Investor Presentaiton
Asset Sales Cycle Driving Growth
Consolidation is afoot in the upstream industry, providing episodic access to high quality, low break-even growth assets. NOG has been
selectively participating in this cycle by "flexing leverage" in the short term while working toward its stated leverage target over time. The
Company will adjust leverage up or down in line with macro-economic conditions and outlook on how to achieve optimal corporate returns.
0.0x
Lack of Consolidation Opportunities,
Continued Deleveraging or Potential for
Accelerated Shareholder Returns
1.0x
Net Debt to LQA Adj. EBITDA Range
1.5x
Flexing Leverage Temporarily to Secure
Target-Rich Growth Opportunities
Harvest
Protect
Allocating Capital to Provide Optionality
Invest
Q3 2023 Earnings Presentation 21 NOG
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