Investor Presentation June 2023

NOG's M&A Execution Has Led to Significant Market Outperformance Since year-end 2020 NOG has outperformed the XOP by over 150% 350% 300% 250% 200% 150% 100% 50% 0% Dec-20 Jun-21 Large-Scale Acquisitions: Dec-21 Williston Source: Data per FactSet as of 5/12/23. Note: Acquisition markers in price performance chart represent transaction closing dates except for Forge acquisition. 1) The XOP represents the SPDR S&P Oil & Gas Exploration & Production ETF, Ticker: XOP. Jun-22 Appalachia Dec-22 Permian Forge NOG +260% Since YE'20 XOP (1) +103% Since YE'20 Investor Presentation June 2023 | 16 NOG

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