Northern Oil and Gas, Inc.

Greetings and welcome to the NOG's first quarter 2026 earnings conference call. At this time, all lines are in a listen-only mode. The question and answer session will follow the formal presentation. If you would like to ask a question during this time, simply press the star 1 on your telephone keypad. And if you would like to withdraw your question, please press the star 1 again. As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Evelyn Inferna, Vice President, Investor Relations. Thank you. You may begin.

Good morning. Welcome to NOG's first quarter 2026 earnings conference call. Yesterday after the close, we released our financial results. You can access our earnings release and presentation in the investor relations section of our website at NOGinc.com. We will be filing our March 31st, 2026 10Q with the SEC within the next few days. I'm joined this morning by our Chief Executive Officer, Nick O'Grady, our President, Adam Derlam, our Chief Financial Officer, Chad Allen, and our Chief Technical Officer, Jim 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, they 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 we have 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. Reconciliations of these measures to the closest gap measures can be found in our earnings release. With that, I'll turn the call over to Nick.

Thank you, Evelyn. Welcome and good morning, everyone, and thank you for your interest in our company. I'll be very brief this quarter by highlighting nine key points. Number one, business activity remains stable with few observable changes since we last reported. Number two, potential changes to activity in 2026 remain a TBD for us as the effect of the Iran war is only now going to be potentially seen in AFE activity. We will update our investors accordingly throughout the year. Number three, the higher long dated pricing stays, the more likely we see a sustained change in activity, especially as we head into 2027. Number four, In the meantime, we've seen a reversal of curtailments in the Williston, and this will drive better capital efficiency throughout 2026. Number five, it was a banner first quarter for our ground game with an incredible 41 deals done while overall capital remains controlled. Number six, the current geopolitical storm is showing some key benefits and a few negatives to the business. We are seeing wide swings in oil differentials, which are likely benefiting our realizations materially, some in the Permian, but particularly in the Williston. On the gas front, Permian production remains hamstrung by limited takeaway for the time being, but we remain financially well insulated with significant basis hedges at less than $1 off Henry Hub. Number seven, our leasing program remains materially underappreciated. As through this effort, we've added over 70 net locations in the last year. Free cash flow yields aren't free when comparing us to peers that are just depleting away their inventory. Number eight, while all eyes are on Iran and the wide swings in spot prices, it is the longer-gated strip that matters. The improvement in the 2027 and 2028 strip are what drive growth in undeveloped activity and in asset prices, and these improvements should help stabilize activity going forward, lubricate the M&A market, reduce bid-ask spreads, and drive up our competitiveness. We have several exciting large-sized package prospects in evaluation and more coming as the M&A market heats up. The backlog has improved in both size and quality, which is highly encouraging for our business model. Number nine. Regardless of what happens in Iran, we believe things have been set in motion that will materially improve the long-term Strip's outlook, absent significant economic turmoil. That bodes well for activity, acquisitions, and for our investors. Given our hefty free cash flow generation, despite adding inventory, our improved balance sheet, and our reputation in the marketplace, there is a huge opportunity for our business to find meaningful growth paths. Again, thank you for your interest in our company. We remain focused on growing our enterprise the right way, and as always, our company run by investors for investors. With that, I'll turn it over to Adam.