#1NOG Investor Presentation November 2023#2Contents I. Investment Highlights II. Recent Financial Results III. Appendix Investor Presentation November 2023 | 2 NOG#3Investment Highlights 1) 12345 National non-op franchise offering scale and diversification by commodity across three core basins in the United States. Track record of executing on highly accretive investments. Over $3.2B completed since 2018 at attractive multiples. NOG anticipates an acceleration in FCF(1) into 2024. Disciplined capital allocator. Dynamic approach to driving optimal shareholder returns - M&A, dividends, share repurchases or debt paydown. Strong balance sheet with a long-term target of <1.0x Net Debt to Adjusted EBITDA(1). Dominant data and technical advantage, ability to make informed and swift investment decisions enables us to be a consistent and reliable counterparty. Free Cash Flow (FCF), Adjusted EBITDA and Net Debt are non-GAAP financial measures. See Appendix for methodology and reconciliations. Investor Presentation November 2023 | 3 NOG#4NOG At-a-Glance (1) Disciplined aggregator of accretive, high-quality minority interests, aligned with the best operators. 1) 2) ~9,800/980 ~272k ~100 GROSS/NET WELLS NET ACRES OPERATORS Marcellus 10% Permian 42% Williston 48% DIVERSIFICATION BY BASIN All data as of September 30, 2023, unless otherwise noted. 62% 2023E 2-STREAM OIL WEIGHTING Adjusted EBITDA, Adjusted ROCE and Net Debt are non-GAAP financial measures. See Appendix for methodology and reconciliations 102.3 AVERAGE PRODUCTION MBOE/DAY 24.5% Q3-23 ADJUSTED ROCE(2) <1.4x NET DEBT : LQA Adj. EBITDA(2) Investor Presentation November 2023 | 4 NOG#5Leading Non-Op Upstream Franchise Q3-23 PRODUCTION BY REGION (BOE) Appalachia 10% Permian 42% MT ND 임금 SD NM TX Williston Permian • • NOG's acquisitions have created a high return, national non-op franchise that is benefitting from economies of scale; ~18,800 net acres were added to Permian footprint from Q1-23 through Q3-23 ⚫ NOG is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator Region Williston 48% PA Appalachia Q3-23 PRODUCTION BY COMMODITY (BOE) Commodity Type Oil Gas 62% 0 38% Investor Presentation November 2023 | 5 NOG#6What We Do THE NON-OPERATOR MODEL A flexible and moderated approach to upstream investment, offering capital discipline, cost control & protection from downside exposure. за [984 roch We do not drill wells or operate rigs We acquire fractional working interests in drilling units Ability to control capital expenditures higher and lower Small company (<40 employees) with big company advantages Investor Presentation November 2023 | 6 NOG#7How We Do It OUR INVESTMENT APPROACH We apply modern portfolio theory in our investment approach to pursue optimal risk adjusted returns. Diversification across geography, commodity, operators and deal structure or concentration provides us with a degree of optionality unavailable to most upstream companies. $ $ 100 We focus on finding the best full cycle opportunities to complement current portfolio positioning Analysis of proprietary data and ability to back test prior investments informs our decision process 1) The XOP is the S&P SPDR Oil & Gas Exploration and Production ETF, measurement period 1/1/2018 to 10/31/2023. Active commodity hedging mitigates systematic risk and protects our exposure Our approach contributed to NOG's outperformance vs. the S&P SPDR XOP ETF by over 1000% since 2018(1) Investor Presentation November 2023 | 7 NOG#8Benefits of NOG's Non-Operated Model Efficient Operations Enhance Return Profile . • Peer leading cost structure Corporate ROCE Scalable Model: NOG has <40 employees Industry leading ROCE - Return on Capital Employed NOG Leveraging Data and Experience • • • Proprietary database, built from participation in over 9,800 wells Performance and operational data collected across three basins and two commodities • Seasoned engineering team, alumni of multiple industry majors Capital Allocation Flexibility • . . Ability to "cherry-pick" from ~100 operating partners across ~1MM+ gross acres in 3 basins Superior flexibility to manage capital allocation and to do so quickly Costs limited to drilling, completion, and acreage Non-Op Tailwind • • • • Capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth This has led to massive volume of non-op "Ground Game" opportunities NOG is uniquely positioned to help solve operator capital constraints Investor Presentation November 2023 | 8 NOG#9The Ideal Partner: There is NOG, and then everyone else NOG's Enterprise value is over three times larger (3x) than all its public non-op competitors combined - NOG can solve significant capital needs for its partners that its competitors cannot. ENTERPRISE VALUE ($ in millions) Source: Bloomberg Professional as of 11/15/2023. All Public Peers Combined: $1,875.0 MM Dominant scale and technical advantage: NOG's size provides better access to capital and superior investment in data science $731 $857 $193 $93 Peer 1 Peer 2 Peer 3 Peer 4 $5,804 NOG Investor Presentation November 2023 | 9 NOG#10A Differentiated Upstream Investment Growth Platform Operating Leverage at Work: NOG saw a 16% drop in adjusted per unit Q3 Cash G&A while production increased 12.5% sequentially. PRODUCTION CONTINUES TO RAMP... Material increases driven by organic growth accretive M&A 18.1.0 16.7 Q4'17 Q1 '18 26.7 36.3 35.0 34.6 Q2 '18 Q3 '18 Q4 '18 Q1 '19 43.943.7 40.8 35.38.4 29.1 23.8 Q2'19 Q3 '19 Q4 '19 Q1'20 Q2'20 Q3'20 Q4'20 Production (MBoe/d) 54.6 WHILE MAINTAINING PEER-LEADING LOW CASH G&A (1) Reducing overhead unit cash G&A costs, despite being acquisitive, with ability to reduce further over the long-term 102.3 $1.58 78.87.80.9 $1.45 $1.28 79.1 71.3 64.2 57.61 Q1'21 Q2 '21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 1) Adjusted Cash G&A is a non-GAAP financial measure. Please see Appendix for reconciliation to the most directly comparable GAAP Measure. $1.61 $1.39 $1.15 $1.13 $1.06 $1.01 $0.92 $1.20 $1.01 $0.95 $1.04 $0.91 Q4 '17 Q1 '18 Q2'18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 $1.01 $0.93 $0.94 $0.92 $0.78 $0.86 $0.82 $0.77 $0.77 Q3'20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Investor Presentation November 2023 | 10 NOG I Cash G&A per BOE-Adjusted Q2'20#11Focus on the Highest-Quality Areas No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions Williston Basin: ~179,600 Net Acres Permian Basin: ~36,400 Net Acres DIVIDE BURKE ERIDAN WILLIAM LT UNTRAIL 728 HLAND MCKENZIE NOG Wells in Progress Wells Completed 2021-2023 Note: Maps and acreage as of 9/30/2023. NGS Marcellus Acres: ~56,200 Net Acres GAINES DAWSON BORDE BEAVER EDDY ANDREWS RSON D NN ME STAPK REEVE BUTLER ARMSTRONG ALLEGHENY WINKLER ECTOR SSCOCK WASHINGTON CRANE UP NOG Wells in Progress PE Wells Completed 2021 2023 CROCKETT INDIANA WESTMORELAND FAYETTE GREENE NOG CA SOMERSET Wells in Progress Wells Completed 2021 2023 Investor Presentation November 2023 | 11 NOG#12Q3 23 Operations Highlights Organic activity up 16% year to date vs. the same period of 2022. Scale driving organic growth. AFES Wells in Process Well Completions $1.8B (gross) in AFEs Over 95% consent rate, expected IRR's well above hurdle rate Over 190 wells evaluated Net well evaluations driven by accelerated Permian activity Drilling & Completions list grew nearly 34% vs YE22 to an-all time high Organic activity accounted for ~50% of adds The Permian accounts for ~60% of oil-weighted net wells Mewbourne, Oxy, and Earthstone/Permian Resources accounted for ~50% of adds Organic completion activity was higher vs. Q3 22 as operators worked through DUCS to capitalize on the commodity price environment The Williston and Permian each accounted for approximately half of organic completions Investor Presentation November 2023 | 12 NOG#13D&C List Surging - Momentum Building for 2024 NOG's oil-weighted wells-in-process (D&C) list is at record levels, and the Company's recent investment cycle is poised to convert into production and cash flow over time. Diversity of regions remains important. Basin Share 100% 75% 50% 25% 0% Q1 Q2 2020 Q3 65.0 55.0 45.0 35.0 25.0 15.0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 Permian Williston D&C List (Oil-Weighted Basins) Net D&C Wells Investor Presentation November 2023 | 13 NOG#14Track Record of Executing on Large-Scale Accretive Investments NOG has been an active participant in M&A. Since 2018, the Company has completed over $3.2 billion of accretive acquisitions. (1) 2018 2019 2021 2022 2023 • Salt Creek $60MM • VEN Bakken $316MM • Reliance Marcellus $141MM • Veritas $409MM . MPDC Mascot $320M . Pivotal $146MM • • Delaware $102MM • Williston Bolt-on $160MM . Forge $162M • W Energy $342MM . Novo $468M 1) The Company did not participate in large package M&A in 2020. • Comstock $150MM • • • • Laredo $110MM • Alpha $164MM • Delaware $132MM Investor Presentation November 2023 | 14 NOG#15Investment Activity Update High quality bolt-on plays starting to emerge while capitalizing on larger ground game opportunities in the interim. 1) Opportunity Set M&A landscape still variable but quality opportunities emerging NOG's capital and solutions remain sought-after Variety of structures (Non- Op packages, Joint Development, Co-Bids) Wide range of partners Identifying plays to benefit NOG across a variety of time frames Ground Game Evaluated over 400 ground game opportunities YTD Completed 8 ground game deals in Q3, 31 deals YTD Deals closed across Permian and Williston Added 5.7 Net Wells and 514 Net Acres in Q31 Added 24.9 Net Wells and 1,823 Net Acres YTD1 Bolt-On Closed Novo acquisition Prospective 2023 bolt-on opportunities have to clear a high bar Remaining disciplined on return requirements Reviewing non-operated assets and operator partnerships Includes current and future well locations. Investor Presentation November 2023 | 15 NOG#16Delaware & Utica Acquisitions - Expanding High-Quality, Price Resilient Inventory and Increasing Exposure to Appalachia DELAWARE LOCATOR MAP EDDY CULBERSON HIGHLIGHTS Bolt-on acquisitions of core non-op working interest properties in the Delaware Basin and the Ohio Utica Shale for a combined initial purchase price of $170 million and 107,657 shares of common stock GAINES Accretive to key 2024 financial metrics, attractive purchase price multiple of <3.0x Combined average 2024 production of ~6,500 Boe per day (26% oil, 2-stream) Expected 2024 cash flow from operations of $57.5 to $62.5 million OV LEGEND Acquisition Overlap New Acquisition NOG Acreage Q323 HZ Producers 2021 - Current NOG $33 $38 million of combined cap-ex in 2024 To be financed with cash on hand, operating free cash flow, and borrowings under revolving credit facility Continue to expect to achieve target leverage of ~1x in 2024 November 1, 2023 effective date for both. Delaware expected close Jan-2024, Utica expected close in 4Q-2023 • • DELAWARE ACQUISITION Significant Tier-1 inventory with sub-$45 per barrel breakevens and a strong free cash flow profile ~3,000 net acres in Lea & Eddy Counties, NM, 13.0 net producing wells, 1.0 net well in process and ~26.3 net undeveloped locations with 13.5 years of inventory at 2024 production sustaining capital levels Expect average 2024 production of ~2,500 Boe per day ramping to an average of >3,500 Boe per day in 2025 through the end of the decade Multi-operator acreage with Mewbourne Oil operating ~80% Highly complementary to NOG holdings in the basin, with existing ownership in >90% of the leasehold UTICA ACQUISITION Non-operated interests located in Point Pleasant zone in the Ohio Utica Shale Ascent Resources is operator of substantially all the assets 0.8 net producing wells and 1.7 net wells-in-process. Current production ~23 Mmcfe per day or ~3,800 Boe per day (~100% btu-rich gas) Expands exposure in Appalachia and further diversifies NOG's commodity mix at an attractive price point Investor Presentation November 2023 | 16 NOG#17Substantial Total Proved Reserves Growth over Last 5 Years (1) A 2.4x increase in NOG's total proved reserves over the last 5 years, driven by its acquisition activity is expected to support durable FCF generation and de-risk the future development pipeline. YE TOTAL PROVED RESERVES Net MMBoe, Audited 1) Reserves as of 12/31/22. 163.3 135.5 122.6 287.7 330.8 2018 2019 2020 2021 2022 Investor Presentation November 2023 | 17 NOG#18Disciplined Approach to Delivering Total Return Invest • Buy self funding assets at a premium to cost of capital Protect • Protect underwritten returns through hedging to ensure acquisitions returns regardless of commodity risk Harvest • Capture cash flows Deliver returns to investors • Recycle capital to compound returns Investor Presentation November 2023 | 18 NOG#19Balanced Approach to Capital Allocation FREE CASH-FLOW ALLOCATION Shareholder Returns Focus • Regular Dividend • Opportunistic Stock Buybacks Reinvestment For Growth • Organic Acreage Ground Game • Bolt-on Acquisitions Capital • Debt Repayment • Liquidity Enhancement Investor Presentation November 2023 | 19 NOG#20Dividend per Common Share Track Record of Dividend Growth NOG has established a conservative through-cycle dividend level with potential upside. 0.45 0.4 0.35 0.3 0.25 ACTUAL DIVIDENDS COMPARED WITH INITIAL 2021 DIVIDEND PLAN RECOMMENDATIONS $0.19 0.2 $0.18 $0.15 $0.14 0.15 $0.12 0.1. $0.08 $0.06 $0.05 0.05 $0.03 $0.38 $0.37 $0.34 $0.30 $0.33 $0.30 $0.27 $0.25 $0.24 $0.21 0 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Original Plan Actual Dividend Plan Milestones: • . Eleven straight quarters of dividend growth Over $185 million in declared dividends since plan was instituted; plan implies another ~$160 million in 2024 alone, based on current rate and share count Cumulative Dividends have exceeded initial plan by ~28% and total 2023 declared dividends increased ~126% from the prior year • Board has accelerated its annual Q1 dividend review and expects a full year dividend of $1.60 for 2024 1) Q4 23 dividend declared October 30, 2023; payable on January 31, 2024 to shareholders of record December 28, 2023. $0.40 (1) Q3 2023 Earnings Presentation 20 NOG#21Asset Sales Cycle Driving Growth Consolidation is afoot in the upstream industry, providing episodic access to high quality, low break-even growth assets. NOG has been selectively participating in this cycle by "flexing leverage" in the short term while working toward its stated leverage target over time. The Company will adjust leverage up or down in line with macro-economic conditions and outlook on how to achieve optimal corporate returns. 0.0x Lack of Consolidation Opportunities, Continued Deleveraging or Potential for Accelerated Shareholder Returns 1.0x Net Debt to LQA Adj. EBITDA Range 1.5x Flexing Leverage Temporarily to Secure Target-Rich Growth Opportunities Harvest Protect Allocating Capital to Provide Optionality Invest Q3 2023 Earnings Presentation 21 NOG 21#22Enhanced Liquidity Position - Pro Forma for Recent Capital Raise NOG has methodically managed its debt structure and maturity wall. High quality asset base has driven increases to credit facility as well as attracting new members to the syndicate. . Issued Common Stock in October 2023, raising ~$290.6 million of net proceeds for general corporate purposes Borrowing base expanded to $1.8 billion with an elected commitment of $1.25 billion (August 2023) Expecting to achieve long-term leverage target of 1.0x Net Debt / EBITDA during the first half of 2024 . • NOG has approximately $1.2 billion in liquidity, post-offering 09/30/23 ($ in millions) $1.8 Billion Borrowing base with a $93.4 balance on the revolver(1) 2023 2024 2025 2026 ! $1,800 $93.4 2027 Pro Forma Revolver Capacity (1) Senior Notes 1) Revolver outstanding balance and capacity as of 9/30/2023, pro forma for the $290.6 million in proceeds from the October equity capital raise. $705.1 $500 $500 2028 2029 2030 2031 Q3 2023 Earnings Presentation 22 NOG#23Strong Organizational Infrastructure Supports Investment Decisions Deep presence in three core basins, relationships with a wide breadth of operators and minority interests in thousands of wells gives NOG an informational advantage in determining where to invest free cash flow. INVESTMENT EVALUATION PROCESS NOG (၃) "Comparable data" drawn from comprehensive, proprietary NOG database, built from participation in over 10,000 wells informs our investment evaluation process Engineering and Land teams overlay real time analytics to develop type curves and IRR profiles Organic, ground game, and bolt-on opportunities scrubbed internally and benchmarked against stringent return hurdles Diligence incorporates detailed review of operator's environmental track- record. NOG will not proceed unless satisfactory review is completed Board-level Acquisition Committee vets and approves go/no-go. Finance determines funding path and places appropriate hedges based on internal outlook for oil and gas prices to mitigate risk Board approval required for bolt-on and larger ground game opportunities Investor Presentation November 2023 | 23 NOG#24NOG's Proprietary Database, Drakkar, Empowers our Data Driven Investment Process Drakkar is NOG's internal, proprietary data science system developed in partnership with technology industry leaders. The system enables us to optimize daily operations and informs our investment management decisions. Inputs ✓ Land, Lease, Unit & Contract Data National Well Database NOG 10,000+ wellbores Evaluation Archives 3rd Party and Public ✓ Reservoir Engineering Models ✓ Financial Data Operator Cost Structure Midstream Statistics Well Development Monitoring ✓ Permitting & Rig Schedules ✓ Production & Capex Reports RAKKAR NOG Outputs Streamlined Access & Communication ✓ Central Data Lake ✓ Instantaneous, Cross-Departmental Data Linkage Real-Time Data Analytics & Reporting ✓ Process Improvements Live Dashboards ✓ Improved Monitoring Well Performance ✓ Operator Cost Structures ✓ Operator Behaviors ✓ M&A Activity Investor Presentation November 2023 | 24 NOG#25Sustainability Framework NOG instituted explicit board-level oversight of ESG and is working toward expanding and improving disclosures related to ESG. • • ENVIRONMENTAL Operators are screened for environmental and safety records NOG's largest operator by volume, EQT, has been a leader in Certified Natural Gas environmental stewardship ESG Report published in 3Q-22 • • SOCIAL • • NOG employees provided free health care and paid family leave NOG has an employee-led Charity Committee and donates to several organizations in its local community and where we do business Corporate matching helps employee charitable impact go further BOYS & GIRLS CLUBS OF THE TWIN CITIES TWIN CITIES • • GOVERNANCE Separate CEO and Chairman roles, Board is 100% independent NOG G&A per Boe is among the lowest in the industry NOG CEO to Employee pay ratio 13:1, lowest in its entire peer group R!SE NATIVE FORWARD SCHOLARS FUND Investor Presentation November 2023 | 25 NOG#26Alignment with Operators who are ESG Leaders NOG strives to align with Energy-Sector ESG leaders. Seventy-two percent of NOG's 2022 production came from 27 public operators with publicly available ESG ratings. Dedicated ESG Section of Website Board-Level Oversight of ESG Formal ESG Policy Provides ESG Report Discloses and Tracks ESG Related Targets MSCI ESG Rating EQT CLR OVV CHRD COP EOG HES DVN ERF XOM AA N/A AAA N/A AA A AAA A N/A BBB IPIECA, API, IOGP, TCFD 2017, SASB GRI, TCFD, DTF, AXPC, SASB IPIECA, TCFD, SASB AXPC, SASB GRI, IPIECA, SASB AXPC, SASB, TCFD IPIECA, API, UNCGTP, TCFD, SASB, WEF - SCCM OGMP 2.0, IPIECA, API, IOGP, GRI, TCFD, SDGs, SASB AXPC, CAPP, IPGA, API, SDGs, IPIECA, ΑΡΙ CDP Investor Presentation November 2023 | 26 NOG#27PART 2 Recent Financial Results NOG#28Q3 2023 Financial & Operating Highlights 1) 2) Q3 Free Cash Flow (1) $127.8MM +169% vs. Q2-23, as 1H investments convert to cash flow Q3 Production 102.3 Mboe/d +12.6% vs. Q2-23; Half-quarter contribution from Novo Q3 Adj. EBITDA (1) $385.5MM +22% vs Q2-23 Dividend Growth +52% vs. Q3-22, +2.7% vs. Q2-23 Q3 Adjusted ROCE (1) 24.5% +160 bps vs. Q2-23 Q3 Leverage (1) 1.35x Net Debt/LQA Adj. EBITDA ~Flat vs. Q2-23, despite partial Novo quarter Free Cash Flow, Adjusted EBITDA, and ROCE are non-GAAP financial measures. See Appendix for methodology and reconciliations. We calculate ROCE with past impairments added back to Total Assets. Net debt is total debt less cash and acquisition deposits. Calculated as (i) total net debt as of 9/30/23, less $290.6 million in proceeds from October issuance of common stock, divided by (ii) LQA Adj. EBITDA. Record Production & EBITDA; Positioned for 2024 Growth Active Ground Game in Q3, D&C List Reaches New Record • Adjusted EBITDA $385.5MM in Q3, +22% QoQ • Q3 net production per day +12.6% QoQ, +29.3% YoY • Net D&C in-process list now 74.2, up 21% YoY • • 2H FCF accelerating as 1H investments come online and contribute to revenues and production • Recycle ratio of 2.9x and Adjusted ROCE (1) of 24.5% Ground Game & Acquisition Landscape • • Completed Novo acquisition for ~$468 million adjusted closing price • Significant Ground Game success in the third quarter Acquisition opportunities currently spooling in Permian and Appalachian Shareholder Returns • • $0.38 Q3 Dividend declared, 52% increase YoY • $0.40 Q4 Dividend declared, 33% increase YoY Anticipate Board to maintain recently declared dividend level through year-end 2024 Balance Sheet & Liquidity • Leverage ratios roughly flat QoQ • Pro forma for recent stock offering, leverage ratio approximated ~1.16x(2) Ample liquidity: over $875 million at quarter end, further increased by October common stock offering Leverage projected to be well below 1x at current pricing strip by Q2 2024 Investor Presentation November 2023 | 28 NOG#29Q3 2023 Production by Basin NOG's production mix continues to become more diversified and balanced. Permian gaining production share with contributions from MPDC, Forge and Novo. 42% 10% Region 48% Williston Permian Appalachian • Flat Williston production quarter over quarter • Significant uptick in Permian production driven in part by the closing of Forge and partial credit from the Novo transaction • September Permian volumes exceeded Williston for first time ever Appalachian production down modestly quarter over quarter, with activity targeted for 2024 . Typical seasonal weakness in differentials Investor Presentation November 2023 | 29 NOG#30Q3 2023 Production by Commodity and Basin (% Boe) Oil cut for the quarter was up materially to 62.1%, with the Williston and Permian both seeing increases. Overall, the Company continues to expect a 62.0% - 63.0% oil cut for 2023. 62% Commodity Type Oil Gas 38% 29% 33% Williston 71% ■ Oil ■ Gas Permian 67% Appalachia 100% ■ Gas ■ Oil ■ Gas Investor Presentation November 2023 | 30 NOG#31Q3 2023 CapEx by Basin Capital Expenditures were weighted toward the Permian Basin in Q3, with the Permian expected to lead the charge into year-end. 69% 1% 30% Region Williston Permian Appalachian • Turn-in-lines (TILs) up 64% vs. Q2 23 Despite strong TIL activity, the D&C list grew nearly 10% over the prior quarter and is up nearly 35% year to date from year-end 2022 • TIL activity expected to remain elevated in Q4 before seasonal easing • Low Appalachian CapEx expected to grow through 1H 2024 as completion activity begins Inflation appears to have moderated, but cost reductions in AFES may not be sustainable in a higher priced commodity environment Workover activity declined in Q3 to lowest level of 2023, but is expected to revert to Q1, Q2 run rate in Q4 Investor Presentation November 2023 | 31 NOG#322023 Year-to-Date CapEx Q3-23 saw an active ~$34MM in Ground Game opportunities and an uptick in AFE activity which accelerated CapEx spend. Full year CapEx revised to reflect year to date activity levels. $1,000 $800 $600 $400 $210 $230 $217 $200 $0 Q1-23A Q2-23A Q3-23A $790 - $820 $657 Q4-23E YTD Actual Revised Total Cap Ex Guidance Revisions to annual guidance reflect continued momentum in the ground game as well as elevated levels of D&C activity CapEx totals depicted exclude non-budgeted acquisitions and other Source: Company internal estimates and disclosures. Actual results may differ materially from projections. Investor Presentation November 2023 | 32 NOG#33PART 3 Appendix NOG#342023 Guidance and Capital Budget The Company remains on track, with improvements to differentials and G&A unit costs. Activity ramping into 2024. 75.0 - 78.0 76.0 -79.0 $790 - $820 . • COMMENTARY Tightening annual production range for expectations for 2023, giving allowances for typical winter weather risks, timing of completions Oil Weighting as a percent of production consistent with prior guidance D&C List driving 2H23 CapEx: TIL count unchanged, but 2023 well spuds are up 8.0 net wells at the midpoint, D&C list was up 6.2 net wells Q/Q despite record Q3 TILS LOE remains inline with prior guidance, expect modest increase in fourth quarter unit costs • Improved annual oil differentials and natural gas realizations, a reflection of better pricing year-to-date Expect wider oil differentials in Q4; Williston and Permian differentials weakening seasonally • Gas realizations expected at slightly lower levels for Q4 versus Q3; NGL to gas ratio primary driver • DD&A, G&A per Boe, production taxes all remain unchanged 2023 Guidance Prior Current Annual Production (2-stream, Boe/day) 96,000 100,000 97,000 99,000 Oil Weighting (as a % of Production) 62.0% 63.0% 62.0% 63.0% Net Wells Turned-in-Line (TILs) Net Wells Spud 75.0-78.0 68.0-71.0(1) Total Budgeted Capital Expenditures ($MM) $764 - $800 LOE/Production Expenses (per Boe) $9.35 - $9.55 $9.35 - $9.55 Cash G&A (ex-transaction costs) (per Boe) $0.80 $0.85 $0.80 $0.85 Non-Cash G&A (per Boe) $0.20 -$0.25 $0.20 - $0.25 Production Taxes (as a % of Oil & Gas Sales) 8.0% - 9.0% 8.0% - 9.0% Oil Differential to NYMEX WTI (per Bbl) ($3.25 - $4.25) Gas Realization as a % of Henry Hub 85.0% -95.0% ($3.00 - $3.75) 95.0% 105.0% DD&A Rate per Boe $13.00 $13.80 $13.00 $13.80 Source: Company internal estimates and disclosures. Actual results may differ materially from projections. (1) These were internal estimates that were implied in prior guidance, but not explicitly stated. Investor Presentation November 2023 | 34 NOG#35Historical Operating & Financial Information Historical Operating Information Production Oil (MBbls) Natural Gas and NGLS (Mmcf) Total Production (Mboe) Revenue Realized Oil Price, including settled derivatives ($/bbl) 1) Adjusted EBITDA is a non-GAAP measure. See reconciliation on the slide that follows. 2) Excludes certain acquisition related expenses 2020 2021 2022 3Q22 3Q23 9,361.1 12,288.4 16,090.1 16,473.3 44,073.9 68,829.1 12,106.7 19,634.1 27,561.6 4,149.8 18,776.8 7,279.3 5,847.9 21,397.0 9,414.1 $ 52.69 $ 52.77 $ 69.60 Realized Natural Gas and NGL Price, including settled derivatives ($/Mcf) Total Oil & Gas Revenues, including settled derivatives (millions) Adjusted EBITDA (millions) $ 1.14 $ $ 512.3 $ $ 351.8 $ $ 3.65 $ 5.83 $ 809.3 $ 1,530.3 $ 543.0 $ 1,086.3 $ 71.42 $ 76.90 6.00 $ 409.1 $ 3.14 516.8 292.4 $ 385.5 Key Operating Statistics ($/Boe) Average Realized Price $ 42.32 $ 41.22 $ 55.52 $ 56.21 $ 54.90 Production Expenses 9.61 8.70 9.46 9.41 8.76 Production Taxes 2.46 3.92 5.74 5.81 4.48 General & Administrative Expenses - Cash Adjusted (2) 1.19 0.94 0.91 0.82 0.77 Total Cash Costs $ 13.26 $ 13.56 $ 16.11 $ 16.04 $ 14.01 Operating Margin ($/Boe) $ 29.06 $ 27.66 $ 39.41 $ 40.17 $ 40.89 68.7% 67.1% 71.0% 71.5% 74.5% Operating Margin % Historical Financial Information ($'s in millions) Assets Current Assets Property and Equipment, net Other Assets Total Assets Liabilities Current Liabilities Long-term Debt, net Other Long-Term Liabilities Stockholders' Equity (Deficit) Total Liabilities & Stockholders' Equity (Deficit) Credit Statistics 2020 2021 2022 3Q22 3Q23 es $ 125.6 $ 735.2 11.3 $ 872.1 $ 215.3 $ 1,253.3 54.3 1,522.9 $ 320.5 $ 2,482.9 71.8 2,875.2 $2,471.5 $ 376.7 $ 2,015.1 79.7 469.6 3,788.6 46.5 4,304.7 $ 182.5 $ 879.8 327.6 $ 803.4 345.0 $ 381.7 $ 1,525.4 602.5 1,169.2 2,057.4 33.1 176.8 259.5 211.5 237.0 (223.3) 215.1 745.3 709.1 1,407.8 $ 872.1 $ 1,522.9 $ 2,875.2 $ 2,471.5 $ 4,304.7 ՄԴ- 351.8 $ es es 948.3 $ 949.8 $ 2.7x 2.7x 1.5x 1.4x 543.0 $1,086.3 $ 996.8 $ 1,291.3 795.5 $ 1,540.7 $1,161.5 $ 2,076.2 805.0 $ 1,543.2 $ 1,170.6 $ 2,089.1 1.5x 1.4x 1.2x 1.2x 1.6x 1.6x Adjusted EBITDA (Annual, Q3 2022/23 TTM) (1) $ Net Debt $ Total Debt $ (1) Net Debt/Adjusted EBITDA (1) Total Debt/Adjusted EBITDA Investor Presentation November 2023 | 35 NOG#36NON-GAAP Reconciliations: Adjusted EBITDA & Other Adjusted EBITDA by Year (in thousands) Net Income (Loss) Add: Interest Expense Depreciation, Depletion, Amortization and Accretion Income Tax Provision (Benefit) Impairment of Oil and Natural Gas Properties Non-Cash Share Based Compensation Write-off of Debt Issuance Costs (Gain) Loss on the Extinguishment of Debt Contingent Consideration (Gain) Loss Acquisition Costs (Gain) Loss on Unsettled Interest Rate Derivatives (Gain) Loss on Unsettled Commodity Derivatives Adjusted EBITDA Adjusted EBITDA by Quarter (in thousands) Net Income (Loss) Add: Interest Expense Income Tax Provision (Benefit) Depreciation, Depletion, Amortization and Accretion Non-Cash Share Based Compensation Gain on the Extinguishment of Debt Contingent Consideration Gain Acquisition Transaction Costs (Gain) Loss on Unsettled Interest Rate Derivatives (Gain) Loss on Unsettled Commodity Derivatives Adjusted EBITDA Other Non-GAAP Metrics by Quareter (in thousands) Total General and Adminstrative Expense Non-cash General and Adminstrative Expense Total General and Adminstrative Expense - Cash Less: Acquisition Costs - Cash 2020 $ (906,041) $ 2021 2022 6,361 $ 773,237 58,503 (166) 59,020 233 162,120 140,828 80,331 3,101 251,272 1,066,668 4,119 3,621 5,656 1,543 3,718 13,087 (810) 169 292 (1,859) 8,190 16,593 1,019 (39,878) (1,043) (993) 312,370 (40,187) $ 351,774 $ 542,959 $ 1,086,341 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 $ (206,560) $ 251,264 $ 583,465 $ 145,068 $ 340,191 $ 167,815 $ 3Q23 26,111 17,978 789 53,185 1,447 18,410 1,006 54,796 20,135 1,333 23,808 30,143 31,968 37,040 (27) 692 39,012 (20,692) 65,975 77,317 94,618 106,427 133,791 1,421 1,341 1,447 2,151 1,150 1,178 (236) (339) (235) (659) (1,859) (6,176) (3,931) 6,848 514 2,932 6,299 3,481 3,612 3,385 (1,290) 384,227 (524) (54,117) 42 (382,500) 779 1,017 12,203 (139,987) (30,503) 204,712 $ 256,623 $ 272,534 $ 292,384 $ 264,800 $ 325,472 $ 315,550 $ 385,525 1Q22 2022 3Q22 4Q22 1Q23 2Q23 3Q23 $ 13,813 $ 8,065 $ 10,277 $ 15,045 $ 13,000 $ 12,401 $ 11,846 1,447 1,421 1,341 1,447 2,151 1,150 1,178 12,366 6,644 8,936 13,598 10,849 11,251 10,668 (6,848) (514) (2,932) (6,299) (3,481) (3,612) (3,385) Total General and Adminstrative Expense - Cash Adjusted $ 5,518 $ 6,130 $ 6,004 $ 7,299 $ 7,368 $ 7,639 $ 7,284 Total Principal Balance on Debt $ 1,121,000 Less: Cash and Cash Equivalents (9,129) Net Debt Note: Adjusted EBITDA is a non-GAAP measure $1,103,625 $1,170,555 $ 1,543,235 $1,774,108 $ 1,705,108 $2,089,108 (3,335) (1,471) (2,528) (14,805) (12,952) $ 1,117,665 $ 1,102,154 $1,161,426 $ 1,540,707 $1,768,035 $1,690,303 $2,076,156 Investor Presentation November 2023 | 36 NOG (6,073)#37NON-GAAP Reconciliations: ROCE & Recycle Ratio Q3-23 Return on Capital Employed (ROCE) EBIT Capital Employed 34.8% EBIT: $1,006.9MM (Q3 23 annualized) • + Adj. EBITDA: $385.5MM • • - DD&A: $133.8MM Capital Employed: $2,896.0MM (Avg. of Q3 22/23) • + Total Assets: $3,388.1MM (Avg. of Q3 22/23) • - Current Liabilities: $492.1MM (Avg. of Q3 22/23) Q3-23 Return on Capital Employed (ROCE) - Adjusted to exclude impairment charges post Q2 20 EBIT Capital Employed = 24.5% EBIT: $916.9MM (Q3 23 annualized) • + Adj. EBITDA: $385.5MM • - DD&A: $156.3MM Capital Employed: $3,736.0MM (Avg. of Q3 22/23) • + Total Assets: $4,228.2MM (Avg. of Q3 22/23) ⚫ - Current Liabilities: $492.1MM (Avg. of Q3 22/23) Q3-23 Recycle Ratio Cash Margin DD&A || 1) Incorporates Adjusted Cash G&A of $0.77/Boe, which excludes certain acquisition related expenses Note: Adjusted EBITDA is a non-GAAP measure. Numbers may be off due to rounding. 2.9x • Cash Margin: $40.89/Boe • + Realized avg. commodity price: $54.90/Boe ⚫ - Cash Costs: $14.01/Boe¹ DD&A Rate: $14.21/Boe Investor Presentation November 2023 | 37 NOG#38NON-GAAP Reconciliations: Free Cash Flow FREE CASH-FLOW (FCF) (in thousands) Net Cash Provided by Operating Activities Exclude: Changes in Working Capital and Other Items (1) Less: Capital Expenditures Less: Series A Preferred Dividends Free Cash Flow (1) Capital Expenditures are calculated as follows: Cash Paid for Capital Expenditures Less: Non-Budgeted Acquisitions 1Q22 2Q22 3Q22 $ 154,034 $ 210,239 $ 276,766 $ 80,985 (86,020) (3,016) 41,948 (135,055) (2,810) (7,505) (156,095) (2,610) 4Q22 1Q23 2Q23 287,379 $ 269,308 $ 307,786 $ (53,029) (145,890) (1,367) 26,864 (212,235) (27,410) (232,801) 3Q23 263,865 83,131 (219,234) $ 145,983 $ 114,322 $ 110,556 $ 87,094 $ 83,937 $ 47,575 $ 127,762 $ 417,482 $ 106,740 $ 301,240 $ (344,264) Plus: Change in Accrued Capital Expenditures and Other Capital Expenditures 3,288 25,027 (151,303) 6,158 $ 12,802 86,020 $ 135,055 $ 156,095 $ 145,890 $212,235 $ 232,801 $ 219,234 529,735 $ 460,982 $ 409,895 $ 612,762 (388,656) (271,606) (211,319) (442,866) 4,811 22,859 34,225 49,338 Investor Presentation November 2023 | 38 NOG#39Hedge Profile-SWAPS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside. 1) CRUDE OIL DERIVATIVE SWAPS NATURAL GAS DERIVATIVE SWAPS Contract Barrels per Day Total Hedged Volumes Weighted Average Price Contract Period Million British Thermal Units per Day Total Hedged Volumes Weighted Average Price Period (BBL/d) (BBL) 2023 Q4 21,724 1,998,576 ($/BBL) $76.00 (mmBTU/d) (mmBTU) ($/mmBTU) Q4 105,619 9,716,958 $3.815 Avg./Total 21,724 1,998,576 $76.00 Avg./Total 105,619 9,716,958 $3.815 2024 Q1 16,497 1,501,203 $77.19 Q1 117,161 10,661,616 $3.572 Q2 15,583 1,418,017 $76.22 Q2 119,514 10,875,805 $3.454 Q3 17,201 1,582,456 $74.85 Q3 118,048 10,860,457 $3.494 Q4 13,049 1,200,469 $73.15 Q4 83,890 7,717,909 $3.492 Avg./Total 15,580 5,702,145 $75.45 Avg./Total 109,606 40,115,787 $3.503 2025 Q1 6,308 567,749 $71.99 Q1 16,500 1,485,000 $3.612 Q2 6,089 554,133 $72.15 Q2 10,110 920,000 $3.600 Q3 6,004 552,394 $71.75 Q3 10,000 920,000 $3.600 Q4 5,966 548,911 $71.75 Q4 8,261 760,000 $3.521 Avg./Total 6,091 2,223,187 $71.91 Avg./Total 11,192 4,085,000 $3.590 2026 Q1 2,930 263,726 $69.05 Q1 5,000 450,000 $3.200 Q2 2,930 266,657 $68.98 Q2 5,055 460,000 $3.200 Q3 2,930 269,587 $68.91 Q3 5,000 460,000 $3.200 Q4 2,930 269,587 $68.83 Q4 4,946 455,000 $3.200 Avg./Total 2,930 1,069,557 $68.94 Avg./Total 5,000 1,825,000 $3.200 Hedges are as of November 20, 2023. This table does not include volumes subject to swaptions and call options, which could increase the amounts of volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed with the SEC for the year ended September 30, 2023. Investor Presentation November 2023 | 39 NOG#40Hedge Profile-COLLARS and PUTS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside. CRUDE OIL DERIVATIVE COLLARS & PUTS Contract Period Total Ceiling Total Floor Barrels Barrels Barrels per Day Ceiling Barrels per Day Floor Ceiling (BBL) (BBL) (BBL/d) (BBL/d) ($/BBL) Weighted Average Price Average Price Floor ($/BBL) Weighted Contract Period Total Ceiling Million British Thermal Units NATURAL GAS DERIVATIVE COLLARS & PUTS Total Floor Million British Thermal Million British Million British Weighted Weighted Thermal Units per Thermal Units per Average Price Average Price Units Day Ceiling Day Floor Ceiling Floor (mmBTU) (mmBTU) (mmBTU/d) (mmBTU/d) ($/mmBTU) ($/mmBTU) 2023 Q4 Avg./Total 2,291,252 2,291,252 1,991,676 24,905 21,649 $86.02 $72.74 Q4 6,052,500 6,052,500 65,788 65,788 $6.470 $3.909 1,991,676 24,905 21,649 $86.02 $72.74 Avg./Total 6,052,500 6,052,500 65,788 65,788 $6.470 $3.909 2024 Q1 2,332,147 1,680,928 25,628 18,472 $84.55 $70.20 Q1 4,725,000 4,725,000 51,923 51,923 $5.214 $3.294 Q2 2,242,137 1,600,017 24,639 17,583 $84.24 $69.50 Q2 5,062,500 5,062,500 55,632 55,632 $4.495 $3.053 Q3 1,104,056 952,256 12,001 10,351 $80.77 $69.02 Q3 5,520,000 5,520,000 60,000 60,000 $4.743 $3.063 Q4 1,045,749 871,800 11,367 9,476 $81.73 $69.10 Q4 6,336,586 6,336,586 68,876 68,876 $5.146 $3.103 Avg./Total 6,724,089 5,105,001 18,372 13,948 $83.26 $69.57 Avg./Total 21,644,086 21,644,086 59,137 59,137 $4.906 $3.122 2025 Q1 413,286 314,849 4,592 3,498 $79.20 $67.84 Q2 273,171 199,233 3,002 2,189 $75.49 $67.63 Q3 234,994 161,970 2,554 1,761 $75.76 $67.88 Q4 208,511 135,487 2,266 1,473 $76.87 $67.63 0000 Q1 7,416,417 7,416,417 82,405 82,405 $5.543 $3.158 Q2 6,931,297 6,931,297 76,168 76,168 $5.218 $3.159 Q3 6,567,569 6,567,569 71,387 71,387 $5.284 $3.161 Q4 5,778,723 5,778,723 62,812 62,812 $5.437 $3.152 Avg./Total 1,129,962 811,539 3,096 2,223 $77.22 $67.76 Avg./Total 26,694,006 26,694,006 73,134 73,134 $5.372 $3.158 2026 Q1 43,226 39,289 480 437 $70.25 $62.50 Q1 4,048,249 4,048,249 44,981 44,981 $5.657 $3.133 Q2 43,707 39,727 480 437 $70.25 $62.50 Q2 4,184,706 4,184,706 45,986 45,986 $5.657 $3.133 Q3 44,187 40,163 480 437 $70.25 $62.50 Q3 4,184,706 4,184,706 45,486 45,486 $5.657 $3.133 Q4 44,187 40,163 480 437 $70.25 $62.50 Q4 2,774,642 2,774,642 30,159 30,159 $5.657 $3.133 Avg./Total 175,307 159,342 480 437 $70.25 $62.50 Avg./Total 15,192,303 15,192,303 41,623 41,623 $5.657 $3.133 1) Hedges are as of November 20, 2023. This table does not include volumes subject to swaptions and call options, which could increase the amounts of volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed with the SEC for the year ended September 30, 2023. Investor Presentation November 2023 | 40 NOG#41Contract Period Barrels per Day Hedge Profile-BASIS SWAPS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside. MIDLAND-CUSHING BASIS SWAP Total Hedged Weighted Average WAHA BASIS SWAP Volumes Price Contract Period (BBL/d) (BBL) 2023 Q4 13,028 1,198,534 ($/BBL) $1.22 Million British Thermal Units per Day (mmBTU/d) Total Hedged Weighted Average Volumes Price (mmBTU) ($/mmBTU) Q4 33,739 3,104,000 ($0.795) Avg./Total 13,028 1,198,534 $1.22 Avg./Total 33,739 3,104,000 ($0.795) 2024 Q1 17,152 1,560,814 $1.16 Q1 52,000 4,732,000 ($0.663) Q2 17,703 1,610,991 $1.16 Q2 52,000 4,732,000 ($0.848) Q3 17,475 1,607,689 $1.16 Q3 52,000 4,784,000 ($0.848) Q4 15,400 1,416,792 $1.13 Q4 52,000 4,784,000 ($0.848) Avg./Total 16,930 6,196,286 $1.15 Avg./Total 52,000 19,032,000 ($0.802) 2025 Q1 11,383 1,024,514 $1.03 Q1 47,000 4,230,000 ($0.874) Q2 11,369 1,034,552 $1.03 Q2 47,000 4,277,000 ($0.874) Q3 11,113 1,022,352 $1.03 Q3 47,000 4,324,000 ($0.874) Q4 9,156 842,358 $1.03 Q4 42,359 3,897,000 ($0.802) Avg./Total 10,750 3,923,776 $1.03 Avg./Total 45,830 16,728,000 ($0.857) 2026 Q1 5,247 472,257 $1.05 Q1 30,000 2,700,000 ($0.777) Q2 5,365 488,176 $1.05 Q2 30,000 2,730,000 ($0.777) Q3 5,306 488,176 $1.05 Q3 30,000 2,760,000 ($0.777) Q4 3,518 323,682 $1.05 Q4 30,000 2,760,000 ($0.777) Avg./Total 4,856 1,772,291 $1.05 Avg./Total 30,000 10,950,000 ($0.777) 1) Hedges are as of November 20, 2023. This table does not include volumes subject to swaptions and call options, which could increase the amounts of volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed with the SEC for the year ended September 30, 2023. Investor Presentation November 2023 | 41 NOG#42Important Disclosures 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 Oil and Gas, Inc.'s ("NOG," "we," "us" or "our") dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, and cash flow are forward-looking statements. When used in this presentation, forward-looking statements are generally accompanied by terms or phrases such as "estimate,” “project,” “predict,” “believe,” “expect,” “continue," "anticipate,” “target,” “could,” “plan,” “intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's current properties and properties pending acquisition, changes in NOG's capitalization, infrastructure constraints and related factors affecting NOG's properties; cost inflation or supply chain disruptions, ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; NOG's ability to acquire additional development opportunities, potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG's acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG's cash position and levels of indebtedness; changes in NOG's reserves estimates or the value thereof, disruption to NOG's business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; risks associated with NOG's Convertible Notes, including the potential impact that the Convertible Notes may have NOG's financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transaction undertaken in tandem with the Convertible Notes issuance, including counterparty risk; increasing attention to environmental, social and governance matters; NOG's ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG's ability to raise or access capital; cyber-incidents could have a material adverse effect NOG's business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG's control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled "Item 1A. Risk Factors" and other sections of NOG's most recent Annual Report on Form 10-K and Quarterly Report on Form 10- Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG's actual results to differ from those set forth in the forward- looking statements. NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws. Investor Presentation November 2023 | 42 NOG#43Important Disclosures Industry and Marketing Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, NOG has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of NOG, which are derived from its review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with NOG. While NOG is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under "Forward Looking Statements" above. NOG has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) EBITDA, (ii) Adjusted EBITDA, (iii) Net Debt, (iv) Return on Capital Employed ("ROCE"), (v) Recycle Ratio and (iv) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Please refer to the slides titled "Non- GAAP Reconciliations: Adjusted EBITDA & Other," "Non-GAAP Reconciliations: ROCE & Recycle Ratio," "Non-GAAP Reconciliations: Free Cash Flow" under the Appendix to this presentation for a reconciliation of these measures to the most directly comparable GAAP measures and NOG's definitions (which may be materially different than similarly titled measures used by other companies) of these measures as well as certain additional information regarding these measures. NOG believes the presentation of these metrics may be useful to investors because it supplements investors' understanding of its operating performance by providing information regarding its ongoing performance that excludes items it believes do not directly affect its core operations. From time-to-time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. The reconciling items in future periods could be significant. Investor Presentation November 2023 43 NOG