Northern Oil and Gas : First Quarter 2024 Presentation

Q1 2024 Earnings Presentation

April 30, 2024

Contents

1. Q1 2024 Highlights

1. Operations & Investment Activity Updates III. Guidance
   IV. Value Proposition

V. Appendix

Q1 2024 Earnings Presentation | 2

Q1 2024 Financial & Operating Highlights

Free Cash Flow(1)

$54MM

Solid cash generation during peak

growth investment period

Average Daily Production

119.4Mboe/d

+36.7% YoY, +4.4% QoQ

Adj. EBITDA (1)

$387.0MM

+19% vs Q1-23

Shareholder Returns

~$61MM

In dividends and share

repurchases

ROCE (1)

23.7%

Continued excellent returns

Leverage (1)

1.25X

Net Debt / LQA Adj. EBITDA

Solid Results Underscore 2024 Outlook

Production Surprises to the Upside, TIL Conversion, Activity Pull Forwards and Robust Well Performance Contributing to Strong Financial Results

• Adjusted EBITDA $387MM -4% QoQ on lower pricing, +19% YoY
• Average Daily Production +4.4% QoQ, +36.7% YoY
• FCF down sequentially due to pull forward of activity
• 2Q FCF expected to accelerate as CapEx moderates
• Quarterly Recycle Ratio of 2.2x and ROCE(1) of 23.7%

Ground Game & Acquisition Landscape

• Typical quiet Q1 landscape for Ground Game; success rate typically higher as year progresses and budgets get tighter
• Continued evaluation of larger non-op and joint venture opportunities
• Remaining disciplined given commodity prices, saturation in certain markets

Shareholder Returns

• Paid Q1 dividend of $0.40, +17.6% YoY
• Repurchased ~549,000 shares of common stock for $36.42 per share

Balance Sheet & Liquidity

• Leverage ratio up sequentially reflecting closing of Northern Delaware acquisition
• >$1.2 billion of liquidity including impact of borrowing base redetermination
• Added $250MM in revolving line of credit capacity via semi-annual borrowing base redetermination in April
• Leverage projected to trend lower at the current strip, assuming no acquisitions

1. Free Cash Flow, Adjusted EBITDA, Recycle Ratio and ROCE are non-GAAP financial measures. See Appendix for methodology and reconciliations. Net debt is total debt less cash and acquisition deposits.

Q1 2024 Earnings Presentation | 3

Q1 2024 Operations Highlights

Accelerating turn-in-lines and growing AFE activity

AFEs

• $1.7B (gross) in AFEs
• Over 180 wells evaluated
• Over 90% consent rate, expected IRR's well above hurdle rate
• Nearly 25 net well proposals elected to and not yet spud
• Net well evaluations driven by accelerated Permian activity

Wells in Process

• Drilling & Completions list ended the quarter with 52.4 net wells in process
• The Permian accounts for ~60% of oil-weighted net wells in process
• Mewbourne and Permian Resources accounted for ~35% of adds

Well Completions

• Completion activity was ahead of schedule in Q1, +90% from Q1:23
• The Permian led with over 70% of Turn in Lines
• The MPDC asset accelerated completions, bringing forward 2.4 net wells from Q2

Q1 2024 Earnings Presentation | 4

Well Performance Continues to Impress

Williston Basin continues to show improvement in 2024 after a stellar 2023.

2024 Permian reflects a smaller sample set and an increase in Midland Basin activity which is slightly less productive than the Delaware.

Williston Basin Productivity

Permian Basin Productivity

	450,000
	2022 Cum(1)
	400,000
	2023 Cum(1)
	350,000
(Boe)	2024 Cum(1)
300,000
150,000
ProductionCum
	250,000
	200,000
	100,000

50,000

0

-	30	60	90	120	150	180	210	240	270	300	330	360
					Days Online

Cum Production (Boe)

450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

2022 Cum(1)

2023 Cum(1)

2024 Cum(1)

-	30	60	90	120	150	180	210	240	270	300	330	360
					Days Online

1. Wells assigned to years based on year in which they started producing. Cumulative type curves comprised of the following

numbers of gross wells: 2022-320;2023-458;2024-71. Includes producing wells as of March 31, 2024.

1. Wells assigned to years based on year in which they started producing. Cumulative type curves comprised of the following numbers of gross wells: 2022-201;2023-238;2024-91. Includes producing wells as of March 31, 2024. Note: Production normalized to 10,000'.

Q1 2024 Earnings Presentation | 5

2024 Starts in Completion Mode as DUCs Are Converted to Sales

NOG's oil-weightedwells-in-process (D&C) list is normalizing from record levels as the Company sees record seasonal completions. Net AFE activity has begun to increase in March and April with higher oil prices.

Q1 2024 Earnings Presentation | 6

Material Growth in Permian Presence

NOG continues to methodically expand its presence in the Permian. NOG has more than doubled its Permian acreage since year-end 2022 augmented by its recent Northern Delaware acquisition, which closed in Q1 2024.

Year-End 2021 ~3,400 Net Acres	Year-End 2022 ~17,600 Net Acres	Q1 2024 ~39,600 Net Acres

NOG

Horizontal Producers 2021 - 2023

NOG

Horizontal Producers 2021 - 2023

NOG

NOVO Leasehold

Forge Leasehold

Horizontal Producers 2021 - 2023

.	Q1 2024 Earnings Presentation | 7

Delaware & Utica Acquisitions Closed - Expanding High-Quality, Price Resilient Inventory and Increasing Exposure to Appalachia

DELAWARE LOCATOR MAP	HIGHLIGHTS
• Bolt-on acquisitions of core non-op working interest properties in the Delaware Basin and the
			Ohio Utica Shale for a combined initial purchase price of $170 million and 107,657 shares of
			common stock
			• Financed with cash on hand, operating free cash flow, and borrowings under revolving credit
			facility
			• November 1, 2023 effective date for both. Delaware closed Jan-2024, Utica closed in 4Q-2023
			DELAWARE ACQUISITION
			• Significant Tier-1 inventory with sub-$45 per barrel breakevens and a strong free cash flow profile
			• ~3,000 net acres in Lea & Eddy Counties, NM, 13.0 net producing wells, 1.0 net well in process
			and ~26.3 net undeveloped locations with 13.5 years of inventory at 2024 production sustaining
			capital levels
			• Multi-operator acreage with Mewbourne Oil operating ~80%
			• Highly complementary to NOG holdings in the basin, with existing ownership in >90% of the
			leasehold
			UTICA ACQUISITION
			• Non-operated interests located in Point Pleasant zone in the Ohio Utica Shale
			• Ascent Resources is operator of substantially all the assets
			• 0.8 net producing wells and 1.7 net wells-in-process.
			• Expands exposure in Appalachia and further diversifies NOG's commodity mix at an attractive
			price point
			• Hedged substantially all expected 2024 production at signing (November 2023) to protect
			underwritten returns

Q1 2024 Earnings Presentation | 8

Q1 2024 Production by Basin

NOG saw increased oil and even greater increase in gas production in Q1. Permian now the largest basin by production for the Company.

14%

41%

45%

Basin

Williston Permian Appalachia

• Significant uptick in Permian production +5.8% quarter over quarter driven by
  well outperformance, reduced shut-in activity and pull-forward of TIL count across the Permian
• Williston production down quarter over quarter reflecting typical seasonal Q1 decline and substantial winter freeze-off event
• Appalachia production up 51% quarter over quarter, primarily from a full quarter contribution from the Utica acquisition
• • Exposure to spot gas pricing limited, with 61% of gas production hedged for Q1 at an average price of $3.58

Q1 2024 Earnings Presentation | 9

Q1 2024 Production by Commodity and Basin (% Boe)

Oil production of 70,000 Bbl / day, higher than expectations for Q1. Production mix in the Williston was unchanged with the Permian seeing incremental gains as shut-ins eased. The Company maintains its full year guidance.

Williston

29%

Appalachia

59%

Commodity Type

	Oil		Gas

71%

41%

Oil Gas

100%

Permian

Gas

34%

66%

Oil Gas

Q1 2024 Earnings Presentation | 10