Investor Presentation June 2023
Capacity to Pursue Growth Assets
At >$6B, NOG's opportunity set is at a historic high. Recent notes issuance and equity offering provide dry powder to pursue high-quality,
low breakeven growth assets that should enhance cash flows and shareholder returns in both the short and long term.
Illustrative Opportunities
Partial Buy-Down /
Drilling Joint Ventures
Distinct drilling programs
with strong governance
Minority undivided interest
purchased across assets
while operator retains
existing ownership and
control (e.g. MPDC
transaction)
Across multiple basins
including Permian,
Williston, Appalachia and
other contending basins
such as the Eagle Ford
Co-Purchase with
Operating Partners
Buying undivided, minority,
interests alongside an
operated partner in
operated asset packages
(e.g. Forge transaction,
30% NOG/70% VTLE)
Primarily Permian and
Appalachia opportunities
Traditional Non-Op
Bolt-On
Fractional working interest
opportunities across broad
sets of portfolio
Generally low
concentration risk
Scaled non-op packages
continue to sell for
material discounts to
operated assets of equal
quality
Evaluating Williston,
Permian and other
contending basins
Investor Presentation June 2023 | 12 NOGView entire presentation