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]

Financial & Operational Highlights - Northern Oil & Gas achieved strong Q1 Free Cash Flow of $41.7 million, representing a 43% increase QoQ [9, 11] - The company's annualized Q1 FCF Yield is a compelling 17.6% [11] - A dividend of $0.03 per share was established [12] - The company's Q1 production was 38.4 Mboe/d, a 7.5% increase vs Q4:20 [17, 19] - Northern Oil & Gas' Q1 Recycle Ratio was 3.16x, and ROCE was 25.4%, remaining amongst the best in the industry [14, 18, 23] - The company's cash margin was $28.57/boe, with DD&A at $9.03/boe [24, 25] Strategic Initiatives & Balance Sheet - A substantial Marcellus acquisition was made for $120.9 million in cash, with $95 million of FCF expected in the first 4 years [22] - $418 million of debt due before 2024 was retired [23] - $690 million of debt and equity was raised in Q1 [27] - The company is targeting a leverage ratio of 1x Debt / EBITDA at the current strip [28] 2021 Guidance - 2021 Bakken/Permian production is guided at 37,750 - 42,750 Boe per day [43] - 2021 Bakken/Permian capital expenditures are projected to be $200 - $250 million [42] - 2021 Marcellus production is guided at 75 - 85 Mmcf per day [43] - 2021 Marcellus capital expenditures are projected to be $20 - $25 million [47]

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, 2020 Or □ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number 001-33999 NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdi ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q4 2020 Earnings Conference Call March 12, 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 Jim Evans - Senior Vice President, Engineering Bahram Akradi - Chairman Conference Call Participants John Freeman - Raymond James Scott Hanold - RBC Capital Markets Dun McIntosh - Johnson Rice Derrick Whitfield - Stifel Neal Dingmann - Truist ...

NYSE American: NOG Q4:20 EARNINGS PRESENTATION NYSE American: NOG FORWARD LOOKING STATEMENTS NYSE American: NOG 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 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this presentation, including without limitation statements regarding No ...

Northern Oil and Gas, Inc. (NYSE:NOG) Q3 2020 Earnings Conference Call November 6, 2020 10:00 AM ET Company Participants Mike Kelly ??? Executive Vice President-Finance Bahram Akradi ??? Chairman Nick O'Grady ??? Chief Executive Officer Adam Dirlam ??? Chief Operating Officer Chad Allen ??? Chief Financial Officer Jim Evans ??? Senior Vice President-Engineering Conference Call Participants Duncan McIntosh ??? Johnson Rice Jordan Levy ??? Truist Jeff Grampp ??? Northland Capital Markets John White ??? Roth C ...