Northern Oil and Gas, Inc.

Greetings and welcome to the NOG's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Evelyn Inferna, Vice President, Investor Relations. Thank you. You may begin.

Good morning. Welcome to NOG's third quarter 2025 earnings conference call. Yesterday, after the close, we released our financial results. You can access our earnings release and presentation in the Investors Relations section of our website at NOGinc.com. We will be filing our September 30th 10-2 with CFTC within the next few days. I'm joined this morning by our Chief Executive Officer, Nico Grady, our President, Adam Gerland, our Chief Financial Officer, Chad Allen, and our Chief Technical Officer, Jen Evans. Our agenda for today's call is as follows. Nick will provide introductory remarks, followed by Adam, who will share an overview of NOG's operations and business development activities. And Chad will review our financial results. After our prepared remarks, the team will be available to answer any questions. Before we begin, let me remind you of our safe harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by our forward-looking statements. Those risks include, among others, matters that have been described in our earnings release, as well as in our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update these forward-looking statements. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Reconciliation of these matters to the closest GAAP measures can be found in our earnings release. With that, I'll turn the call over to Nick.

Thanks, Evelyn. Welcome and good morning, everyone, and thank you for your interest in our company. I will, as usual, provide you with some highlights on our outlook and five quick points. Number one, the business remains very solid. Our activity remains stable. Our D&C list has continued to march on with high-quality, low-break-even activity, and we remain on target for the year and expect a strong exit into 2026. Number two, we and many of our operators have been cautious and disciplined with our joint capital. We have explained that being return-driven versus growth-driven means we will react accordingly and be judicious with how we allocate our capital. So far, given the commodity complex, this strategy has proven to be sensible. This allows us to preserve our growth inventory and capital for periods where we can maximize value for our investors and ramp aggressively when it's appropriate in the cycle. yet we've also grown our gas volumes into a stronger backdrop as we allocate capital accordingly. Number three, it also means we can focus some of our capital for long-term value creation. We have never been busier on the BD front, ever. We have been clear that our priorities are focused on creating long-term value, and we believe that disciplined, long-term strategic opportunities are best suited in this environment to create value. Our recent minerals and royalty deal typifies this strategy, adding long-term growth, low-risk assets into the portfolio that will prove highly resilient to short-term gyrations in the commodity market. Number four, we've been purposely tactical in regards to our capital stack. The balance sheet management we have undertaken may not be fully appreciated yet, but it is critical to how we navigate the current marketplace. With a tack-on to our convert earlier this year, our recent bond and tender transaction, and the recent extension of our bank facility, we will see some substantive benefits to the corporation. In the current case, we will exit 2025 with potentially more than $300 million of additional liquidity as compared to the beginning of 2025. We will also see a further reduction in interest rates with our new RBL terms. We've entered into interest rate swaps to further reduce those rates and can increase this amount if warranted. The extra cash flow, this substantial increase in liquidity, and the longer tenure of our debt maturities continues to set us up to pounce on counter-cyclical investments as we intend to. Number five, we continue to actively manage other risks, such as commodity exposure. You'd be hard-pressed to find a better hedge company than ours. This actively managed hedge program allows us to better navigate the typical commodity cycle. This practice is another factor that protects our business and allows us to continue to take the offensive through trough periods. In summary, the business remains solid as a rock, inorganic opportunities are more robust than ever, and we've taken substantial steps on the risk and capital management front to ensure our ability to take advantage of any cycle. We firmly believe that energy has more growth in value-creating prospects than the bulk of the upstream sector, and we look forward in the coming quarters and years to proving this thesis to our investors. Thank you for your interest in our company, and with that, I'll turn it over to Adam.