PitchSend

Investor Presentaiton

NOG's M&A Execution Has Led to Significant Market Outperformance Since year-end 2020 NOG has outperformed the XOP by over 200% 450% 400% 350% 300% 250% 200% 150% 100% 50% 0% Dec-20 Jun-21 Large-Scale Acquisitions: Dec-21 Source: Data per FactSet as of 8/31/23. Note: Acquisition markers in price performance chart represent transaction closing dates. 1) The XOP represents the SPDR S&P Oil & Gas Exploration & Production ETF, Ticker: XOP. Williston Jun-22 Appalachia Dec-22 Permian Jun-23 NOG +378% Since YE'20 XOP (1) +154% Since YE'20 Investor Presentation September 2023 | 19 NOG

View entire presentation