Northern Oil and Gas (NOG) Investor presentation summary

Investment highlights and strategy

• Operates a national non-operated franchise with scale and commodity diversification across four core U.S. basins, focusing on minority interests with top operators.

• Generated ~$424 million in free cash flow over the last twelve months, representing a 20.2% yield on year-end 2025 market cap.

• Maintains a strong balance sheet with a net debt to LQA EBITDA target of ~1.0x and a commitment to growing dividends and shareholder returns.

• Utilizes proprietary data and technical advantages for consistent, reliable investment decisions and counterparty relationships.

• Applies modern portfolio theory for risk-adjusted returns, leveraging diversification, active hedging, and data-driven analysis to outperform industry benchmarks.

Operational and financial performance

• Average daily production reached 140.1 Mboe in 2025, up 6% YoY, with oil comprising 53% and gas volumes up 23.7% YoY.

• Adjusted EBITDA for 2025 was $1.63 billion, up 1% from 2024, with a full-year adjusted ROCE of 15.0%.

• Free cash flow for 2025 was $424 million, with quarterly FCF at $43.2 million, impacted by lower commodity prices.

• Net debt to LTM adjusted EBITDA held at ~1.4x, with over $1.3 billion in liquidity post revolver amendment.

• Paid $173.4 million in dividends and repurchased $57 million in stock in 2025, totaling $230.4 million in shareholder returns.

Growth, acquisitions, and asset base

• Completed ~$6.0 billion in accretive acquisitions since 2018, including a major $465 million joint acquisition in Ohio Utica in early 2026.

• Appalachian footprint expanded by over 60%, now exceeding 90,000 acres, with diversified operations across Pennsylvania, West Virginia, and Ohio.

• Total proved reserves increased ~2.8x over the last eight years, supporting durable free cash flow and de-risking future development.

• Evaluated 200+ ground game opportunities in Q4 2025, closing a record 33 deals and adding 12.8 net wells and 12,363 net acres in 2025.

• Maintains a highly diversified production base with ~100 operators and significant exposure to both oil and gas markets.