Northern Oil and Gas, Inc. (NYSE:NOG) Q1 2024 Earnings Conference Call April 30, 2024 10:00 AM ET Company Participants Evelyn Infurna - VP, IR Nick O'Grady - CEO Adam Dirlam - President Chad Allen - CFO Jim Evans - Chief Technical Officer Conference Call Participants Neal Dingmann - Truist Securities Phillips Johnston - Capital One Scott Hanold - RBC Charles Meade - Johnson Rice Derrick Whitfield - Stifel Donovan Schafer - Northland Capital Lloyd Byrne - Jefferies Paul Diamond - Citi Noel Parks - Tuohy Brot ...

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, 2024 ☐ 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 Performance - First quarter oil and natural gas sales reached $532.0 million, with GAAP net income of $11.6 million and Adjusted Net Income of $130.5 million, representing a 19% increase in Adjusted EBITDA to $387.0 million compared to Q1 2023[4][7] - Total revenues for Q1 2024 were $396,348,000, a decrease of 32% from $582,214,000 in Q1 2023[34] - Oil and gas sales increased to $532,041,000 in Q1 2024 from $426,234,000 in Q1 2023, representing a growth of 25%[34] - Net income for Q1 2024 was $11,606,000, a significant drop from $340,191,000 in Q1 2023[34] - Adjusted net income for Q1 2024 was $130,519,000, compared to $149,912,000 in Q1 2023, reflecting a decrease of 13%[41] - Adjusted EBITDA for Q1 2024 was $387,030,000, up from $325,472,000 in Q1 2023, indicating an increase of 19%[43] - Free cash flow for Q1 2024 was $53,975,000, after capital expenditures of $298,507,000[45] Production and Operations - Record quarterly production of 119,436 Boe per day, a 4% increase from Q4 2023 and a 37% increase from Q1 2023, with oil comprising 59% of total production[5][7] - NOG's net producing wells at the end of Q1 2024 totaled 985.3, with 25.3 net wells added to production during the period[26] - NOG expects second quarter production to be relatively flat with approximately 22 - 25 wells turned in-line, and anticipates capital expenditures of $240 - $260 million in Q2[16][17] - Annual production guidance remains at 115,000 - 120,000 Boe per day, with total capital expenditures projected between $825 - $900 million for 2024[15][17] Cash Flow and Liquidity - Cash flow from operations was $392.1 million, with Free Cash Flow generated at $54.0 million, marking a 19% increase from Q1 2023[7] - Total liquidity as of March 31, 2024, was $1.02 billion, with total debt amounting to $1,968.1 million[11][12] Capital Expenditures and Investments - Capital expenditures for Q1 totaled $295.8 million, with 68% allocated to the Permian Basin, 26% to the Williston, and 6% to the Appalachian[9][10] - In Q1 2024, NOG incurred capital expenditures of $290.8 million for organic drilling and development[26] - NOG closed on the acquisition of non-operated interests across 3,000 net acres in the Northern Delaware Basin, with a total cash settlement of $162.2 million[7][13] Derivatives and Pricing - Average realized oil price in Q1 was $72.92 per Bbl, with a $3.99 differential to WTI prices, while natural gas realized price was $2.47 per Mcf, representing 118% realization compared to Henry Hub pricing[6][19] - Cash received on settled derivatives in Q1 2024 was $19.1 million, compared to $13.7 million in Q1 2023[24] - NOG reported a non-cash mark-to-market loss on derivatives of $157.6 million in Q1 2024, contrasting with a gain of $140.0 million in Q1 2023[24] - The average price for natural gas commodity derivative swaps in Q2 2024 is projected at $3.45 per MMBTU, with a volume of 119,514 MMBTU/day[24] - For crude oil, the average price in Q2 2024 is expected to be $75.52 per barrel, with a volume of 27,173 Bbls/day[22] - NOG's derivative contracts include significant volumes that may increase due to swaptions and call options, which are not reflected in the current data[22] Shareholder Actions - The company repurchased 549,356 shares at an average price of $36.42 per share, with $67.5 million remaining on its share repurchase authorization[14] - The weighted average shares outstanding increased to 100,442,472 (basic) and 101,636,132 (diluted) in Q1 2024, compared to 84,915,729 (basic) and 85,407,197 (diluted) in Q1 2023[34] Financial Position - Total assets as of March 31, 2024, were $4,633,801,000, an increase from $4,484,255,000 at the end of 2023[36] - Long-term debt increased to $1,938,731,000 as of March 31, 2024, compared to $1,835,554,000 at the end of 2023[36] - Total stockholders' equity decreased to $2,001,980,000 from $2,047,676,000 at the end of 2023[37] Strategic Focus - NOG's strategy focuses on acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins[28] - The weighted average gross AFE for wells elected to drill is $9.4 million[26] Upcoming Events - The company plans to hold a conference call on April 30, 2024, to discuss its financial and operating results[27]

Northern Oil and Gas (NOG) came out with quarterly earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $1.76 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.30%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.64 per share when it actually produced earnings of $1.61, delivering a surprise of -1.83%.Over the last ...

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, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Or Commission File Number 001-33999 NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 95-3848122 (State or Other Jurisdiction of Incorporati ...

Q4 & 2023 Operations Highlights Organic completions up 30% vs FY22. Scale driving organic growth. Well Performance Continues to Impress 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 - 30 60 90 120 150 180 210 240 270 300 330 360 Cum Production (Boe) Days Online 2022 Cum 2023 Cum 2024 Cum(1) (1) (1) 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; 2024-21. Includes ...

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, 2023 ☐ 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 ...

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, 2023 ☐ 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 ...

Meaningful spread over WACC despite significant capital investment period 1.34X V. Appendix Heavy 1H-23 investment phase, FCF poised for acceleration in 2H-23 II. Operations & Investment Activity Updates III. Guidance IV. Value Proposition • Company to announce prospective changes to dividend on an annual basis Q2 Adj. EBITDA(1) Q2 Leverage(1) $315.5MM +16% vs Q2-22 Q2 dividend increased to $0.37, +95% vs. Q2-22, +9% vs. Q1-23 Q2 2023 Earnings Presentation | 2 Q2-23 Financial & Operating Highlights Q2 Free ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Evelyn Infurna - VP, IR Nicholas O'Grady - CEO Adam Dirlam - President Chad Allen - CFO James Evans - Chief Technical Officer Conference Call Participants Scott Hanold - RBC Capital Markets John Freeman - CIMB Research Neal Dingmann - Truist Securities Charles Meade - Johnson Rice & Company Donovan Schafer - Northland Capital Markets Operator Greetings, and welcome to the Northern Oil and Ga ...