Northern Oil and Gas (NOG) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Business model and competitive advantages

• Operates as the largest non-operator in the U.S. energy sector, focusing on minority interests in drilling units across six regions and 11,000 wells.

• Generates significant cash flow, enabling consistent shareholder returns and business growth.

• Maintains high capital returns due to a people-light structure and diversified regional exposure.

• Does not require contiguous acreage, allowing easier inventory replacement and growth.

• Portfolio approach reduces risk, with average working interests of 10-15% per development.

Growth, acquisitions, and financial discipline

• Achieved geometric growth over seven years, primarily through $5 billion in acquisitions.

• Expanded from a single-basin focus to diversified holdings in the Bakken, Marcellus, Permian, Uinta, and Utica.

• Maintains one of the highest returns on capital employed in the sector, even as commodity prices fluctuate.

• Committed to a growing dividend as a sign of discipline and consistency, with a track record of increases.

• Leverage from recent acquisitions is expected to return to target levels in the near to medium term.

Technology and data-driven operations

• Invested millions in proprietary technology, including the Drakkar data platform built with Palantir Foundry.

• Data lake integrates land, engineering, and finance systems, providing a comprehensive view for evaluations.

• Proprietary data enables superior evaluation of operator performance and well economics.

• Technology investments have enabled scalability with minimal headcount growth.

• Data-driven approach helps avoid acquisition mistakes and optimize capital allocation.