Investor Presentaiton

Q2-23 Financial & Operating Highlights Q2 Free Cash Flow (1) ~$47.6MM Heavy 1H-23 investment phase, FCF poised for acceleration in 2H-23 Q2 Production Dividend Growth +95% Q2 dividend increased to $0.37, +95% vs. Q2-22, +9% vs. Q1-23 Strong results despite lower commodity prices and TIL deferrals • . • Adjusted EBITDA $315.5MM in Q2, +16% YoY, -3% QoQ Q2 net production +25% YoY, +4% QoQ Recycle ratio of 3.0x and adjusted ROCE(1) of 22.9% impacted by lower Q2 commodity pricing, TIL deferrals and timing of Forge acquisition Active Ground Game in Q2 while vetting large opportunity set • • Entered into two joint acquisitions totaling $662 million, adding scale and high quality, low break-even inventory Completed 13 ground game acquisitions for 16.7 current and future net well locations and 942 net acres 90.9Mboe/d +25% vs. Q2-22 Q2 Adj. EBITDA(1) $315.5MM +16% vs Q2-22 Q2 Adjusted ROCE (1) 22.9% Meaningful spread over WACC despite significant capital investment period Q2 Leverage(1) 1.34x Net Debt/LQA Adj. EBITDA Down slightly QoQ • Large-scale M&A opportunities currently in-market are less compelling than prior twelve months, with some exceptions Shareholder Returns • $0.38 Q3 Dividend declared, 52% increase YoY Company to announce prospective changes to dividend on an annual basis Balance Sheet & Liquidity • • • Leverage down slightly QoQ, even with no contribution from Forge Pro Forma with estimated Forge contribution, leverage reduced further $1,000MM+ liquidity: undrawn revolver, ~$52.3 million of cash and restricted cash Revolver capacity increased by 25% subsequent to quarter end. 1) Free Cash Flow, Adjusted EBITDA, recycle ratio 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. Investor Presentation September 2023 | 31 NOG

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