Northern Oil and Gas : First Quarter 2026 Conference Call Presentation

Published: 2026-04-28 17:54:49 ET NOG

Published on 04/28/2026 at 05:54 pm EDT

April 28, 2026

Financial Highlights

Operations & Investment Activity Updates

Guidance

NOG Value Proposition

Appendix

Q1 2026 Earnings Presentation | 2

Strong Production Amidst a Volatile Macro Backdrop

Average Daily Production +10% YoY, +6% QoQ. Oil ~ 50% of production, total gas volumes

Free Cash Flow1,2

$30.4MM

Shareholder Returns

~$44.5MM

+33% YoY and +12% QoQ.

Well performance exceeding expectations in all basins as we benefit from operator efficiencies. Record Appalachian volumes of ~ 221.3 MMcf per day +28% QoQ.

Cap Ex of $270.1 million reflecting highly active quarter of development activities and Ground Game success.

Adjusted EBITDA $342.5MM -21% YoY and -7% QoQ due to lower average commodity prices

-77.6% YoY, -29.7% QoQ In dividends

FCF -77.6% YoY and -29.7% QoQ.

Quarterly Recycle Ratio of 1.7x and Adjusted ROCE(1,2) of 9.4% down due to the closing of the Joint Ohio Utica acquisition late in the quarter without the benefit of a full quarter's contribution from the asset.

Ground Game & Acquisitions

Average Daily Production

148.3Mboe/d

+10% YoY, 6% QoQ

Adj. EBITDA1

$342.5MM

-21% YoY, -7% QoQ

Ground Game

$43.6MM

Record 41 Transactions

Adj. EBITDA Leverage Ratios1,3

1.65x

Net Debt / LTM Adj. EBITDA

Continued evaluation of larger non-op and drilling joint venture opportunities.

Closed $43.6 million, inclusive of associated development costs, of highly accretive Ground Game adding over 5,100 net acres and an additional ~6.1 net wells.

Closed Joint Ohio Utica acquisition of upstream and midstream assets on February 23, 2026 with an adjusted ownership split of 40% for $464.6 million including the previously paid $58.8 million deposit.

M&A pipeline remains robust, currently skewed toward ground game opportunities; oil opportunities starting to emerge.

Shareholder Returns

Paid Q1 dividend of $0.45, declared additional dividend payable on April 30, 2026.

Q1 shareholder returns comprised of dividends paid totaled approximately $44.5 million.

Balance Sheet & Liquidity

Net Debt to LTM Adj EBITDA ratio of ~1.65x.

Issued 8,288,289 shares of common stock for $227.9 million.

Over $1.2 billion of available liquidity at quarter-end.

Free Cash Flow, Adjusted EBITDA, Recycle Ratio and ROCE are non-GAAP financial measures. See appendix for calculations and reconciliations.

ROCE is adjusted for impairment and depletion $971.0 million and $38.4 million respectively, as of March 31, 2026.

Net debt is total debt less cash and acquisition deposits.

Q1 2026 Earnings Presentation | 4

NOG's joint development assets make up less than 30% of its 2026 capital budget, but the benefits to visibility and long-term development are substantial. Even with our JDAs, NOG's overall production footprint is highly diversified, with some of the best and most efficient operators in the United States.

Recent Aggregate Production Contribution from ~90 Operators Operator by Type

OTHERS

PERMIAN RESOURCES

ASCENT RESOURCES MATADOR RESOURCES

CHEVRON

EQT

INFINITY NATURAL RESOURCES, LLC

ROCKPORT

CHORD ENERGY

SLAWSON EXPLORATION

ANTERO

OXY

CONOCO PHILLIPS

SM ENERGY

PERMIAN DEEP ROCK OIL COMPANY LLC

CRESCENT ENERGY

DEVON ENERGY

CONTINENTAL RESOURCES

MEWBOURNE OIL COMPANY

Traditional Non-Op Operators with Enhanced Governance

1) Production (Boe per day) by operator and by type for Q1 2026. Note: NOG has multi-basin exposure with certain operators, such as SM, Devon, ConocoPhillips and EOG.

Q1 2026 Earnings Presentation | 6

Resilient and diversified asset base driving outperformance.

AFEs

~219 wells evaluated, 10.0 net

97% consent rate, expected IRR's well above hurdle rate at flat $55 oil and $2.75 gas price deck

Gross AFE activity has been roughly in line with the 2025 quarterly average

Lateral lengths continue to have modest growth on new elections leading to modest declines in normalized AFE costs

Wells in Process

Drilling & Completions list ended the quarter with 43.7 net wells in process

Net wells in process were split approximately 34% Permian,

20% Appalachia, 19% Uinta, and

27% Williston

14.6 net wells added to the D&C list resulting in a draw of 1.93 net wells

SM, EOG, Devon, COP driving activity

Well Completions

17.1 wells added to production in Q1, consistent with expectations

Permian accounting for nearly 40% of organic activity with the remaining basins contributing at roughly equivalent levels

Appalachian set record gas volumes on the back of strong IPs and the Antero acquisition

The Williston topped internal forecasts as operators returned production on shut in wells and managed modest production outperformance

Q1 2026 Earnings Presentation | 7

Production in Appalachia continues to ramp, and the Williston topped expectations via a mix of well outperformance on new drills and refracs.

Aggregate Production Contribution by Basin Production Mix by Basin

Williston

Permian

33%

67%

40%

60%

28%

26%

39%

Uinta Appalachian

97%

93%

Q1 2026 Earnings Presentation | 8

Oil remains the majority source of production and dominant source of revenue, though gas has improved its contribution as the long term outlook has improved.

Production

by Commodity

50%

Revenue

by Commodity

19%

81%

Commodity Type

Q1 2026 Earnings Presentation | 9

Solid development focused within core areas, as development activity was in line with expectations

17%

24%

28%

31%

Organic activity was largely in line with expectations

The Company capitalized on Ground Game opportunities, especially early in the quarter, closing on a record 41 transactions

Gross elections were in line with our 2025 run rate as, to-date, operators have remained true to their 2026 operating plans

Normalized costs were down ~3% sequentially, in line with the increase to the weighted average lateral length elected to

Basin

Williston

Permian

Appalachian

Uinta

Q1 2026 Earnings Presentation | 10

Diversity and scaled non-op model bucking industry trends increasing both M&A and Ground Game opportunities.

Opportunity Set

M&A landscape remains robust with an increase in diversity. Larger oil assets after a year end lull returning to the market

NOG's capital and solutions remain sought-after

Variety of structures (Non-Op packages, Joint Development, Co-Bids)

Wide range of partners and basins

Ground Game

Evaluated 219 ground game opportunities in Q1 26

Completed 41 ground game deals in Q1, focusing on both near term development and longer dated inventory

Ground Game activity across all basins

Added 6.1 Net Wells

and over 5,100 Net Acres in Q1

Bolt-On & JV

Closed on our joint Ohio Utica acquisition with Infinity Natural Resources for an undivided 40% interest in the Upstream and Midstream assets

Executing 2025 Appalachian Development Agreement according to plan

Q1 2026 Earnings Presentation | 11

NOG has methodically managed its debt structure and maturity wall over time

No debt maturities until 2029

Long-term leverage target at or near 1.0x Net Debt / Adj. EBITDA

Borrowing base maintained at $1.975 billion with elected commitment of $1.8 billion

Extended weighted average maturity to ~5.4 years from ~3.3 after recent issuance of $725 million 7.875% Notes due 2033 renewal and RBL extension

Redeemed the remaining $20.2M of 2028 Senior Notes on March 4, 2026 at 100%

Over $1.2 billion in liquidity to support growth initiatives post March 11, 2026 offering

$653

$1,800

$500

$700

$725

$1.975 Billion Borrowing base with a ~$653 million balance on the $1.8 Billion ECA(1)

Senior Note Maturity and Coupon Detail

$700M - April 2029 3.625% Convertible Notes

$500M - June 2031 8.75%

$725M - October 2033 7.875%

03/31/26

($ in millions)

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1) Revolver outstanding balance and capacity as of 3/31/2026.

Revolver Capacity(1)

Senior Notes

Q1 2026 Earnings Presentation | 12

Guidance reflects range of oil price outcomes

Low Activity

High Activity

Annual Production (2-stream, Boe/day)

139,000 - 143,000

144,000 - 148,000

Annual Oil Production

68,000 - 72,000

72,000 - 76,000

Net Wells Turned-in-Line (TILs)

67.5 - 71.5

83.0 - 87.0

Total Budgeted Capital Expenditures ($MM)

$850 - $900

$1,000 - $1,100

LOE/Production Expenses (per Boe)

$9.65 - $10.10

$9.45 - $9.90

Cash G&A (ex-transaction costs) (per Boe)

$0.81 - $0.86

$0.79 - $0.84

Non-Cash G&A (per Boe)

$0.25 - $0.30

Production Taxes (as a % of Oil & Gas Sales)

7% - 8%

Oil Differential to NYMEX WTI (per Bbl)

($5.50) - ($6.50)

Gas Realization as a % of Henry Hub/MCF

75% - 85%

DD&A Rate per Boe

$15.00 - $16.00

Scenarios

Low Activity Case:

Depressed flat and strip oil prices

Sharp reduction in organic AFE activity

Increased DUC activity

Significant curtailment and deferment of in-process and producing assets

Moderate Ground Game

High Activity Case:

Modest or Strong recovery of flat and strip oil prices

Increase in organic AFE activity, accelerated TILs

Pull-forward of activity, reduction or elimination of curtailments

Accelerated Ground Game success

Production taxes based on current expected production mix by basin

Gas realizations based on combination of liquids pricing, NYMEX strip and current differential outlook

Oil differentials modeled similar to current levels

Initial expected CapEx cadence (% of annual budget)

60% - 65% 1H

35% - 40% 2H

Q1 2026 Earnings Presentation | 14

National Non-Op

Franchise - offering scale and diversification by commodity across four core basins in the United States.

Cash Generation -

>$319MM Free Cash Flow1 in last twelve months - a10.3% yield on the 3/31/26 Market Cap2

Return of Capital

Commitment: Growing Dividend and Shareholder Returns

Strong Balance Sheet

with Organic De-Levering to Target of ~1.0x Net Debt to LQA EBITDA

Dominant Data &

Technical Advantage = Consistent and Reliable Counterparty

Free Cash Flow is a non-GAAP financial measures. See Appendix.

Equity Market Capitalization As of March 31, 2026.

Q1 2026 Earnings Presentation | 16

Efficient Operations Enhance Return Profile

Peer leading cost structure & Corporate ROCE

Unit G&A costs are 50% less than operating peers

Scalable Model: ~67 employees

Leveraging Data and Experience

Proprietary database, built from participation in over 12,500 wells

Enables well-informed and experience-backed investment decisions on a timely basis

Capital Allocation Flexibility

Ability to "cherry-pick" from ~90 operating partners across ~1.7MM+ gross acres in 4 basins

Superior flexibility to manage capital allocation and to do so quickly

Costs limited to drilling, completion, and acreage

Non-Op Tailwind

NOG is capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth

This has led to record level non-op "Ground Game" opportunities

Q1 2026 Earnings Presentation | 17

Q1-26 PRODUCTION BY REGION (BOE)

Uinta 7%

Appalachian

26%

Williston

28%

Region

Permian

39%

Williston

Permian

Appalachian Uinta

OH PA

NOG's acquisitions have created a high-return, national non-op franchise that is benefitting from economies of scale

NOG is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator

Q1-26 PRODUCTION BY COMMODITY (BOE)

Commodity

Type

50%

Oil

Gas

50%

Q1 2026 Earnings Presentation | 18

No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions1

Appalachian

~94,918 Acres

Williston

~177,993 Acres

As a non-operated E&P company, NOG is un-burdened by the need to have large contiguous acreage to support on-the-ground infrastructure

This optionality allows us to be surgical with our investment dollars, targeting high-quality, low break-even acreage in core areas with high quality partners

Permian1

~45,963 Acres

Uinta

~16,176 Acres

The quality of our investments is confirmed by our financial performance

Q2 2025 Earnings Presentation | 19

And our ability to pursue opportunities across basins and commodities allows us to continue building high quality reserves to ensure the perpetuation of delivering value to our shareholders

1) Permian is inclusive of the Delaware and Midland basins

NOG

Wells in progress Wells completed 2021 - Present

Q1 2026 Earnings Presentation | 19

Drakkar is NOG's intelligence platform developed to maximize data and accelerate decision-making while ensuring scalability and precision. Turning data into a strategic advantage.

Centralized Data Integration

Enhanced Collaboration

Drakkar consolidates critical data-from AFEs and field reports to production metrics and financials-into a single, secure environment. This eliminates silos, delivers a comprehensive asset view, and ensures enterprise-grade data integrity.

Intelligent Automations

AI/ML Models

Enhanced Security & Data Quality

Unified Data Platform

Dashboarding & Analytics

Illustrative digital twin data connectivity

As a company-wide platform with integrated communication tools and fully bespoke applications, Drakkar enables seamless cross-team collaboration. Secure data sharing and real-time visibility drive alignment, agility, and more high-impact execution.

Advanced Analytics & Modeling

Powered by real-time data with agentic AI capabilities, Drakkar's analytics engine delivers rapid, intelligent insights. Changing data points are quickly integrated into Drakkar and guide decision making. It streamlines workflows, enhances data fidelity, and drives superior ROI while materially reducing G&A-positioning NOG ahead of the curve.

Active Portfolio Management

Actively manage portfolio by taking advantage of proprietary data. Allows NOG to understand which operators are generating the highest returns, taking into consideration changes in well productivity, cost structure, and operating expenses.

Drakkar

Data & AI Platform

Data Integration

Structured Proprietary Unstructured

Q2 2025 Earnings Presentation | 20

Q1 2026 Earnings Presentation | 20

Earnings Presentation |

Disclaimer

Northern Oil & Gas Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:54 UTC.