NORTHERN OIL & GAS Business Summary

Northern Oil & Gas, Inc. (NOG) operates as the largest independent non-operated exploration and production (E&P) company in the United States, generating revenue through the sale of crude oil, natural gas, and natural gas liquids (NGLs). Its business model is centered on acquiring minority working interests in high-quality acreage where premier third-party operators, such as EOG Resources or ConocoPhillips, manage the drilling and day-to-day operations. This capital-efficient strategy allows NOG to diversify its risk across thousands of wellbore interests while maintaining a lean corporate structure. The company’s primary business segments are geographically concentrated in the Williston Basin, the Permian Basin, and the Appalachian Basin, with a focus on high-return, low-breakeven inventory. NOG competes directly with other non-operated specialists and diversified E&P firms like Granite Ridge Resources, Vital Energy, and Chord Energy, positioning itself as a consolidator of choice in the non-op space due to its superior scale and access to capital. The executive leadership team is led by Chief Executive Officer Nicholas O'Grady, a former energy investor at Hudson Bay Capital and Sigma Capital who has overseen the company’s transition into a diversified national player. He is supported by President Adam Dirlam, who leads the firm’s aggressive M&A and business development efforts, and Chief Financial Officer Chad Allen, who manages the company’s disciplined hedging and capital allocation frameworks. Chief Investment Officer James Evans further bolsters the team with deep expertise in energy asset valuation. The company’s Board of Directors is chaired by Bahram Akradi, the founder and CEO of Life Time Group Holdings, who is a significant shareholder. NOG’s institutional pedigree is reinforced by a shareholder base dominated by major asset managers including BlackRock, Vanguard, and State Street, reflecting its status as a premier yield-focused vehicle within the energy sector.