Northern Oil and Gas, Inc.
northernoil.comWhat Do They Do?
Produces and sells oil and natural gas from non-operated U.S. properties to oil and gas purchasers, with operating partners handling drilling and sales.
10-K for FY2025, filed Feb 26, 2026We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and…View ↗
Historically, we have not managed our commodities marketing activities internally. Instead, our operating partners generally market and…View ↗
Our oil production is expected to be sold at prices tied to the spot oil markets. Our natural gas production is expected to be sold under…View ↗
How Do They Make Money?
Customers pay for delivered oil and natural gas at prices tied to local indexes and volumes; operating partners remit NOG’s share one to three months after delivery.
10-K for FY2025, filed Feb 26, 2026
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service (Oil and Gas Sales) ↗
$2.5B
-
10-K for FY2025, filed Feb 26, 2026
$2.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Oil Sales
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
78%
FY2022: 74%
|
Oil Sales, FY2025
$1.6B Sources
|
Sold outright |
|
Natural Gas and NGL Sales
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
22%
FY2022: 26%
|
Natural Gas and NGL Sales, FY2025
$453.8M Sources
|
Sold outright |
Who Are Their Customers?
Operating partners market and sell NOG’s oil and gas to a variety of purchasers under short-term contracts, then remit NOG’s share.
10-K for FY2025, filed Feb 26, 2026Historically, we have not managed our commodities marketing activities internally. Instead, our operating partners generally market and…View ↗
Our oil production is expected to be sold at prices tied to the spot oil markets. Our natural gas production is expected to be sold under…View ↗
The Company’s oil is typically sold at delivery points under contract terms that are common in our industry. The Company’s natural gas…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 7, 2026
$236.6MView ↗
- ▲ +138%
- vs $99.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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May 26, 2026
Agreed to acquire a stake in Canadian Duvernay oil properties
The acquisition includes a long-term joint development agreement with Parallax.
Sources
8-K, filed May 26, 2026
Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced that it has agreed to purchase an undivided 25% interest in the Light-Oil…View ↗
Growing. Revenue grew 5.0x in 4 years, from $496.9M in FY2021 to $2.5B in FY2025, about 49% a year.
Expanded into the Uinta Basin
The latest report adds the Uinta Basin to its operating areas; the older report described properties in the Williston, Appalachian and Permian basins.
10-K for FY2022, filed Feb 24, 2023 10-K for FY2025, filed Feb 26, 2026We are an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties…View ↗
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