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Northern Oil and Gas, Inc.

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
$2.40B
P/E (TTM)
13.2
18.3
Dividend Yield
7.2%
52W High
$42.35
52W Low
$19.88
52W Range
21%
Rank67Top 91.5%
1.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$485.87M-5.75%
4-Quarter Trend

EPS

-$1.33-144.33%
4-Quarter Trend

FCF

$70.54M+1708.79%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Production Volumes Increased 8% Total production (Boe) increased 8% for Q3 2025 versus prior year, driven by acquisition additions and new wells.
Strong Liquidity Position Maintained Total liquidity reached $1.2B as of September 30, 2025, including $1.1B committed borrowing availability under RCF.
Legal Settlement Boosted Revenue Nine months sales include $81.7M from North Dakota legal settlement, partially offsetting lower realized commodity prices.

Risk Factors

Non-Cash Impairment Recorded Recorded $434.3M non-cash impairment charge during nine months due to full cost ceiling test results.
Oil Sales Declined 15% Oil sales decreased 15% for the quarter, primarily due to a 12% drop in weighted average realized oil prices.
Commodity Price Volatility Risk Revenues remain heavily weighted toward oil, exposing results to inherent volatility in global supply and demand factors.

Outlook

Debt Refinancing Completed Post-Period Issued $725.0M Senior Notes due 2033 to repurchase 97.14% of 2028 Notes in October 2025.
Credit Facility Maturity Extended Revolving Credit Facility maturity extended to November 2030 via Fourth Amendment and Restatement post-period.
Continued Commodity Hedging Hedged approximately 77% of crude oil and 60% of natural gas production for the nine months ended September 30, 2025.

Peer Comparison

Revenue (TTM)

Delek US Holdings, Inc.DK
$10.67B
-22.4%
Patterson-UTI Energy, Inc.PTEN
$4.84B
-16.6%
Civitas Resources, Inc.CIVI
$4.71B
-6.6%

Gross Margin (Latest Quarter)

Civitas Resources, Inc.CIVI
99.8%
+61.0pp
Baytex Energy Corp.BTE
36.6%
+7.0pp
Crescent Energy CompanyCRGY
20.8%
+0.4pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
LBRT$3.19B17.19.2%17.9%
CIVI$2.83B4.29.5%0.0%
OII$2.74B11.728.6%19.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.0%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 7, 2025|
    Revenue: $485.87M-5.7%
    |
    EPS: $-1.33-144.3%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 1, 2025|
    Revenue: $577.99M+2.4%
    |
    EPS: $1.02-26.1%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $580.34M+20.0%
    |
    EPS: $1.41+1075.0%
    Beat

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 20, 2025|
    Revenue: $2.16B+13.5%
    |
    EPS: $5.21-48.4%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $515.49M+0.4%
    |
    EPS: $3.00+971.4%
    Meet

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $564.19M+34.7%
    |
    EPS: $1.38-27.0%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 30, 2024|
    Revenue: $483.67M+12.9%
    |
    EPS: $0.12-97.0%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 23, 2024|
    Revenue: $1.91B-4.0%
    |
    EPS: $10.09+9.0%
    Beat