NORTHERN OIL & GAS, INC.

Northern Oil and Gas, Inc. (NOGS) operates as an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties across the United States. The company functions as a non-operator, maintaining minority working and mineral interests in oil and natural gas properties rather than directly operating wells. This business model allows Northern Oil and Gas to diversify its investment exposure across multiple basins and operators while maintaining flexibility in capital allocation decisions.

The company's primary geographic focus encompasses four major basins: the Williston Basin, Permian Basin, Appalachian Basin, and Uinta Basin. As of December 31, 2025, Northern Oil and Gas held interests in 11,702 gross producing wells with an average working interest of 10.2% per well, maintaining relationships with more than 100 experienced operating partners. The company's proved reserves totaled 384.1 million barrels of oil equivalent, with production averaging 140.1 thousand barrels of oil equivalent per day in the fourth quarter of 2025. The reserve base consisted of 48% oil and 74% proved developed reserves.

The company's business strategy centers on growing reserves, production, and free cash flow while maintaining a strong balance sheet. Key strategic initiatives include diversifying risk through participation in numerous wells across multiple basins, pursuing value-enhancing acquisitions of smaller lease positions at discounts to larger producers' typical acquisition targets, and implementing a systematic hedging strategy targeting 65% or more of anticipated 18-month production. Northern Oil and Gas aims to maintain leverage at approximately 1.0x Debt to Adjusted EBITDA and provides stockholder returns through cash dividends and security repurchases.

The company's non-operated model provides distinct advantages, including reduced exposure to exploratory and infrastructure costs, flexibility in well-by-well participation decisions, and the ability to avoid minimum drilling obligations. Production is marketed by operating partners through short-term contracts tied to spot market prices, with oil sales typically reflecting discounts to NYMEX benchmarks representing transportation costs. Northern Oil and Gas operates as a single reportable segment within the oil and natural gas exploration and production industry.