Investor Presentaiton

NON-GAAP Reconciliations: ROCE & Recycle Ratio Q2-23 Return on Capital Employed (ROCE) EBIT Capital Employed 34.5% EBIT: $836.5MM (Q2 23 annualized) • • + Adj. EBITDA: $315.5MM • - DD&A: $106.4MM Capital Employed: $2,421.2MM (Avg. of Q2 22/23) • + Total Assets: $2,928.5MM (Avg. of Q2 22/23) • - Current Liabilities: $507.3MM (Avg. of Q2 22/23) Q2-23 Return on Capital Employed (ROCE) - Adjusted to exclude impairment charges post Q2 20 EBIT: $752.1MM (Q2-23 annualized) EBIT Q2-23 Recycle Ratio Cash Margin Capital Employed = 22.9% DD&A || 1) Incorporates Adjusted Cash G&A of $0.92/Boe, which excludes certain acquisition related expenses Note: Adjusted EBITDA is a non-GAAP measure. Numbers may be off due to rounding. 3.0x • • + Adj. EBITDA: $315.5MM • - DD&A: $127.5MM Capital Employed: $3,282.7MM (Avg. of Q2 22/23) • + Total Assets: $3,790.0MM (Avg. of Q2 22/23) ⚫ - Current Liabilities: $507.3MM (Avg. of Q2 22/23) Cash Margin: $38.05/Boe • + Realized avg. commodity price: $53.66/Boe ⚫ - Cash Costs: $15.61/Boe¹ DD&A Rate: $12.87/Boe Investor Presentation September 2023 | 40 NOG

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