NORTHERN OIL & GAS, INC. NOG
We are an independent energy company engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. We believe the location, size and concentration of our acreage positions in some of North America's leading unconventional oil and gas resource plays provide us with drilling and development opportunities that will result in significant long-term value. We currently report a single reportable segment. See "Financial Statements" and the notes to our financial statements for financial information about this reportable segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.48B | $2.23B | $2.17B | $1.57B | $496.9M | $324.1M | $472.4M | $678.9M | $209.3M | $144.9M |
| Cost of revenue | $473.7M | $429.8M | $347.0M | $260.7M | $170.8M | $116.3M | $118.9M | $66.6M | $49.7M | $45.7M |
| Gross profit | $2.00B | $1.80B | $1.82B | $1.31B | $326.1M | $207.7M | $353.5M | $612.3M | $159.6M | $99.2M |
| SG&A | $61.3M | $50.5M | $46.8M | $47.2M | $30.3M | $18.5M | $23.6M | $14.6M | $19.0M | $14.8M |
| Total operating expenses | $2.23B | $1.39B | $1.04B | $717.3M | $418.9M | $1.39B | $416.9M | $246.3M | $148.8M | $374.2M |
| Operating income | $245.8M | $837.8M | $1.12B | $853.2M | $78.0M | -$841.2M | $55.5M | $432.6M | $60.5M | -$229.3M |
| Interest expense | $172.4M | $157.7M | $135.7M | $80.3M | $59.0M | $58.5M | $79.2M | $86.0M | $70.3M | $64.5M |
| Pre-tax income | $62.7M | $680.8M | $1.00B | $776.3M | $6.6M | -$906.2M | -$76.3M | $143.6M | -$10.8M | -$294.9M |
| Income tax | $23.9M | $160.5M | $77.8M | $3.1M | $233.0K | $166.0K | $0 | $55.0K | $1.6M | $1.4M |
| Net income | $38.8M | $520.3M | $923.0M | $773.2M | $6.4M | -$906.0M | -$76.3M | $143.7M | -$9.2M | -$293.5M |
| EPS, basic | 0.40 | 5.21 | 10.09 | 9.26 | -0.13 | -21.55 | -2.00 | 6.08 | -0.15 | -4.80 |
| EPS, diluted | 0.39 | 5.14 | 10.03 | 8.92 | -0.13 | -21.55 | -2.00 | 6.07 | -0.15 | -4.80 |
| Shares, diluted (wtd. avg.) | $99.3M | $101.3M | $92.1M | $86.7M | $63.0M | $42.7M | $38.7M | $23.7M | $62.4M | $61.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.3M | $8.9M | $8.2M | $2.5M | $9.5M | $1.4M | $16.1M | $2.4M | $102.2M | $6.5M |
| Receivables | $349.9M | $389.7M | $370.5M | $271.3M | $193.6M | $71.0M | $108.3M | $96.4M | $46.9M | $35.8M |
| Total current assets | $586.0M | $500.7M | $509.4M | $320.5M | $215.3M | $125.6M | $133.0M | $228.4M | $152.8M | $46.9M |
| Property, plant and equipment | $4.75B | $5.08B | $3.93B | $2.48B | $1.25B | $735.2M | $1.75B | $1.20B | $473.2M | $376.2M |
| Total assets | $5.41B | $5.60B | $4.48B | $2.88B | $1.52B | $872.1M | $1.91B | $1.50B | $632.3M | $431.5M |
| Accounts payable | $218.6M | $202.9M | $192.7M | $128.6M | $65.5M | $35.8M | $69.4M | $55.0M | $93.2M | $56.1M |
| Short-term debt | — | — | — | — | $0 | $65.0M | $0 | — | — | — |
| Total current liabilities | $539.3M | $544.3M | $385.8M | $345.0M | $327.6M | $182.5M | $203.5M | $231.5M | $123.6M | $77.4M |
| Long-term debt | $2.40B | $2.37B | $1.84B | $1.53B | $803.4M | $879.8M | $1.12B | $830.2M | $979.3M | $832.6M |
| Total liabilities | $3.28B | $3.28B | $2.44B | $2.13B | $1.31B | $1.10B | $1.35B | $1.07B | $1.12B | $919.0M |
| Retained earnings | $481.3M | $442.5M | -$77.8M | -$1.00B | -$1.77B | -$1.78B | -$873.2M | -$796.9M | -$940.6M | -$931.4M |
| Total equity | $2.13B | $2.32B | $2.05B | $745.3M | $215.1M | -$223.3M | $558.6M | $429.9M | -$490.8M | -$487.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.51B | $1.41B | $1.18B | $928.4M | $396.5M | $331.7M | $339.8M | $244.3M | $73.0M | $101.9M |
| Stock-based compensation | $15.4M | $12.0M | $5.7M | $5.7M | $3.6M | $4.1M | $8.0M | $4.0M | $3.3M | $3.5M |
| Capital expenditure | — | — | — | — | — | — | — | $86.8K | $4.0K | $214.7K |
| Investing cash flow | -$1.25B | -$1.67B | -$1.86B | -$1.40B | -$634.4M | -$283.9M | -$569.1M | -$474.5M | -$119.2M | -$91.0M |
| Financing cash flow | -$247.5M | $266.8M | $684.7M | $467.4M | $246.1M | -$62.4M | $243.1M | $130.4M | $142.0M | -$7.8M |
| Dividends paid | $173.4M | $162.0M | $123.9M | $51.6M | $4.9M | $0 | $0 | — | — | — |
| Buybacks | $57.0M | $94.5M | $8.0M | $54.5M | $0 | $0 | $15.1M | $22.2M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104485-26-000008.
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