Investor Presentaiton

Q3 2023 Financial & Operating Highlights 1) 2) Q3 Free Cash Flow (1) $127.8MM +169% vs. Q2-23, as 1H investments convert to cash flow Q3 Production 102.3 Mboe/d +12.6% vs. Q2-23; Half-quarter contribution from Novo Q3 Adj. EBITDA (1) $385.5MM +22% vs Q2-23 Dividend Growth +52% vs. Q3-22, +2.7% vs. Q2-23 Q3 Adjusted ROCE (1) 24.5% +160 bps vs. Q2-23 Q3 Leverage (1) 1.35x Net Debt/LQA Adj. EBITDA ~Flat vs. Q2-23, despite partial Novo quarter Free Cash Flow, Adjusted EBITDA, 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. Calculated as (i) total net debt as of 9/30/23, less $290.6 million in proceeds from October issuance of common stock, divided by (ii) LQA Adj. EBITDA. Record Production & EBITDA; Positioned for 2024 Growth Active Ground Game in Q3, D&C List Reaches New Record • Adjusted EBITDA $385.5MM in Q3, +22% QoQ • Q3 net production per day +12.6% QoQ, +29.3% YoY • Net D&C in-process list now 74.2, up 21% YoY • • 2H FCF accelerating as 1H investments come online and contribute to revenues and production • Recycle ratio of 2.9x and Adjusted ROCE (1) of 24.5% Ground Game & Acquisition Landscape • • Completed Novo acquisition for ~$468 million adjusted closing price • Significant Ground Game success in the third quarter Acquisition opportunities currently spooling in Permian and Appalachian Shareholder Returns • • $0.38 Q3 Dividend declared, 52% increase YoY • $0.40 Q4 Dividend declared, 33% increase YoY Anticipate Board to maintain recently declared dividend level through year-end 2024 Balance Sheet & Liquidity • Leverage ratios roughly flat QoQ • Pro forma for recent stock offering, leverage ratio approximated ~1.16x(2) Ample liquidity: over $875 million at quarter end, further increased by October common stock offering Leverage projected to be well below 1x at current pricing strip by Q2 2024 Investor Presentation November 2023 | 28 NOG

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