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Northern Oil and Gas (NOG) USD

At a glance: strengths & risks
✓Revenue growing (+11%)✗Profit falling (-93%)✗Margins compressing (71%→43%)✗Only 10 years of reserves

Sector: Oil & gas

Geography: United States

COMM_NOG

Price chart

21.8 USDDay -1.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
21.8 USD · -1.13%
Market cap
2.1 bn USD

Growth

Δ revenue y/y
113.6%
Δ EBITDA y/y
-32.8%

Multiples

P/E (LTM)
54.7x
3y avg: 21.6x
P/B (FY)
1.0x
P/E (ann.)
<0
EV/EBITDA (LTM)
4.6x
3y avg: 3.8x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
8.3%
FCF yield (LTM)
-2.9%

Liquidity

Daily turnover (listing)
70.8 mln USD

Shares: yahoo_fundamentals_timeseries/NOG

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL1234.5
y/y 113.6%
—
y/y —
—
y/y —
—
y/y —
—
y/y —
———
y/y —
—
y/y —
——Link
2026-03-31Q1 2026 (3M)OK544.1
y/y -6.2%
152.4
y/y -26.5%
197.1
y/y -4.2%
349.5
y/y -15.4%
-522.8
y/y -476.2%
323.6-634.75514.8
y/y -2.8%
1784.4
y/y -25.7%
-107.0%2514.5Link
2025-12-31Q4 2025 (3M)OK831.5
y/y 61.5%
-279.8
y/y -311.0%
204.1
y/y -0.3%
-75.8
y/y -122.5%
-70.7
y/y -198.6%
312.6-308.15409.4
y/y -3.5%
2126.3
y/y -8.4%
1.8%2381.1Link
2025-09-30Q3 2025 (3M)OK485.9
y/y -35.5%
122.1
y/y -71.9%
199.4
y/y 7.4%
321.5
y/y -48.1%
-129.1
y/y -143.2%
423.1-352.65494.2
y/y 8.7%
2244.4
y/y -3.0%
-7.4%2314.2Link
2025-06-30Q2 2025 (3M)OK578.0
y/y 3.1%
196.0
y/y -10.5%
205.7
y/y 16.5%
401.8
y/y 1.6%
99.6
y/y -28.1%
362.1-327.35702.5
y/y 20.7%
2413.0
y/y 16.7%
16.5%2340.1Link
2025-03-31Q1 2025 (3M)OK580.3
y/y 46.4%
207.5
y/y 296.6%
205.7
y/y 18.2%
413.2
y/y 82.6%
139.0
y/y 1097.5%
407.4-264.65674.6
y/y 22.5%
2402.1
y/y 20.0%
23.5%2276.9Link
2024-12-31Q4 2024 (3M)OK515.0
y/y -35.1%
132.6
y/y -72.6%
204.7
y/y 35.4%
337.3
y/y -46.9%
71.7
y/y -81.6%
290.3-662.65603.8
y/y 25.0%
2320.4
y/y 13.3%
22.5%2360.4Link
2024-09-30Q3 2024 (3M)OK753.6
y/y 140.0%
433.9
y/y 922.5%
185.7
y/y 38.8%
619.6
y/y 251.6%
298.4
y/y 1043.0%
385.8-381.95055.3
y/y 17.4%
2313.5
y/y 64.3%
18.2%1918.7Link
2024-06-30Q2 2024 (3M)OK560.8
y/y 17.7%
218.9
y/y -6.8%
176.6
y/y 65.9%
395.5
y/y 15.9%
138.6
y/y -17.4%
340.5-223.24724.7
y/y 28.9%
2068.3
y/y 46.1%
27.2%1867.1Link
2024-03-31Q1 2024 (3M)OK396.3
y/y -31.9%
52.3
y/y -85.5%
174.0
y/y 83.9%
226.3
y/y -50.3%
11.6
y/y -96.6%
392.1-407.14633.8
y/y 38.6%
2002.0
y/y 91.0%
2.3%1906.3Link
2023-12-31Q4 2023 (3M)OK793.5
y/y —
484.0
y/y —
151.2
y/y —
635.2
y/y —
388.9
y/y —
342.4-340.64484.3
y/y —
2047.7
y/y —
53.4%1827.4Link
2023-09-30Q3 2023 (3M)OK314.0
y/y —
42.4
y/y —
133.8
y/y —
176.2
y/y —
26.1
y/y —
263.9-650.34304.7
y/y —
1407.8
y/y —
2.5%2044.4Link
2023-06-30Q2 2023 (3M)OK476.6
y/y —
234.8
y/y —
106.4
y/y —
341.2
y/y —
167.8
y/y —
307.8-410.23664.7
y/y —
1415.8
y/y —
54.5%1657.7Link
2023-03-31Q1 2023 (3M)OK582.2
y/y —
360.6
y/y —
94.6
y/y —
455.2
y/y —
340.2
y/y —
269.3-461.23342.9
y/y —
1048.1
y/y —
—1750.9Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
378.48 mln boe
2024
Reserve life (R/P)
10.4 yrs
reserves ÷ annual output
Annual production
36.41 mln boe
2025

Production, mln boe

5.9420155.0020165.4020179.33201814.09201912.11202019.63202127.56202236.07202333.30202436.41202513.352026

Proved reserves

YearReserves, mln boe
2024378.48
2023339.69
2022330.81
2021287.68
2020122.63
2019163.31
2018135.48
201775.83
2016540.81 *

Production

YearProduction, mln boeper day
202613.35 * (3M)
+9.9%		146 168
202536.41
+9.3%		99 742
202433.30
−7.7%		91 232
202336.07
+30.9%		98 822
202227.56
+40.4%		75 511
202119.63
+62.2%		53 792
202012.11
−14.1%		33 169
201914.09
+51.1%		38 604
20189.3325 555

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 92spot vs LTM +27%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

135.0132.3129.5126.7123.920242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 7.8 yr

384.1383.1382.2381.2380.320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31135384.1——
2024-12-31123.9380.3——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix assumption used (default 55% oil / 35% gas / 10% NGL). Set `spot_forecast.revenue_mix` to override or wire `operations.production_pricing` in `data/us_ep_operations_patch.json`.
Spot 12M revenue
2 314 USDm
+5.7% vs LTM
Spot 12M EBITDA
1 545 USDm
+4.0% vs LTM
EV / Spot EBITDA
3.0x
current EV 4 635m ÷ spot EBITDA 1 545m
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)2 188 USDm
LTM EBITDA (last 4 quarters)1 486 USDm
Baseline cash costs (revenue − EBITDA)702 USDm
Revenue mix: oil / gas / NGL / other55.0% / 35.0% / 10.0% / 0.0%
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.38 · LTM avg 73.96 · 3y avg — → spot move +14.1%
Gas — spot & 3y avg vs LTMspot 2.92 · LTM avg 3.36 · 3y avg — → spot move -13.0%
NGL — spot & 3y avg vs LTMspot 6 325.00 · LTM avg 5 053.01 · 3y avg — → spot move +25.2%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)768 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue2 314 USDm
= Spot EBITDA1 545 USDm
= EBITDA at 3y avg commodity prices1 350 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)4 635 USDm
EV ÷ Spot EBITDA3.0x

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

2025-12-31 · FY

Production & proved reserves

FY2025 net production and year-end proved reserves (US_EP curated patch). R/P 7.8 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)135
Proved reserves (net, MMboe)384.1

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and year-end proved reserves (US_EP curated patch). R/P 8.4 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)123.9
Proved reserves (net, MMboe)380.3

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +11% vs +3% the year before — a +8.5 pp move. 3-year CAGR +16%.
revenue growth by year: 2023 +38% · 2024 +3% · 2025 +11%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.7x · target 75th pct (3y) 3.9x · LTM avg 4.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-290.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2026-03-300.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-12-300.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-09-290.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-06-270.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2025-03-280.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2024-12-300.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2024-09-270.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2024-06-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2024-03-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-12-270.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2023-09-270.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2023-06-280.37 USDEx-dividend: 0.37 USD per sharePaidYahoo Finance (ex-div)
2023-03-290.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2022-12-280.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-09-280.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2022-06-280.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2022-03-290.14 USDEx-dividend: 0.14 USD per sharePaidYahoo Finance (ex-div)
2021-12-290.08 USDEx-dividend: 0.08 USD per sharePaidYahoo Finance (ex-div)
2021-09-290.045 USDEx-dividend: 0.045 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Northern Oil and Gas (NOG) — from primary filings.

Northern Oil and Gas, Inc. is an independent energy company focused on acquiring, exploring, and developing oil and natural gas properties in the United States.

Frequently asked questions

What is Northern Oil and Gas (NOG)'s P/E ratio?
Northern Oil and Gas (NOG) trades at a P/E of 54.7x (price to trailing 12-month earnings).
What is Northern Oil and Gas (NOG)'s EV/EBITDA?
Northern Oil and Gas (NOG) trades at 4.6x EV/EBITDA.
What is Northern Oil and Gas (NOG)'s P/B ratio?
Northern Oil and Gas (NOG) trades at a P/B of 1.0x.
What is Northern Oil and Gas (NOG)'s dividend yield?
Northern Oil and Gas (NOG)'s trailing 12-month dividend yield is 8.3%.
What is Northern Oil and Gas (NOG)'s return on equity (ROE)?
Northern Oil and Gas (NOG)'s ROE is -107.0%.
What is Northern Oil and Gas (NOG)'s market capitalization?
Northern Oil and Gas (NOG)'s market cap is 2.1 bn USD.