Financial Data and Key Metrics Changes - The company generated approximately $90 million of cash in Q4 2022, with a 23% increase in average daily production to 78,854 BOE per day compared to Q4 2021 [32][18] - Adjusted EPS was $1.43 per share in Q4, up roughly 35% year-over-year, with adjusted EBITDA reaching $264.8 million in Q4 and over $1 billion for the year, a record for the company [63][33] - Free cash flow for Q4 was robust at $87 million, contributing to nearly $460 million of free cash flow for the full year, more than doubling the prior year [63] Business Line Data and Key Metrics Changes - The company closed on three Permian acquisitions in Q4 2022, totaling over $750 million, which is expected to translate into more than 20% growth in year-over-year production [5][27] - The company added nearly 20 net wells in Q4, with a balanced mix of completions between the Williston and Permian basins [10] - The company anticipates new drilling activity levels to be equally weighted across the Permian and Williston for 2023 [11] Market Data and Key Metrics Changes - Oil differentials improved to $2.42 per barrel in Q4 due to strong in-basin pricing, while natural gas differentials were 92% of benchmark prices for the fourth quarter [33][64] - The company expects to start 2023 with production in the range of 84,000 to 86,000 BOE per day, improving each quarter with a target exit rate of 96,000 to 100,000 BOE per day [39] Company Strategy and Development Direction - The company aims to provide the highest total return to shareholders through optimal yield, capital efficiency, and management of leverage levels [9] - The company has launched an AI-powered system to enhance data analytics and improve decision-making efficiency [20] - The focus remains on high-quality, low breakeven net future locations, with a goal of maintaining superior return on capital employed [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating significant cash flow and production growth in 2023 despite inflationary pressures and lower commodity prices [6] - The company anticipates a typical turn-in line schedule for 2023, with strong activity expected to drive higher production levels [25] - Management noted that while initial production results were outperforming estimates, winter weather in December impacted production by approximately 10,000 barrels a day [54] Other Important Information - The company announced a 13% increase in its quarterly common stock dividend to $0.34 per share for Q1 2023, with plans to accelerate the dividend further [8] - The company has a strong balance sheet, with over $1 billion of unused revolver and borrowing base capacity [37] - The company is reviewing more than $5 billion in non-operated and operated packages and joint development opportunities [30] Q&A Session Summary Question: Capital spend and production expectations for 2023 - Management indicated that they always leave room in their CapEx guidance for flex capital to actively manage the portfolio throughout the year [42] Question: Activity levels in the Williston Basin - Management noted that they received over 125 AFEs during Q4, with a significant portion in the Williston, indicating strong activity levels [44] Question: AI system impact on acquisition activity - Management highlighted that the new AI system will enhance the speed and quality of data analysis, improving ground game and acquisition activities [76] Question: Natural gas price environment and acquisition returns - Management expressed that while the current gas price environment is challenging, they are still evaluating opportunities and believe in the long-term attractiveness of gas assets [79][101] Question: Future growth expectations from recent acquisitions - Management stated that maintaining current activity levels would lead to growth, with a focus on capital efficiency and managing production levels [86]

Northern Oil and Gas, Inc. (NYSE:NOG) Q3 2022 Earnings Conference Call November 9, 2022 11:00 AM ET Company Participants Erik Romslo - Chief Legal Officer Nick O???Grady - Chief Executive Officer Adam Dirlam - President Chad Allen - Chief Financial Officer Jim Evans - Executive Vice President & Chief Engineer Conference Call Participants Neal Dingmann - Truist Securities Scott Hanold - RBC Capital Markets Charles Meade - Johnson Rice Derrick Whitfield - Stifel John Freeman - Raymond James Donovan Schafer - ...

[Glossary of Terms](index=2&type=section&id=GLOSSARY%20OF%20TERMS) This section provides definitions for technical terms used throughout the report, categorized into quantities of crude oil and natural gas, interests in wells and acreage, and classifications for reserves - This section provides definitions for technical terms used throughout the report, categorized into quantities of crude oil and natural gas (e.g., **Bbl**, **Boe**, **Mcf**), interests in wells and acreage (e.g., **Gross acres**, **Net acres**, **Working interest**), and classifications for reserves (e.g., **Proved reserves**, **Probable reserves**, **PV-10**)[8](index=8&type=chunk)[18](index=18&type=chunk)[38](index=38&type=chunk) [PART I – FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Condensed Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20%28unaudited%29) This section presents the unaudited condensed financial statements for Northern Oil and Gas, Inc. as of September 30, 2022, detailing significant year-over-year growth in assets, revenues, and net income driven by acquisitions and higher commodity prices [Financial Statements](index=7&type=section&id=Financial%20Statements) Condensed Balance Sheet Highlights (in thousands of US dollars) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$2,471,476** | **$1,522,866** | | Total Current Assets | $376,694 | $215,328 | | Total Property and Equipment, Net | $2,015,060 | $1,253,342 | | **Total Liabilities** | **$1,762,379** | **$1,307,731** | | Long-term Debt, Net | $1,169,220 | $803,437 | | **Total Stockholders' Equity** | **$709,097** | **$215,135** | Condensed Statement of Operations Highlights (in thousands of US dollars, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Oil and Gas Sales | $534,050 | $259,670 | $1,540,151 | $642,719 | | Gain (Loss) on Commodity Derivatives, Net | $257,590 | $(128,163) | $(339,995) | $(465,010) | | Total Revenues | $791,640 | $131,507 | $1,200,156 | $177,709 | | **Net Income (Loss)** | **$583,465** | **$12,554** | **$628,169** | **$(168,367)** | | Net Income (Loss) Per Common Share – Diluted | $6.77 | $0.13 | $6.92 | $(2.97) | Condensed Statement of Cash Flows Highlights (Nine Months Ended Sep 30, in thousands of US dollars) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $641,039 | $263,365 | | Net Cash Used for Investing Activities | $(858,542) | $(364,817) | | Net Cash Provided by Financing Activities | $217,112 | $102,029 | [Notes to Condensed Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) - The company completed two major acquisitions in 2022: the Incline Acquisition in the Williston Basin for **$159.8 million** and the Veritas Acquisition in the Permian Basin for **$408.8 million**, which included cash and warrants[98](index=98&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk) - As of September 30, 2022, total long-term debt was **$1.17 billion**, consisting of **$441.0 million** outstanding on the Revolving Credit Facility and **$729.6 million** in 8.125% Unsecured Notes due 2028[119](index=119&type=chunk) - The company increased its quarterly common stock dividend to **$0.25 per share** in August 2022, and during the first nine months of 2022, it repurchased **$81.2 million** of Series A Preferred Stock and initiated a **$150 million** common stock repurchase program[134](index=134&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) - Subsequent to the quarter end, the company issued **$500.0 million** of 3.625% convertible senior notes due 2029, completed the Laredo acquisition, and exercised its right to mandatorily convert all outstanding Series A Preferred Stock into common stock[185](index=185&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant growth in production, revenue, and profitability for Q3 and the first nine months of 2022, driven by successful acquisitions and favorable commodity prices, while also addressing rising operating costs and liquidity Q3 2022 vs Q3 2021 Operational Highlights | Metric | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Total Production (Boe) | **7,279,311 Boe** | 5,303,557 Boe | 37% | | Oil Sales (in thousands of US dollars) | **$375,732** | $203,234 | 85% | | Realized Price per Boe (incl. settled derivatives) | **$56.21/Boe** | $38.34/Boe | 47% | | Production Expenses per Boe | **$9.41/Boe** | $8.15/Boe | 15% | | DD&A per Boe | **$9.06/Boe** | $6.77/Boe | 34% | - The company's strategy of investing in non-operated minority interests has expanded its portfolio beyond the Williston Basin to include the Permian and Appalachian Basins, significantly diversifying its asset base and production mix[202](index=202&type=chunk)[203](index=203&type=chunk) - As of September 30, 2022, the company had total liquidity of **$418.1 million**, comprising **$409.0 million** of availability under its Revolving Credit Facility and **$9.1 million** in cash, further enhanced in October 2022 by a **$500.0 million** convertible notes issuance[259](index=259&type=chunk)[260](index=260&type=chunk) - Cash used for drilling, development, and acquisitions in the first nine months of 2022 totaled **$825.5 million**, a substantial increase from **$364.5 million** in the same period of 2021, reflecting the company's aggressive growth and acquisition strategy[271](index=271&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section outlines the company's exposure to commodity price and interest rate risks, detailing the use of derivative instruments to hedge production and mitigate interest rate fluctuations - The company utilizes derivative contracts to reduce exposure to commodity price volatility, with all derivative positions marked-to-market each period and gains and losses recorded in the statement of operations[282](index=282&type=chunk)[283](index=283&type=chunk) Summary of Open Crude Oil Hedges for Q4 2022 | Instrument | Volume (Bbls) | Weighted Average Price ($/Bbl) | | :--- | :--- | :--- | | Swaps | **2,796,800 Bbls** | **$64.17/Bbl** | | Collars | 92,000 Bbls | **Floor: $75.00/Bbl, Ceiling: $100.00/Bbl** | - The company is exposed to interest rate risk on its variable-rate debt, where a **1%** increase in short-term interest rates would increase annual interest expense by approximately **$2.7 million**, partially mitigated by interest rate swaps on a notional amount of **$100.0 million**[293](index=293&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[295](index=295&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2022[296](index=296&type=chunk) [PART II – OTHER INFORMATION](index=54&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various litigation and regulatory proceedings, but management does not expect them to materially impact financial condition or results of operations - The company states that ongoing legal proceedings arising from the normal course of business are not expected to have a material impact on its financial position[298](index=298&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 - There have been no material changes to the risk factors disclosed in the company's 2021 Annual Report on Form 10-K[299](index=299&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during Q3 2022 under its publicly announced stock repurchase program, totaling 358,868 shares Issuer Purchases of Equity Securities (Q3 2022) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | July 2022 | 309,126 | $23.26 | $130.0 million | | August 2022 | 3,600 | $30.69 | $129.9 million | | September 2022 | 46,142 | $30.11 | $128.5 million | | **Total** | **358,868** | **$24.22** | **$128.5 million** | - In May 2022, the board of directors approved a stock repurchase program to acquire up to **$150 million** of outstanding common stock[301](index=301&type=chunk) [Item 3. Defaults Upon Senior Securities](index=54&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities - None[302](index=302&type=chunk) [Item 4. Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[303](index=303&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) The company reports no other information in this section - None[304](index=304&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including key corporate documents and officer certifications - Key exhibits filed include the Third Amended and Restated Credit Agreement, the Indenture for the 3.625% Convertible Senior Notes due 2029, and officer certifications pursuant to the Sarbanes-Oxley Act[305](index=305&type=chunk)[306](index=306&type=chunk)

Northern Oil and Gas, Inc. (NYSE:NOG) Q2 2022 Results Conference Call August 4, 2022 12:00 PM ET Company Participants Erik Romslo - CLO Nick O???Grady - CEO Adam Dirlam - President Chad Allen - CFO James Evans - EVP & Chief Engineer Conference Call Participants Austin Aquane - Johnson Rice Derrick Whitfield - Stifel John Freeman - Raymond James John Abbott - Bank of America Neal Dingmann - Truist Securities Nicholas Pope - Seaport Research Noel Parks - Tuohy Brothers Operator Greetings. Welcome to Northern ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q _________________________________ For the quarterly period ended June 30, 2022 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to____________ Commission File No. 001-33999 NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specified ...

NYSE: NOG JUNE 2022 INVESTOR PRESENTATION NYSE: NOG NYSE: NOG 2 I. NORTHERN VALUE PROPOSITION II. Q1 EARNINGS AND GUIDANCE III. 2021 ACQUISTIONS IV. APPENDIX: SUPPLEMENTAL INFO A DIVERSIFIED HIGH RETURN NON-OP E&P FRANCHISE 3 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q _________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to____________ Commission File No. 001-33999 NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specifie ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q1 2022 Earnings Conference Call May 6, 2022 11:00 AM ET Company Participants Nicholas O'Grady - CEO Adam Dirlam - President Michael Kelly - Chief Strategy Officer Chad Allen - CFO Conference Call Participants Neal Dingmann - Truist Securities Scott Hanold - RBC Capital Markets John Freeman - Raymond James Charles Meade - Johnson Rice Phillips Johnston - Capital One Noel Parks - Tuohy Brothers John Abbott - Bank of America Operator Greetings, and welcome to the NOG Firs ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-33999 NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 95 ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q4 2021 Earnings Conference Call February 25, 2022 10:00 AM ET Company Participants Nicholas O???Grady ??? Chief Executive Officer Adam Dirlam ??? President Michael Kelly ??? Chief Strategy Officer Chad Allen ??? Chief Financial Officer Conference Call Participants Neal Dingmann ??? Truist Securities, Inc. John Freeman ??? Raymond James Ltd. Scott Hanold ??? RBC Capital Markets Charles Meade ??? Johnson Rice & Company, L.L.C. Derrick Whitfield ??? Stifel John Abbott ??? ...