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Investor Presentaiton

How 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. $ $ 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 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 100% since 2018(1) 1) The XOP is the S&P SPDR Oil & Gas Exploration and Production ETF, measurement period 1/1/2018 to 8/31/2023. Investor Presentation September 2023 | 7 NOG
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