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Investor Presentaiton

2021-23 and 2023-25 BIENNIUM OIL REVENUES Compared to November Executive Forecast OFFICE OF MANAGEMENT AND BUDGET 2021-23 November 2022 Tribal Allocations Allocation Counties and Cities Legacy Fund Foundation Aid Stabilization Fund Common Schools Trust Fund Revised Forecast $847,909,596 708,716,390 1,592,957,865 March 2023 Revised Forecast Change November 2022 Executive Forecast 2023-25 (Based on Current Law) March 2023 Revised Forecast Change $840,808,922 703,424,956 ($7,100,674) (5,291,434) $686,537,775 682,952,584 $671,281,380 ($15,256,395) 667,775,860 (15,176,724) 1,597,296,037 4,338,172 1,372,406,975 1,341,909,042 (30,497,933) 254,552,125 255,026,052 473,927 224,390,545 219,404,088 (4,986,457) 254,552,125 255,026,052 473,927 224,390,545 219,404,088 (4,986,457) Resources Trust Fund 517,631,855 518,603,405 971,550 455,800,617 445,578,381 (10,222,236) Renewable Energy Development Fund 3,000,000 3,000,000 3,000,000 3,000,000 Energy Conservation Grant Fund 1,200,000 1,200,000 1,200,000 1,200,000 Oil and Gas Research Fund 14,500,000 14,500,000 14,500,000 14,500,000 State Energy Research Fund 5,000,000 5,000,000 5,000,000 5,000,000 North Dakota Outdoor Heritage Fund 15,000,000 15,000,000 15,000,000 15,000,000 Abandoned Well and Site Reclamation Fund 15,000,000 15,000,000 15,000,000 14,970,573 (29,427) General Fund 400,000,000 400,000,000 400,000,000 400,000,000 Tax Relief Fund 200,000,000 200,000,000 200,000,000 200,000,000 Budget Stabilization Fund 9,646,249 9,646,249 State Disaster Relief Fund 15,511,903 15,511,903 3,500,000 Municipal Infrastructure Fund Airport Infrastructure Fund 115,000,000 115,000,000 115,000,000 3,500,000 115,000,000 County/Township Infrastructure Fund 115,000,000 115,000,000 115,000,000 115,000,000 20,000,000 20,000,000 20,000,000 20,000,000 Lignite Research Fund 10,000,000 10,000,000 10,000,000 Strategic Investment and Improvement Fund 898,554,781 913,858,454 15,303,673 693,963,459 10,000,000 658,282,588 (35,680,871) Total Oil and Gas Taxes November 2022 Forecast $6,013,732,889 Oil Price Range for the Remainder of the 2021-23 Biennium: Oil Price Range for 2023-25: Oil Production Assumption: March 2023 Forecast Oil Price Range for the Remainder of the 2021-23 Biennium: Oil Price Range for 2023-25: Oil Production Assumption: $6,022,902,030 $9,169,141 $5,257,642,500 $5,140,806,000 ($116,836,500) $80.00 decreasing to $75.00 per barrel (ND Price) $70.00 per barrel for FY24; $65.00 per barrel for FY25 1.10 million barrels per day for the 2023-25 biennium $75.00 per barrel (ND Price) $70.00 per barrel for FY24; $62.00 per barrel for FY25 1.10 million barrels per day for the 2023-25 biennium Note: For comparison purposes, the November executive forecast allocations for the 2023-25 biennium has been adjusted to reflect current law. LO 5
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