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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 +42% vs 1-yr · +7% vs 3-yr✗Only 10 years of reserves✗Priced above model value✗Pricier than own history (EV/EBITDA 5.7 vs avg 4.0)

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_NOG

Price chart

28.15 USDDay -1.16%

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
28.15 USD · -1.16%
Market cap
3.0 bn USD

Growth

Δ revenue y/y
5.4%
Δ EBITDA y/y
5.0%

Multiples

P/E (LTM)
—
3y avg: 23.6x
P/B (FY)
1.4x
P/E (ann.)
3.2x
EV/EBITDA (LTM)
5.7x
3y avg: 4.0x
EV/EBITDA (ann.)
3.5x

Cash return

Dividend yield
6.4%
FCF yield (LTM)
4.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-97.1%
↓ details

Liquidity

Daily turnover (listing)
47.8 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

Operating and investing cash flow (OCF + ICF) ($ 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 102spot vs LTM +32%

Commodity-player potential

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

Upside: -97.1% ▲ +0.8 pp 1d

Main driver: WTI Crude Oil +42% vs LTM; revenue ×1.32 vs costs ×1.05; EBITDA 994→1 379; at 2.0× EV/EBITDA → -97%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+85%102.1171.9676.76+42%+7%
Henry Hub Gas (rev)+15%2.583.383.12-24%-8%
WTI Crude Oil (cost)-3%102.1171.9676.76+42%+7%
Henry Hub Gas (cost)-1%2.583.383.12-24%-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×1.321 (+32%)
= Spot revenue3 243
Revenue multiplier — 3y price×1.045 (+5%)
= 3-year-price revenue2 567
3 · Costs projection
Cost multiplier — spot×1.049 (+5%)
= Spot cash costs1 533
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 520
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 711
= 3-year-price EBITDA1 047
Conservative EBITDA = min(spot, avg)1 379
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)2.0x
Target EV = EV/EBITDA × conservative EBITDA2 758
Net debt2 677
Target market cap = EV − net debt80
Current market cap2 770

Upside = target market cap ÷ current − 1 = -97.1%

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 6.5x

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

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Chord Energy CorporationUS8.63.5x
APA CorporationUS18.23.6x
SM Energy CompanyUS9.54.8x
Ovintiv Inc.US20.15.4x
Permian Resources CorporationUS19.45.4x
EQT CorporationUS34.35.9x
Devon Energy CorporationUS40.26.2x
EOG Resources, Inc.US86.66.5x
Antero Resources CorporationUS12.87.5x
Canadian Natural Resources LimitedUS115.68.6x
Range Resources CorporationUS12.69.3x
Diamondback Energy, Inc.US58.110.8x
Group median6.1x
Group average6.5x
This companyUS3.05.7x

Group median 6.1x; this company 5.7x — a 6% discount.

Group average 6.5x; against the average this company is at a 12% discount.

At the adjusted group median the market cap would be +11% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 3.7x, South Africa 5.1x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-290.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
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)

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 EV/EBITDA?
Northern Oil and Gas, Inc. (NOG) trades at 5.7x 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 1.4x.
What is Northern Oil and Gas, Inc. (NOG)'s dividend yield?
Northern Oil and Gas, Inc. (NOG)'s trailing 12-month dividend yield is 6.4%.
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 3.0 bn USD.

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