Northern Oil and Gas, Inc.

NYSE•NOG

CEO: Mr. Nicholas L. O'Grady

Sector: Energy

Industry: Oil & Gas Exploration & Production

Listing Date: 2007-04-13

Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. The company is based in Minnetonka, Minnesota.

Contact Information

4350 Baker Road, Suite 400, Minnetonka, MN, 55343, United States

952-476-9800

www.noginc.com

Market Cap

$2.57B

P/E (TTM)

61.9

19.5

Dividend Yield

7.3%

52W High

$32.62

52W Low

$20.18

52W Range

35%

Rank51Top 71.3%

3.0

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Weak • 3 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$450.86M+0.00%

4-Quarter Trend

EPS

-$0.70+0.00%

4-Quarter Trend

FCF

-$539.74M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Production Volume Increased Total production reached 49,292 MBoe in 2025, marking a 9% increase over 2024 volumes despite lower commodity prices.

Strong Operating Cash Flow Cash flow from operations totaled $1.5B in 2025, showing a 7% increase compared to the prior year, supporting capital needs.

Proved Reserves Increased Total proved reserves grew 1% to 384,068 MBoe by year-end 2025, driven by acquisitions and organic drilling success.

Realized Price Boosted By Hedges Realized price including derivatives was $44.82 per Boe in 2025, significantly higher than the $40.74 per Boe excluding settled derivatives.

Risk Factors

Major Non-Cash Impairment Recorded $702.7M non-cash impairment charge in 2025 due to full cost ceiling test, severely reducing net income attributable to stockholders.

Volatile Commodity Prices Oil and gas prices remain highly volatile, directly impacting revenues, cash flows, reserve valuations, and borrowing base capacity.

Reliance on Third-Party Operators Business success depends extensively on non-operator partners for drilling timing, execution, and marketing of produced oil and gas volumes.

Inflationary Cost Pressures Increased costs for goods, services, and personnel continue to pressure capital expenditures and operating expenses across the industry.

Outlook

2026 Capital Expenditure Budget Budgeting $0.9B to $1.1B in total planned capital expenditures for 2026, funded by operations and credit facility capacity.

Maintain Strong Balance Sheet Striving to manage leverage at or near the long-term target of 1.0x Debt / Adjusted EBITDA through prudent financial management.

Active Hedging Strategy Employing an active commodity price risk management program with a rolling target of hedging 65% or more of anticipated next 18-month production.

Pursue Value-Enhancing Acquisitions Intends to continue acquiring non-operated working interests in premier basins, focusing on near-term drilling opportunities for growth.

Peer Comparison

Revenue (TTM)

$10.72B

-9.5%

CSAN

$7.26B

-7.7%

PTEN

$4.83B

-10.3%

Gross Margin (Latest Quarter)

CIVI

70.9%

+32.1pp

INSW

54.3%

-1.4pp

DHT

51.2%

-0.2pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
LBRT	$4.26B	28.8	7.3%	24.5%
CSAN	$4.11B	-1.3	-147.9%	52.3%
CRGY	$3.87B	29.1	3.1%	44.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-8.1%

Growth Under Pressure

4Q Net Income CAGR

N/M

Profitability Shift

Cash Flow Stability

100%

Strong Cash Flow

Deep Research

Next earnings:Apr 27, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data