NORTHERN OIL & GAS, INC. NOG

Energy SIC 1311 - Crude Petroleum & Natural Gas NAICS Mining, Quarrying, and Oil and Gas Extraction › Oil and Gas Extraction derived NYSE

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.

Last close 28.26 2026-10-23
Market cap $3.01B 2026-06-30 share count
52-week range 17.18 - 31.17

Valuation FY2025 figures against the last close

P/S1.2x
P/E72.5x
P/FCF2.0x
EV/EBITDA21.9x
Dividend yield5.8%
Diluted EPS0.39

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.405.2110.099.26-0.13-21.55-2.006.08-0.15-4.80
EPS, diluted 0.395.1410.038.92-0.13-21.55-2.006.07-0.15-4.80
Shares, diluted (wtd. avg.) 99.3M101.3M92.1M86.7M63.0M42.7M38.7M23.7M62.4M61.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B Revenue, FY2016: 144.9M Gross profit, FY2016: 99.2M Net income, FY2016: -293.5M Revenue, FY2017: 209.3M Gross profit, FY2017: 159.6M Net income, FY2017: -9.2M Revenue, FY2018: 678.9M Gross profit, FY2018: 612.3M Net income, FY2018: 143.7M Revenue, FY2019: 472.4M Gross profit, FY2019: 353.5M Net income, FY2019: -76.3M Revenue, FY2020: 324.1M Gross profit, FY2020: 207.7M Net income, FY2020: -906M Revenue, FY2021: 496.9M Gross profit, FY2021: 326.1M Net income, FY2021: 6.4M Revenue, FY2022: 1.6B Gross profit, FY2022: 1.3B Net income, FY2022: 773.2M Revenue, FY2023: 2.2B Gross profit, FY2023: 1.8B Net income, FY2023: 923M Revenue, FY2024: 2.2B Gross profit, FY2024: 1.8B Net income, FY2024: 520.3M Revenue, FY2025: 2.5B Gross profit, FY2025: 2B Net income, FY2025: 38.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $144.9M $209.3M $678.9M $472.4M $324.1M $496.9M $1.57B $2.17B $2.23B $2.48B
Gross profit $99.2M $159.6M $612.3M $353.5M $207.7M $326.1M $1.31B $1.82B $1.80B $2.00B
Net income -$293.5M -$9.2M $143.7M -$76.3M -$906.0M $6.4M $773.2M $923.0M $520.3M $38.8M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Material agreement signed Item 1.01
  • Unregistered share sale Item 3.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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