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Northern Oil and Gas, Inc. (NOG) USD

Non-operated working-interest portfolio across major North American oil and gas basins.

At a glance: strengths & risks
✓Revenue growing (+5% y/y, Q2 2026)✓Profit growing (+138% y/y, Q2 2026)✓Commodity price +39% vs 1-yr · +6% vs 3-yr✗Only 10 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 5.5 vs avg 4.0)

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_NOG

Price chart

26.58 USDDay 1.03%

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
26.58 USD · 1.03%
Market cap
2.8 bn USD

Growth

Δ revenue y/y
5.4%
Δ EBITDA y/y
5.0%

Multiples

P/E (LTM)
73.1x
3y avg: 23.6x
P/B (FY)
1.3x
P/E (ann.)
3.0x
EV/EBITDA (LTM)
5.5x
3y avg: 4.0x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
6.8%
FCF yield (LTM)
4.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-98.3%
↓ details

Liquidity

Daily turnover (listing)
43.2 mln USD

Shares: sec_companyfacts/1104485

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)OK745.2
y/y 5.4%
352.5
y/y 100.1%
48.5
y/y -76.4%
401.0
y/y 5.0%
236.6
y/y 137.6%
321.6-379.85827.9
y/y 2.2%
1995.3
y/y -17.3%
50.1%2677.2Link
2026-03-31Q1 2026 (3M)OK544.1
y/y -9.6%
152.4
y/y -33.5%
197.1
y/y -4.2%
349.5
y/y -19.6%
-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)OK610.2
y/y 18.5%
-33.8
y/y -125.5%
204.1
y/y -0.3%
170.2
y/y -49.5%
-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)OK556.6
y/y -26.1%
-125.8
y/y -129.0%
199.4
y/y 7.4%
73.6
y/y -88.1%
-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)OK706.8
y/y 26.0%
176.2
y/y -19.5%
205.7
y/y 16.5%
381.9
y/y -3.4%
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)OK602.1
y/y 51.9%
229.3
y/y 338.2%
205.7
y/y 18.2%
435.0
y/y 92.2%
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 —
342.4-378.64484.3
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 —
307.8-372.43664.7
y/y —
1415.8
y/y —
54.5%1659.6Link
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 —
269.3-461.03342.9
y/y —
1048.1
y/y —
—1744.0Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)2 725
− Cash & equivalents48
Net debt2 677

Net debt / LTM EBITDA: 2.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-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

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 2.71x of reported net profit; after capex, -0.51x.
year202320242025
cash flow / profit1.28x2.71x38.84x
accruals, % of assets-5.8%-15.8%-27.1%
net debt / EBITDA 2.2x · EBIT covers interest 1.4x · capex 2.4x of depreciation · share count +3.9% a year
● EBIT covers interest 1.4x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

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)
10.5 yrs
reserves ÷ annual output
Annual production
36.07 mln boe
2023

Production, mln boe

14.09201912.11202019.63202127.56202236.072023

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, mln boe
202626.60 * (6M)
+9.3%		0.15
202536.41 * (9M)
+9.3%		0.13
202433.30 * (9M)
+30.3%		0.12
202336.07
+30.9%		0.10
202227.56
+40.4%		0.08
202119.63
+62.2%		0.05
202012.11
−14.1%		0.03
201914.090.04
20189.33 * (12M)
+72.7%		0.03

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 100spot vs LTM +38%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -98.3% ▲ +0.0 pp 1d

Main driver: WTI Crude Oil +39% vs LTM; revenue ×1.31 vs costs ×1.05; EBITDA 994→1 357; at 2.0× EV/EBITDA → -98%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+85%99.9971.9676.42+39%+6%
Henry Hub Gas (rev)+15%2.833.383.12-16%-8%
WTI Crude Oil (cost)-3%99.9971.9676.42+39%+6%
Henry Hub Gas (cost)-1%2.833.383.12-16%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 456
LTM EBITDA994
LTM cash costs (revenue − EBITDA)1 462
2 · Revenue projection
Revenue multiplier — spot×1.307 (+31%)
= Spot revenue3 209
Revenue multiplier — 3y price×1.041 (+4%)
= 3-year-price revenue2 557
3 · Costs projection
Cost multiplier — spot×1.048 (+5%)
= Spot cash costs1 533
Cost multiplier — 3y price×1.039 (+4%)
= 3-year-price cash costs1 519
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 677
= 3-year-price EBITDA1 037
Conservative EBITDA = min(spot, avg)1 357
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA2 714
Net debt2 677
Target market cap = EV − net debt37
Current market cap2 199

Upside = target market cap ÷ current − 1 = -98.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q1396519-23.6%226376-39.9%
2024 Q2561505+11.1%396351+12.8%
2024 Q3754485+55.5%620323+91.6%
2024 Q4515597-13.8%337437-22.8%
2025 Q1602579+4.0%435413+5.3%
2025 Q2707559+26.3%382395-3.3%
2025 Q3557600-7.2%74394-81.3%
2025 Q4610550+11.0%170255-33.2%
2026 Q1544672-19.1%350309+13.1%
2026 Q2745808-7.7%401434-7.7%

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——

2025-12-31 · FY

Production & proved reserves

FY2025 average daily production and year-end 2025 proved reserves per NOG FY2025 results release.

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

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1, Net Production / Average Sales Prices table (nog-20251231.htm). NOG bundles NGLs into 'Natural Gas and NGLs' volumes/prices in this table, so NGLs are reported with gas; NGL volume/price are not broken out separately and therefore omitted.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil27.6 MMBbls59.20 USD/bbl1,634.681.4%
Natural gas130,084 MMcf2.87 USD/Mcf373.318.6%
Total (implied product revenue)2,007.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,475.7USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative61.3USD mln
Impairment — oil & gas properties702.7USD mln
Income tax expense (benefit)23.9USD mln
Total costs and expenses (consolidated)2,229.9USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 approximations derived from FY2025 release: production +9% YoY; proved reserves +1% YoY.

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

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,225.7USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative50.5USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)160.5USD mln
Total costs and expenses (consolidated)1,387.9USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

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

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,166.3USD mln

Selected expenses (SEC tags)

Line itemAmount
General & administrative46.8USD mln
Interest expense135.7USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)77.8USD mln
Total costs and expenses (consolidated)1,044.4USD mln

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 —.
revenue growth by year: 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 1.2x · target 75th pct (3y) 1.9x · LTM avg 4.8x

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).

Investor reporting (IR): https://ir.northernoil.com/

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, Inc. (NOG) — from primary filings.

Frequently asked questions

What is Northern Oil and Gas, Inc. (NOG)'s P/E ratio?
Northern Oil and Gas, Inc. (NOG) trades at a P/E of 73.1x (price to trailing 12-month earnings).
What is Northern Oil and Gas, Inc. (NOG)'s EV/EBITDA?
Northern Oil and Gas, Inc. (NOG) trades at 5.5x EV/EBITDA.
What is Northern Oil and Gas, Inc. (NOG)'s P/B ratio?
Northern Oil and Gas, Inc. (NOG) trades at a P/B of 1.3x.
What is Northern Oil and Gas, Inc. (NOG)'s dividend yield?
Northern Oil and Gas, Inc. (NOG)'s trailing 12-month dividend yield is 6.8%.
What is Northern Oil and Gas, Inc. (NOG)'s return on equity (ROE)?
Northern Oil and Gas, Inc. (NOG)'s ROE is 50.1%.
What is Northern Oil and Gas, Inc. (NOG)'s market capitalization?
Northern Oil and Gas, Inc. (NOG)'s market cap is 2.8 bn USD.

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