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NOG

Northern Oil and Gas, Inc.

NOG

Northern Oil and Gas, Inc. • NYSE
$22.39 ▲ 1.87% (+0.41)
Market Cap $2.19 B
52w High $43.78
52w Low $19.88
Dividend Yield 1.77%
P/E 12.3
Volume 643.53K
Outstanding Shares 97.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $485.868M ▼ $14.102M ▼ $-129.074M ▼ -26.566% ▼ $-1.33 ▼ $73.524M ▼
Q2-2025 $577.99M ▼ $39.037M ▲ $99.585M ▼ 17.23% ▼ $1.02 ▼ $381.955M ▼
Q1-2025 $580.337M ▲ $-4.743M ▼ $138.982M ▲ 23.948% ▲ $1.41 ▲ $435.327M ▲
Q4-2024 $549.201M ▲ $52.688M ▲ $71.699M ▼ 13.055% ▼ $0.72 ▼ $337.772M ▼
Q3-2024 $515.488M $-225.682M $298.446M 57.896% $3 $619.717M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.648M ▲ $5.494B ▼ $3.25B ▼ $2.244B ▼
Q2-2025 $25.856M ▼ $5.702B ▲ $3.289B ▲ $2.413B ▲
Q1-2025 $33.576M ▲ $5.675B ▲ $3.273B ▼ $2.402B ▲
Q4-2024 $8.933M ▼ $5.604B ▲ $3.283B ▲ $2.32B ▲
Q3-2024 $34.356M $5.055B $2.742B $2.314B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-129.074M ▼ $423.12M ▲ $-352.577M ▼ $-64.751M ▼ $5.792M ▲ $70.543M ▲
Q2-2025 $99.585M ▼ $362.112M ▼ $-327.255M ▼ $-42.577M ▲ $-7.72M ▼ $30.857M ▼
Q1-2025 $138.982M ▲ $407.426M ▲ $-264.558M ▲ $-118.225M ▼ $24.643M ▲ $146.868M ▲
Q4-2024 $71.699M ▼ $290.278M ▼ $-662.638M ▼ $346.937M ▲ $-25.423M ▼ $-414.954M ▼
Q3-2024 $298.446M $385.761M $-381.861M $22.678M $26.578M $3.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas and NGL
Natural Gas and NGL
 $70.00M ▲$120.00M ▲$170.00M ▲$80.00M ▼
Oil and Gas
Oil and Gas
 $540.00M ▲$580.00M ▲$570.00M ▼$480.00M ▼
Oil
Oil
 $470.00M ▲$460.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Northern Oil and Gas has grown from a small, loss‑making business in 2020 into a much larger, consistently profitable producer. Revenue has climbed severalfold over the period, reflecting aggressive expansion and higher production volumes. Profitability improved sharply, with operating earnings and EBITDA moving from deep losses to strong, healthy levels. The peak in earnings was in the prior couple of years, with the most recent year showing still solid but somewhat lower net income and earnings per share, which likely reflects softer commodity prices, higher costs, or integration of new assets. Overall, the income statement shows a company that has successfully scaled up, but with earnings now stabilizing rather than surging.

Balance Sheet

Balance Sheet The balance sheet has strengthened dramatically in a few years, moving from negative equity to a solid positive capital base. Total assets have expanded several times over, driven by ongoing acquisitions and development of oil and gas interests. Debt has also risen meaningfully, so this growth has been funded partly with borrowing, not just internal cash. While leverage remains a key consideration, the company now has a much more robust equity cushion than in the past, which improves resilience. Cash on hand is kept very lean, meaning liquidity management and access to financing remain important watchpoints.

Cash Flow

Cash Flow Cash generation from operations has become both stronger and more consistent, showing that the core asset base now reliably throws off cash. At the same time, the company is plowing a large portion of that cash, and then some, back into capital spending and acquisitions. As a result, free cash flow has generally been negative in recent years, not because the business is weak, but because management is prioritizing growth and portfolio expansion. This reinvestment-heavy approach can amplify returns if deals remain disciplined, but it also ties the story closely to capital markets and ongoing access to funding. The shift from early, fragile cash flows to larger but heavily reinvested cash flows is one of the central themes in NOG’s profile.

Competitive Edge

Competitive Edge NOG’s edge comes less from operating wells and more from how it chooses where to invest. It is now one of the largest non‑operated oil and gas owners in the U.S., which gives it scale, deal flow, and a reputation as a preferred partner for operators looking to sell interests. The portfolio is spread across several major basins, which reduces dependence on any single region or operator. Its lean structure and lower overhead versus traditional drillers help it keep more of every dollar earned. The main competitive vulnerabilities are reliance on outside operators to execute, exposure to commodity cycles, and the need to continually find attractive deals to sustain growth.

Innovation and R&D

Innovation and R&D Innovation at NOG is mainly about business model and data, not lab research. The company has built a large proprietary database on wells and operators and uses an in‑house technical team to analyze performance, screen opportunities, and forecast returns. This data‑driven approach is central to its ability to “cherry‑pick” non‑operated interests rather than simply buy broad exposure. Future innovation is likely to come from better analytics, more refined portfolio optimization, and continued refinement of its acquisition playbook, including the smaller “ground game” deals. In short, NOG’s R&D is about getting smarter and faster at capital allocation, not inventing new drilling technologies.

Summary

Northern Oil and Gas has undergone a clear transformation from a stressed, loss‑making company to a scaled, profitable energy platform. Its non‑operated model, combined with diversification across basins and a data‑centric investment process, has produced strong operational cash generation and a much stronger equity base. The strategy is aggressive: significant borrowing and heavy reinvestment into new interests fuel growth but keep free cash flow negative and raise sensitivity to capital markets and commodity prices. Dependencies on third‑party operators and on disciplined acquisitions remain core risks. Overall, NOG now looks like a mature, specialized platform whose future will be defined by how well it balances growth, leverage, and the quality of its deal pipeline in a cyclical industry.

NEWS

November 6, 2025 · 4:05 PM UTC

NOG Announces Third Quarter 2025 Results

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November 6, 2025 · 7:00 AM UTC

NOG Reprices and Extends Its Revolving Credit Facility

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November 5, 2025 · 4:10 PM UTC

NOG Declares Quarterly Cash Dividend

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October 21, 2025 · 4:05 PM UTC

NOG Provides Third Quarter Update

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October 9, 2025 · 4:05 PM UTC

NOG Schedules Third Quarter Earnings Release and Conference Call

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