Investor Presentation June 2023

Q1-23 Financial & Operating Highlights Dividend Growth • Q1 Free Cash Flow1 -$84MM Strong cash generation driven by sequential quarter double digit production volumes growth Q1 Production +143% Dividend increased to $0.34, +143% vs. Q1-22, +13% vs. Q4-22 87.4Mboe/d +11% vs. Q4-22 Q1 Adjusted ROCE1 27.5% +300 bps vs. Q4-22 Strong Execution, Continuing Momentum from Q4-22 • Growth in production and smooth integration drives outperformance • Completed MPDC Mascot acquisition in Q1 for a $320MM initial closing settlement • Adjusted EBITDA $325.5MM in Q4, +23% QoQ • Q1 net production +11% YoY • Recycle ratio of 3.4x and adjusted ROCE¹ of 27.5% . Active Ground Game in Q1 while Vetting Largest Opportunity Set in the Company's history • Completed $11.5 million in ground game acquisitions • Large M&A opportunity set exceeds $6B Shareholder Returns • $0.37 Q2 Dividend declared, 9% increase from $0.34 in Q1, 23% increase from $0.30 in Q4 22 • 287,751 shares of common stock repurchased in Q1 at an average share price of $27.82 1) Q1 Adj. EBITDA1 $325.5MM +23% vs Q4-22 Q1 Leverage¹ <1.4x Net Debt/LQA Adj. EBITDA Down Q/Q despite Mascot Acquisition 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. • • $19.1MM in Senior Notes repurchased at <97% of Par Value Balance Sheet Strength • • Despite lower oil prices and significantly lower natural gas prices, NOG saw improvements to leverage driven by growth and free cash flow Reduced revolving credit facility balance by ~ $25MM post-MPDC closing Reduced 2028 bonds outstanding by $19.1MM with an annual interest savings of $1.6MM or $0.02 per share Investor Presentation June 2023 | 26 NOG

View entire presentation