Northern Oil and Gas (NOG) investor relations material

Investment platform and market position

• Operates a five-basin North American platform with 146 Mboe/d production and over 1.7 million gross acres, expanding its total addressable market through disciplined acquisitions and diversified basin exposure.

• Maintains a highly scalable, non-operated model with low overhead, leveraging proprietary data and AI to optimize capital allocation and partner selection across 100+ operators.

• Holds a unique institutional-scale position among non-operated E&Ps, with an enterprise value more than double that of all peers combined.

Financial performance and capital allocation

• Generated over $351 million in free cash flow (LTM) and achieved 26 consecutive quarters of positive FCF, totaling more than $2.2 billion.

• Q2 2026 production reached 145.7 Mboe/d, up 9% YoY, with LTM adjusted EBITDA of $1.54 billion and Q2 FCF of $159 million.

• Maintains a strong liquidity position with $1.02 billion available as of June 2026 and a net debt/adjusted EBITDA ratio targeted below 1.5x by year-end 2026.

• Capital allocation priorities include deleveraging, share repurchases, dividend growth, and reinvestment for free cash flow growth.

Acquisition strategy and growth engine

• Deployed over $6 billion since 2018, with a robust acquisition engine that compounds value through data, relationships, and expanding TAM.

• Recent strategic acquisitions include a $262 million Duvernay entry in Canada and a $464.5 million Ohio Utica JDA, both enhancing inventory and midstream integration.

• Ground game activity remains strong, with 71 transactions and 12.5 net wells added in H1 2026, supporting continuous organic-like growth.