NOG Declares $0.34 Quarterly Cash Dividend, 13% Increase over Prior Quarter; Provides Operations and Shareholder Return Updates

Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock. The Company is also providing operational and shareholder return updates.

DIVIDEND DECLARATION

NOG’s Board of Directors has declared a cash dividend in the amount of $0.34 per share, representing a 13% increase from the prior quarterly dividend. The dividend is payable on April 28, 2023, to stockholders of record as of the close of business on March 30, 2023.

FUTURE DIVIDEND PLANS

Management intends to submit a recommendation to the Board of Directors for a further 9% increase to NOG’s quarterly common stock dividend, to $0.37 per share, for the second quarter of 2023. Pending Board approval, this would represent the achievement of NOG’s most recently stated dividend growth plan two quarters ahead of plan.

OPERATIONAL UPDATE

During the fourth quarter of 2022, severe weather affected production volumes in the Williston and Permian Basins. The Company estimates that its December production was impacted by approximately 10,000 Boe per day, with the Williston Basin accounting for approximately 82% of the reduction and the Permian representing approximately 18%. Despite weather related outages, the Company expects total 2022 production in the range of 75,250 to 75,550 Boe per day, in line with prior guidance. NOG expects total production volumes to be slightly lower for the fourth quarter of 2022 compared to the third quarter, but with higher average daily oil production than in the third quarter of 2022. Total acquisition and development capital expenditures are expected to be in the range of $143-145 million for the fourth quarter.

Despite the severe weather, the Company turned-in-line 19.9 net wells during the fourth quarter, with 5.9 net wells in late December, building strong momentum into 2023. Operations have substantially returned to normal in January 2023.

Mark-to-market losses on derivatives for the fourth quarter are estimated to be approximately $12.2 million and realized hedge losses are estimated to be approximately $63.0 million. Realized prices for natural gas are estimated to be 90-92% as a percentage of average NYMEX Henry Hub prices for the fourth quarter. Realized prices for oil are estimated to be at a discount of $2.40 - $2.45 of average NYMEX WTI benchmark prices for the fourth quarter. Operating costs in the fourth quarter will be elevated to $10.05-$10.10 per Boe reflecting the outages and lower production levels; the Company expects unit costs to seasonally normalize in the first quarter of 2023.