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Northern Oil and Gas

NOG

Northern Oil and Gas, Inc. is an independent energy company that operates as a non-operator in the exploration, development, and production of oil and natural gas.

Market cap
$2.21B-21.9%
Revenue$1.9B-22.7%
Net income-$413.4M-179%
Free cash flow$1.4B-0.1%
EPS (diluted)-$4.25-183%
Trailing twelve months · change vs. prior year

Earnings

Next report

Aug 6, 2026 (In 1 week)
Revenue estimate$594.1M
EPS estimate$1.12

Financials

Q1 2026

Income statement

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Revenue$5.0M-99.2%
Gross profit-$124.7M-126%
Operating income-$654.9M-386%
Net income-$522.8M-476%
EPS (diluted)-$5.31-482%

Balance sheet

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Cash & equivalents$37.0M+10.3%
Total debt$2.6B+10.4%
Total equity$1.8B-25.7%
Total assets$5.5B-2.8%

Cash flow

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Operating cash flow$323.6M-20.6%
CapEx$55.0K-90.6%
Free cash flow$323.6M-20.5%

Valuation & ratios

Valuation

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Market cap$2.21B-21.9%
Enterprise value$4.72B-10.5%
P/S1.2×0.0×

Profitability

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Gross margin74%-8.0pp
FCF margin75.7%+17.1pp

Returns & leverage

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Debt / equity1.4×+0.5×
Current ratio0.5×-0.4×

Segments

By product

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Crude Oil, Condensate, and Natural Gas Liquids (NGL)$439.1M-4.5%
Natural Gas and NGL Sales$100.8M-14.1%

Competitors

Profile

Northern Oil and Gas, Inc. is an independent energy company that operates as a non-operator in the exploration, development, and production of oil and natural gas. The company focuses on acquiring minority working and mineral interests in premier unconventional resource plays across the United States, leveraging a diversified portfolio to mitigate operational risk. By partnering with experienced operators, the company avoids the high infrastructure and exploratory costs typically associated with direct field operations.

Competitive position

The company acts as a leading consolidator and 'clearing house' for non-operated interests, utilizing a 'ground game' strategy to acquire smaller lease positions at a discount.

GeographiesUnited States, Williston Basin, Permian Basin, Appalachian Basin, Uinta Basin
Customer segmentsEnergy wholesalers, Refining companies
Business modelNon-operated working interest, Asset consolidation, Commodity production
SuppliersOilfield service providers, Drilling equipment manufacturers, Mineral interest owners, Independent reserve engineers
CustomersOil refineries, Natural gas utilities, Liquefied natural gas (LNG) exporters
Listed2007
Employees38.0
CEONicholas O'Grady
SectorEnergy
FilingsSEC EDGAR

Questions, answered.

What is Northern Oil and Gas's market cap?
Northern Oil and Gas (NOG) has a market capitalization of $2.2B and trades on NYSE.
What is Northern Oil and Gas's revenue and profitability?
Northern Oil and Gas generated $1.9B in trailing twelve-month revenue with a net loss of $413.4M, representing a net margin of 7.6%. Gross margin stands at 74.0%, with free cash flow of $1.4B. These figures are based on the Q1 2026 filing.
Who are Northern Oil and Gas's competitors?
Northern Oil and Gas's key competitors include Devon Energy, EOG Resources, Occidental Petroleum, and others. These companies compete in similar markets and product categories.
Who does Northern Oil and Gas partner with?
Northern Oil and Gas's notable partners include Cawley, Gillespie & Associates, Inc..
Where is Northern Oil and Gas headquartered?
Northern Oil and Gas is headquartered in United States of America and employs approximately 38 people. It has been publicly traded since 2007.