6,337.7 7,001.9 Natural Gas and NGLs (Mmcf) 68,829.1 84,341.9 113,476.3 29,318.6 31,203.9 Total Production (Mboe) 27,561.6 36,070.0 45,423.4 11,224.2 12,202.6 REVENUE Realized Oil Price, including settled derivatives ($/bbl) (3) 70.17$ 73.88$ 71.48$ 74.81$ 64.58$ Realized Natural Gas and NGL Price, including settled derivatives ($/Mcf) (4) 5.83$ 3.90$ 3.00$ 3.27$ 3.45$ Total Oil & Gas Revenues, including settled derivatives (millions) 1,530.3$ 1,955.7$ 2,235.3$ 569.9$ 635.3$ Adjusted EBITDA (millions) 1,086.3$ 1,428.3$ 1,619.1$ 413.1$ 440.4$ Key Operating Statistics ($/Boe) Average Realized Price (3)(4) 55.52$ 54.22$ 49.21$ 50.77$ 45.86$ Production Expenses 9.46 9.62 9.46 8.99 9.95 Production Taxes 5.74 4.44 3.46 4.33 2.92 General & Administrative Expenses - Cash Adjusted (2) 0.91 0.83 0.81 0.75 0.89 Total Cash Costs (2) 16.11$ 14.89$ 13.73$ 14.07$ 13.76$ Operating Margin ($/Boe) (2)(3)(4) 39.41$ 39.33$ 35.48$ 36.70$ 32.10$ Operating Margin % (2)(3)(4) 71.0% 72.5% 72.1% 72.3% 70.0% HISTORICAL FINANCIAL INFORMATION ($'S IN MILLIONS) 2022 2023 2024 2Q24 2Q25 ASSETS Current Assets 320.5$ 509.4$ 500.7$ 413.7$ 588.4$ Total Property and Equipment, net 2,482.9 3,931.6 5,082.2 4,266.3 5,093.1 Other Assets 71.8 43.4 20.9 44.7 21.0 Tota l Asse ts 2,875.2$ 4,484.4$ 5,603.8$ 4,724.7$ 5,702.5$ LIABILITIES Current Liabilities 345.0$ 385.8$ 544.3$ 465.6$ 488.2$ Long-term Debt, net 1,525.4 1,835.6 2,369.3 1,874.9 2,365.9 Other Long-Term Liabilities 259.5 215.3 369.8 315.9 435.4 Stockholders' Equity (Deficit) 745.3 2,047.7 2,320.4 2,068.3 2,413.0 Total Liabilities & Stockholders' Equity (Deficit) 2,875.2$ 4,484.4$ 5,603.8$ 4,724.7$ 5,702.5$ CREDIT STATISTICS Adjusted EBITDA (Annual, Q2 2024/25 Annualized) (1) 1,086.3$ 1,428.3$ 1,619.1$ 1,652.4$ 1,761.7$ Net Debt 1,497.7$ 1,840.8$ 2,386.2$ 1,869.8$ 2,349.4$ Total Debt 1,543.2$ 1,866.1$ 2,395.1$ 1,903.1$ 2,385.1$ Net Debt/Adjusted EBITDA (1)(5) 1.38x 1.29x 1.47x 1.13x 1.33x Total Debt/Adjusted EBITDA (1)(5) 1.42x 1.31x 1.48x 1.15x 1.35x
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Q2 2025 Earnings Presentation | 23 NON-GAAP Reconciliations: Adjusted EBITDA & Other Note: Adjusted EBITDA is a non-GAAP measure ADJUSTED EBITDA BY QUARTER (IN THOUSANDS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Income (Loss) 340,191$ 167,815$ 26,111$ 388,853$ 11,606$ 138,556$ 298,446$ 71,698$ 138,982$ 99,585$ Add: Interest Expense 30,143 31,968 37,040 36,513 37,925 37,696 36,837 45,259 43,850 44,435 Income Tax Expense (Benefit) 692 39,012 (20,692) 58,761 2,846 42,747 98,777 16,140 46,805 32,193 Depreciation, Depletion, Amortization and Accretion 94,618 106,427 133,791 151,188 173,958 176,612 185,657 204,674 205,690 205,741 Impairment of Oil and Gas Properties - - - - - - - - - 115,576 Non-Cash Share Based Compensation 2,151 1,150 1,178 1,181 2,275 3,026 3,018 3,539 3,540 3,729 Gain on the Extinguishment of Debt (659) - - - - - - - - - Other Adjustments - - - - - - - 5,116 5,000 6,000 Acquisition Transaction Costs 3,481 3,612 3,385 765 772 2,112 (1,901) 760 423 1,046 (Gain) Loss on Unsettled Interest Rate Derivatives 1,017 - - - - - 20 (283) 144 (1) (Gain) Loss on Unsettled Commodity Derivatives (139,987) (30,503) 204,712 (235,553) 157,648 12,324 (208,441) 59,728 (9,699) (67,888) Adjusted EBITDA 325,472$ 315,550$ 385,525$ 401,708$ 387,030$ 413,073$ 412,413$ 406,631$ 434,735$ 440,416$ OTHER NON-GAAP METRICS BY QUARTER (IN THOUSANDS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Total General and Adminstrative Expense 13,000$ 12,401$ 11,846$ 9,552$ 11,393$ 13,538$ 10,005$ 15,528$ 14,481$ 15,628$ Non-cash General and Adminstrative Expense 2,151 1,150 1,178 1,181 2,275 3,026 3,018 3,539 3,540 3,729 Total General and Admins trative Expens e - Cas h 10,849 11,251 10,668 8,371 9,118 10,512 6,987 11,989 10,941 11,899 Less: Acquisition Costs - Cash 3,481 3,612 3,385 765 772 2,112 (1,901) 760 423 1,046 Total General and Adminstrative Expense - Cash Adjusted 7,368$ 7,639$ 7,284$ 7,606$ 8,346$ 8,400$ 8,888$ 11,229$ 10,518$ 10,853$ Total Principal Balance on Debt 1,774,108$ 1,705,108$ 2,089,108$ 1,866,108$ 1,968,108$ 1,903,108$ 1,980,108$ 2,395,108$ 2,335,108$ 2,385,108$ Less: Cash and Acquisition Deposits (6,073) (52,305) (12,952) (25,289) (32,468) (33,278) (59,856) (8,933) (37,576) (35,687) Net Debt 1,768,035$ 1,652,803$ 2,076,156$ 1,840,819$ 1,935,640$ 1,869,830$ 1,920,252$ 2,386,175$ 2,297,532$ 2,349,421$
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Q2 2025 Earnings Presentation | 24 NON-GAAP Reconciliations: ROCE & Recycle Ratio 1) Excludes impairment of oil and gas assets 2) Excludes certain acquisition related expenses 3) Excludes the impact of certain non-cash adjustments to oil revenues. 4) Excludes the impact of a legal settlement (See Note 2 to our condensed financial statements) Note: Adjusted EBITDA is a non-GAAP measure. Numbers may be off due to rounding. Q2 25 Recycle Ratio • Cash Margin: $32.10/Boe(2) (3) (4) • + Realized avg. commodity price: $45.86/Boe (3) (4) • - Cash Costs: $13.76/Boe (2) • DD&A Rate: $16.86/Boe Q2 25 Adjusted Return on Capital Employed (ROCE) • Adj. EBIT: $938.7MM (Q2 25 annualized) • + Adj. EBITDA: $440.4MM (Q2 2025) • - DD&A: $205.7MM (Q2 2025) • Capital Employed: $4,794.5MM(1) (Avg. of Q2/24 and Q2/25) • + Total Assets: $5,271.4MM(1) (Avg. of Q2/24 and Q2/25) • - Current Liabilities: $476.9M (Avg. of Q2/24 and Q2/25) EBIT Capital Employed÷ = 19.6% Cash Margin DD&A÷ = 1.9x
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Q2 2025 Earnings Presentation | 25 NON-GAAP Reconciliations: Free Cash Flow FREE CASH FLOW (FCF) - QUARTERLY FREE CASH FLOW (FCF) - ANNUAL 1) Excludes the net impact of a legal settlement in 2Q25 (See Note 2 to our condensed financial statements) (IN THOUSANDS) 2017 2018 2019 2020 2021 2022 2023 2024 Net Cash Provided by Operating Activities 72,967$ 244,262$ 339,750$ 331,685$ 396,467$ 928,418$ 1,183,321$ 1,408,663$ Exclude: Changes in Working Capital and Other Items (1) 6,843 25,734 37,522 (34,136) 85,812 62,399 106,134 53,887 Less: Capital Expenditures (2) (155,799) (331,728) (428,346) (212,051) (253,479) (523,060) (926,547) (1,001,307) Free Cash Flow (75,989)$ (61,732)$ (52,103)$ 70,232$ 214,041$ 457,954$ 362,908$ 461,243$ (2) Capital Expenditures are calculated as follows: Cash Paid for Capital Expenditures 119,236$ 474,478$ 567,970$ 283,632$ 614,222$ 1,355,197$ 1,861,134$ 1,674,626$ Less: Non-Budgeted Acquisitions - (190,765) (175,510) - (389,657) (880,935) (973,434) (862,322) Plus: Change in Accrued Capital Expenditures and Other 36,563 48,015 35,886 (71,581) 28,914 48,798 38,847 189,003 Capital Expenditures 155,799$ 331,728$ 428,346$ 212,051$ 253,479$ 523,060$ 926,547$ 1,001,307$ (IN THOUSANDS) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Net Cash Provided by Operating Activities 269,308$ 307,786$ 263,865$ 342,362$ 392,147$ 340,477$ 385,761$ 290,278$ 407,426$ 362,112$ Exclude: Changes in Working Capital and Other Items (1) 26,864 (27,410) 83,131 23,549 (39,665) 33,675 (8,704) 68,581 (19,997) (23,700) Less: Capital Expenditures (2) (212,235) (232,801) (219,234) (262,277) (298,507) (240,405) (199,918) (262,477) (251,735) (212,234) Free Cash Flow 83,937$ 47,575$ 127,762$ 103,634$ 53,975$ 133,747$ 177,139$ 96,382$ 135,694$ 126,178$ (2) Capital Expenditures are calculated as follows: Cash Paid for Capital Expenditures 460,982$ 409,895$ 612,762$ 377,495$ 407,006$ 223,173$ 381,824$ 662,623$ 263,971$ 327,361$ Less: Non-Budgeted Acquisitions (271,606) (211,319) (442,866) (47,643) (127,834) (21,770) (204,571) (508,147) (22,204) (61,555) Plus: Change in Accrued Capital Expenditures and Other 22,859 34,225 49,338 (67,575) 19,335 39,002 22,665 108,001 9,968 (53,572) Capital Expenditures 212,235$ 232,801$ 219,234$ 262,277$ 298,507$ 240,405$ 199,918$ 262,477$ 251,735$ 212,234$
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Q2 2025 Earnings Presentation | 26 CRUDE OIL DERIVA TIVE SWA PS N AT U R AL G AS D ER IVAT IVE SWAPS Contract Period B arrels per Day (BBL/d) Total Hedged Volumes (BBL) Weighted Average Price ($/BBL) Contract Period Million British Therman Units pe r Day (m m BTU/d) Total Hedged Volumes (m m BTU) Weighted Average Price ($/m m BTU) 2025 Q3 31,913 2,935,969 $72.76 Q3 102,929 9,469,432 $3.99 Q4 32,933 3,029,836 $72.75 Q4 108,188 9,953,257 $4.09 Avg./Total 32,423 5,965,805 $72.75 Avg./Total 105,559 19,422,689 $4.04 2026 Q1 15,930 1,433,726 $69.84 Q1 87,333 7,860,000 $4.13 Q2 11,430 1,040,157 $68.11 Q2 74,121 6,745,000 $3.93 Q3 15,430 1,419,587 $69.06 Q3 70,000 6,440,000 $4.02 Q4 15,430 1,419,587 $69.04 Q4 79,891 7,350,000 $4.25 Avg./Total 14,556 5,313,057 $69.08 Avg./Total 77,794 28,395,000 $4.09 Q1 5,000 450,000 $3.04 Q2 5,055 460,000 $2.96 Q3 5,000 460,000 $2.96 Q4 4,946 455,000 $2.96 Avg./Total 5,000 1,825,000 $2.98 NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside Hedges as of July 25, 2025. This table does not include volumes subject to swaptions, basis swaps, puts, and call options, whic h could increase the amounts of volumes hedged at the option of NOG’s counterparties. For additional information, see Note 10 to our financial statements included in our Form 10- Q filed with the SEC for the quarter ended June 30, 2025. Hedge Profile—SWAPS
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Q2 2025 Earnings Presentation | 27 CRUDE OIL DERIVA TIVE COLLA RS & PUTS NA TURA L GA S DERIVA TIVE COLLA RS & PUTS Contract Period Total Floor B arrels (BBL) Total Ceiling Bar r e ls (BBL) B arrels per Day Floor (BBL/d) B arrels per Day Ceiling (BBL/d) Price Floor ($/BBL) Price Ceiling ($/BBL) Contract Period Total Floor Million British Thermal Units (m m BTU) Total Ceiling Million British Thermal Units (m m BTU) Floor Million British Thermal Units pe r Day (m m BTU/d) Ceiling Million British Thermal Units pe r Day (m m BTU/d) Price Floor ($/m m BTU) Price Ceiling ($/m m BTU) 2025 Q3 1,817,970 2,304,994 19,761 25,054 $69.15 $77.43 Q3 9,368,137 9,368,137 101,828 101,828 $2.93 $4.56 Q4 1,791,487 2,278,511 19,473 24,766 $69.15 $77.55 Q4 9,785,466 9,785,466 106,364 106,364 $3.08 $4.73 Avg./Total 3,609,457 4,583,505 19,617 24,910 $69.15 $77.49 Avg./Total 19,153,603 19,153,603 104,096 104,096 $3.00 $4.65 2026 Q1 2,446,789 3,121,226 27,187 34,680 $62.94 $72.98 Q1 10,278,249 10,278,249 114,203 114,203 $3.36 $5.07 Q2 1,563,977 2,245,907 17,187 24,680 $63.55 $71.35 Q2 10,314,706 10,314,706 113,348 113,348 $3.37 $5.05 Q3 1,121,163 1,810,587 12,187 19,680 $65.01 $72.33 Q3 9,704,706 9,704,706 105,486 105,486 $3.39 $5.02 Q4 1,121,163 1,810,587 12,187 19,680 $65.01 $72.33 Q4 7,054,642 7,054,642 76,681 76,681 $3.37 $4.95 Avg./Total 6,253,092 8,988,307 17,132 24,625 $63.84 $72.31 Avg./Total 37,352,303 37,352,303 102,335 102,335 $3.37 $5.03 Q1 1,335,000 1,335,000 14,833 14,833 $3.00 $3.86 Q2 1,380,000 1,380,000 15,165 15,165 $3.00 $3.86 Q3 1,380,000 1,380,000 15,000 15,000 $3.00 $3.86 Q4 915,000 915,000 9,946 9,946 $3.00 $3.86 Avg./Total 5,010,000 5,010,000 13,726 13,726 $3.00 $3.86 NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside Hedge Profile—COLLARS and PUTS Hedges as of July 25, 2025. This table does not include volumes subject to swaptions, basis swaps, puts, and call options, whic h could increase the amounts of volumes hedged at the option of NOG’s counterparties. For additional information, see Note 10 to our financial statements included in our Form 10- Q filed with the SEC for the quarter ended June 30, 2025.
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Q2 2025 Earnings Presentation | 28 MIDLA ND-CUSHING BA SIS SWA P WAH A B ASIS SWAP Contract Period Barrels per Day (BBL/d) Total Hedged Volumes (BBL) Weighted Average Pr ice ($/BBL) Contract Period Million British Thermal Units pe r Day (m m BTU/d) Total Hedged Volumes (mmBTU) Weighted Average Pr ice ($/m m BTU) 2025 Q3 30,113 2,770,352 $0.96 Q3 67,000 6,164,000 ($0.89) Q4 29,167 2,683,358 $0.96 Q4 62,359 5,737,000 ($0.85) Avg./Total 29,640 5,453,710 $0.96 Avg./Total 64,679 11,901,000 ($0.87) 2026 Q1 16,258 1,463,257 $1.05 Q1 50,000 4,500,000 ($0.84) Q2 16,354 1,488,176 $1.05 Q2 50,000 4,550,000 ($0.84) Q3 16,306 1,500,176 $1.05 Q3 50,000 4,600,000 ($0.84) Q4 14,855 1,366,682 $1.04 Q4 50,000 4,600,000 ($0.84) Avg./Total 15,941 5,818,291 $1.05 Avg./Total 50,000 18,250,000 ($0.84) 2027 Q1 2,500 225,000 $1.02 Q1 39,667 3,570,000 ($0.94) Q2 2,500 227,500 $1.02 Q2 50,330 4,580,000 ($0.95) Q3 2,500 230,000 $1.02 Q3 50,000 4,600,000 ($0.95) Q4 2,500 230,000 $1.02 Q4 49,674 4,570,000 ($0.95) Avg./Total 2,500 912,500 $1.02 Avg./Total 47,452 17,320,000 ($0.95) NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside Hedge Profile—Basis SWAPS Hedges as of July 25, 2025. This table does not include volumes subject to swaptions, basis swaps, puts, and call options, whic h could increase the amounts of volumes hedged at the option of NOG’s counterparties. For additional information, see Note 10 to our financial statements included in our Form 10- Q filed with the SEC for the quarter ended June 30, 2025.
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Q2 2025 Earnings Presentation | 29 Important Disclosures Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this presentation regarding Northern Oil and Gas, Inc.’s (“NOG,” “we,” “us” or “our”) dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, and cash flow are forward-looking statements. When used in this presentation, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition, changes in NOG’s capitalization, infrastructure constraints and related factors affecting NOG’s properties; cost inflation or supply chain disruptions, ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; NOG’s ability to acquire additional development opportunities, potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof, disruption to NOG’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; risks associated with NOG’s Convertible Notes, including the potential impact that the Convertible Notes may have NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transaction undertaken in tandem with the Convertible Notes issuance, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG’s ability to raise or access capital; cyber-incidents could have a material adverse effect NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10- Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward- looking statements. NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
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Q2 2025 Earnings Presentation | 30 Important Disclosures Industry and Marketing Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, NOG has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of NOG, which are derived from its review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with NOG. While NOG is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under “Forward Looking Statements” above. NOG has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These measures include (i) EBITDA, (ii) Adjusted EBITDA, (iii) Net Debt, (iv) Return on Capital Employed (“ROCE”), (v) Recycle Ratio and (iv) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Please refer to the slides titled “Non- GAAP Reconciliations: Adjusted EBITDA & Other,” “Non-GAAP Reconciliations: ROCE & Recycle Ratio,” “Non-GAAP Reconciliations: Free Cash Flow” under the Appendix to this presentation for a reconciliation of these measures to the most directly comparable GAAP measures and NOG’s definitions (which may be materially different than similarly titled measures used by other companies) of these measures as well as certain additional information regarding these measures. NOG believes the presentation of these metrics may be useful to investors because it supplements investors’ understanding of its operating performance by providing information regarding its ongoing performance that excludes items it believes do not directly affect its core operations. From time-to-time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. The reconciling items in future periods could be significant.