Investor Presentaiton

NON-GAAP Reconciliations: ROCE & Recycle Ratio Q3-23 Return on Capital Employed (ROCE) EBIT Capital Employed 34.8% EBIT: $1,006.9MM (Q3 23 annualized) • + Adj. EBITDA: $385.5MM • • - DD&A: $133.8MM Capital Employed: $2,896.0MM (Avg. of Q3 22/23) • + Total Assets: $3,388.1MM (Avg. of Q3 22/23) • - Current Liabilities: $492.1MM (Avg. of Q3 22/23) Q3-23 Return on Capital Employed (ROCE) - Adjusted to exclude impairment charges post Q2 20 EBIT Capital Employed = 24.5% EBIT: $916.9MM (Q3 23 annualized) • + Adj. EBITDA: $385.5MM • - DD&A: $156.3MM Capital Employed: $3,736.0MM (Avg. of Q3 22/23) • + Total Assets: $4,228.2MM (Avg. of Q3 22/23) ⚫ - Current Liabilities: $492.1MM (Avg. of Q3 22/23) Q3-23 Recycle Ratio Cash Margin DD&A || 1) Incorporates Adjusted Cash G&A of $0.77/Boe, which excludes certain acquisition related expenses Note: Adjusted EBITDA is a non-GAAP measure. Numbers may be off due to rounding. 2.9x • Cash Margin: $40.89/Boe • + Realized avg. commodity price: $54.90/Boe ⚫ - Cash Costs: $14.01/Boe¹ DD&A Rate: $14.21/Boe Investor Presentation November 2023 | 37 NOG

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