NYSE: NOG Q4:21 EARNINGS PRESENTATION NYSE: NOG NYSE: NOG Northern Oil & Gas, Inc. - November 2020 2 I. Q4 HIGHLIGHTS AND 2022 GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Q4:21 FINANCIAL & OPERATING HIGHLIGHTS NYSE: NOG Q4:21 Earnings Highlights Q4 Free Cash Flow(1) Dividend Growth • Record Free Cash Flow and Strong Margins and Returns • Free Cash Flow. Free cash flow hit a record $70.7MM in Q4, +28% QoQ +78% Increase $70.7MM • Standout margins and returns(1). NOG's recycle rati ...

NYSE American: NOG Q3:21 EARNINGS PRESENTATION NYSE American: NOG NYSE American: NOG Northern Oil & Gas, Inc. - November 2020 2 I. Q3 HIGHLIGHTS AND GUIDANCE II. NORTHERN VALUE PROPOSITION III. APPENDIX: SUPPLEMENTAL INFO Q3:21 FINANCIAL & OPERATING HIGHLIGHTS 3 | --- | --- | --- | |------------------------------------------------------------------------------|-----------------------------------------------------------------|----------------------------------------------------------------------------------- ...

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 September 30, 2021 ☐ 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 Spec ...

Financial Data and Key Metrics Changes - Q3 production increased by 7% sequentially over Q2 and up 98% compared to Q3 2020 [27] - Adjusted EBITDA rose by 2% and free cash flow increased by 22% over Q2, exceeding Wall Street expectations [28] - Cumulative free cash flow for the first nine months of 2021 reached over $140 million, nearly matching the full-year estimate and doubling the amount generated in 2020 [30] Business Line Data and Key Metrics Changes - Production was higher than internal forecasts, with improved unit costs and realizations contributing to exceeding cash flow forecasts [10] - The company expects a substantial increase in completion counts in both the Williston and Permian basins in Q4 [11] - The average rate of return for Q3 well elections is estimated to be well north of 100% [20] Market Data and Key Metrics Changes - Oil and natural gas differentials were stronger during the quarter, contributing to increased cash flow [28] - The company is experiencing a positive trajectory in cash flow and balance sheet, with expectations to end the year with a run rate leverage ratio of less than 1.5x [13] Company Strategy and Development Direction - The company is focused on disciplined capital spending and high-return opportunities, with a growing pipeline of M&A prospects totaling over $1 billion [12] - The strategy includes expanding reach through creative structures to aid operating partners in development [12] - The company plans to recommend a quarterly dividend increase to $0.06 per share upon closing the Williston acquisition, marking a 100% increase since the first declaration [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a materially stronger Q4, driven by the full impact of the Permian acquisition and a partial contribution from the Williston acquisition [11] - The management team emphasized the importance of risk management in M&A transactions, especially with rising oil and gas prices [12] - Future dividend increases will be supported by smart M&A and continued leverage ratio reduction [16] Other Important Information - The company has updated its 2021 guidance, increasing the midpoint of production guidance and lowering cost guidance, reflecting year-to-date performance [31] - The company is formulating its financial plan for 2022, with a capital expenditure upper bound set at $350 million, which is expected to generate over $250 million of free cash flow [32] Q&A Session Summary Question: Inquiry about participation in Midland Basin wells - The company is actively looking for opportunities in the Midland Basin and has a favorable rate of return on new initiatives [34][35] Question: Interest from operators to reduce working interest - There has been an increase in inbound interest from operators looking to reduce working interest, particularly in the last few months [38][39] Question: Thoughts on shareholder returns and buybacks - The company is focused on increasing dividends rather than buybacks, as dividends are seen as more stable and less risky [41][42] Question: Clarification on capital expenditures for 2022 - The upper bound for capital expenditures in 2022 is set at $350 million, which includes growth capital [50][51] Question: Quality of larger A&D deals in the current environment - The quality of assets coming to market is better than in previous years, but there is still a mix of high and low-quality opportunities [86][87]

NYSE American: NOG ENERCOM DENVER NYSE American: NOG DISCLAIMER NYSE American: NOG 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, ...

NYSE American: NOG Q2:21 EARNINGS PRESENTATION NYSE American: NOG DISCLAIMER NYSE American: NOG 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 ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q2 2021 Earnings Conference Call August 5, 2021 11:00 AM ET Company Participants Mike Kelly - Chief Strategy Officer Nick O'Grady - Chief Executive Officer Adam Dirlam - Chief Operating Officer Chad Allen - Chief Financial Officer James Evans - Chief Engineer Conference Call Participants Jordan Levy - Truist Securities Scott Hanold - RBC Capital Markets Operator Greetings and welcome to the Second Quarter 2021 Earnings Call. At this time, all participants are in a liste ...

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 June 30, 2021 ☐ 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 ...

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, 2021 ☐ 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 ...

Financial Data and Key Metrics Changes - The company's production averaged 38,417 barrels of oil equivalent per day, representing an 8% increase over the previous quarter [28] - Adjusted EBITDA for the quarter was $98.8 million, with free cash flow of $41.7 million, reflecting increases of 5% and 43% respectively compared to the fourth quarter [29] - Oil differentials improved to $6.56, a 5% increase over the fourth quarter and a 38% increase from pandemic lows [30] - Lease operating expenses were $34.3 million or $9.92 per BOE, slightly above the full-year guidance range [31] - Capital spending for the quarter was $38.1 million, a 22% reduction compared to the fourth quarter [33] Business Line Data and Key Metrics Changes - The Bakken assets continued to show strong oil output and increased gas capture, contributing to exceeding internal revenue estimates [12] - Approximately 40 new well proposals were received, with about half elected, averaging around $7 million in well costs [24] - The company executed six transactions during the quarter, focusing on both Bakken and Permian drilling opportunities [25] Market Data and Key Metrics Changes - The company noted a decline in curtailments, with a reduction of 2,000 barrels a day, indicating improved market conditions [23] - The overall market for acquisitions remains robust, with the company evaluating 15 different package opportunities, primarily in the Williston, Permian, and Eagle Ford regions [16] Company Strategy and Development Direction - The company aims to improve its balance sheet and reduce operating leverage, with plans to end the year with a leverage ratio of less than 2 times [13] - A focus on acquisitions is evident, with a backlog of opportunities and a disciplined approach to evaluating potential deals [16][26] - The company announced its first-ever quarterly dividend of $0.03 per share, with future increases tied to leverage reduction [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook, noting that the opportunity set continues to grow and that they are well ahead of their 2021 plan [12][21] - The management team emphasized a conservative approach to capital spending and production forecasts, with potential upward adjustments in future calls [37] - The management highlighted the importance of maintaining discipline in capital allocation, especially in a rising commodity price environment [74][96] Other Important Information - The company has strengthened its liquidity profile through debt and equity offerings, with gross proceeds of approximately $690 million [34] - The company expects to end the year with over $400 million of available liquidity, not including potential increases to revolver capacity [14] Q&A Session Summary Question: How do you think about managing the growth of the dividend going forward? - Management indicated a goal of returning about one-third of distributable cash flow to shareholders, with potential increases as leverage targets are met [45] Question: How do you think about doing that through a base dividend versus other mechanisms? - Management sees value in a solid base dividend while also considering special dividends to navigate commodity price volatility [52][53] Question: Can you clarify the $10 billion opportunities mentioned? - The opportunities are primarily non-operated properties, with sizes ranging from $10 million to over $500 million, with a sweet spot around $100 million to $200 million [56][58] Question: What is the outlook for E&P spending in 2022? - Management believes that capital discipline will be tested if oil prices rise significantly, and the ability to maintain inventory and capital efficiency will be challenging [96][98]