Northern Oil and Gas Inc (NYSE: NOG) is an oil and gas company that acquires and holds non-operated working interests in oil and natural gas properties across multiple U.S. basins. Revenue comes entirely from the sale of oil, natural gas, and natural gas liquids (NGLs) produced by third-party operators on properties in which NOG holds a fractional working interest. NOG does not operate any wells itself, relying on more than 100 operating partners to develop and produce hydrocarbons. Average daily production grew from 131,777 Boe per day in Q4 2024 to 140,064 Boe per day in Q4 2025, with acquisitions as the primary growth driver. No single operating partner represented more than 11% of Q4 2025 oil and natural gas sales. Operations span the Williston Basin, Permian Basin, Appalachian Basin, and Uinta Basin, a geographic mix built largely through acquisitions since 2020. The business is capital-intensive, carries debt obligations including Convertible Notes, and pays dividends on common stock. The company is headquartered in the United States and files with the SEC.

Revenue model

Transactional revenue from the sale of oil, natural gas, and NGLs. NOG owns fractional working interests in wells operated by third parties and receives proceeds from production net of operating costs and taxes. Commodity prices are the primary revenue driver.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs) produced from non-operated working interest positions in U.S. onshore basins.

Customers and end markets

Commodity markets for crude oil, natural gas, and NGLs. End markets are energy consumers and commodity purchasers. No customer concentration data disclosed in the excerpts.

Value-chain role

Non-operator working interest owner. NOG provides capital to fund its proportional share of drilling and completion costs but does not operate wells, make drilling decisions, or manage field operations. Operators manage all technical and operational activities.

Geographic exposure

United States onshore: Williston Basin (legacy core area prior to 2020), Permian Basin, Appalachian Basin, and Uinta Basin (added via acquisitions since 2020). As of December 31, 2025.

Source: SEC 10-K, filed 2026-02-26

Industry: Crude Petroleum & Natural Gas Peers: EARTHSTONE ENERGY INC California Resources Corp Callon Petroleum Co Permian Resources Corp ConocoPhillips STR Sub Inc. Gulfport Energy Corp Highpeak Energy Inc Kosmos Energy Ltd