NOG ESG and Financial Performance

Capacity to Pursue Growth Assets At >$6B, NOG's opportunity set is at a historic high. Recent notes issuance and equity offering provide dry powder to pursue high-quality, low breakeven growth assets that should enhance cash flows and shareholder returns in both the short and long term. Illustrative Opportunities Partial Buy-Down / Drilling Joint Ventures Distinct drilling programs with strong governance Minority undivided interest purchased across assets while operator retains existing ownership and control (e.g. MPDC transaction) Across multiple basins including Permian, Williston, Appalachia and other contending basins such as the Eagle Ford Co-Purchase with Operating Partners Buying undivided, minority, interests alongside an operated partner in operated asset packages (e.g. Forge transaction, 30% NOG/70% VTLE) Primarily Permian and Appalachia opportunities Traditional Non-Op Bolt-On Fractional working interest opportunities across broad sets of portfolio Generally low concentration risk Scaled non-op packages continue to sell for material discounts to operated assets of equal quality Evaluating Williston, Permian and other contending basins Investor Presentation June 2023 | 12 NOG

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