Investor Presentaiton

A Differentiated Upstream Investment Growth Platform Operating Leverage at Work: NOG saw a 16% drop in adjusted per unit Q3 Cash G&A while production increased 12.5% sequentially. PRODUCTION CONTINUES TO RAMP... Material increases driven by organic growth accretive M&A 18.1.0 16.7 Q4'17 Q1 '18 26.7 36.3 35.0 34.6 Q2 '18 Q3 '18 Q4 '18 Q1 '19 43.943.7 40.8 35.38.4 29.1 23.8 Q2'19 Q3 '19 Q4 '19 Q1'20 Q2'20 Q3'20 Q4'20 Production (MBoe/d) 54.6 WHILE MAINTAINING PEER-LEADING LOW CASH G&A (1) Reducing overhead unit cash G&A costs, despite being acquisitive, with ability to reduce further over the long-term 102.3 $1.58 78.87.80.9 $1.45 $1.28 79.1 71.3 64.2 57.61 Q1'21 Q2 '21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 1) Adjusted Cash G&A is a non-GAAP financial measure. Please see Appendix for reconciliation to the most directly comparable GAAP Measure. $1.61 $1.39 $1.15 $1.13 $1.06 $1.01 $0.92 $1.20 $1.01 $0.95 $1.04 $0.91 Q4 '17 Q1 '18 Q2'18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 $1.01 $0.93 $0.94 $0.92 $0.78 $0.86 $0.82 $0.77 $0.77 Q3'20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Investor Presentation November 2023 | 10 NOG I Cash G&A per BOE-Adjusted Q2'20

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