This report does not constitute a rating action. Northern averaged 135,000 barrels of oil equivalent per day (boe/d), with oil accounting for 58%. This growth is mostly driven by recent acquisitions and stronger well performance across multiple basins. Notably, the company achieved record production volumes in Appalachia as activity increased due to favorable natural gas prices and a 18% sequential increase in the Uinta Basin as SM Energy took over operatorship of the assets jointly acquired with Northern last year. Overall, we project Northern will average 130,000-135,000 boe/d in 2025, with a focus on natural gas development. . Northern plans to allocate about 66% of its capex to the Permian Basin, 20% to the Williston, 7% to the Appalachian, and
