olivLaw · US equity research
Northern Oil and Gas, Inc. NOG
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Northern Oil and Gas is a non-operator that holds minority working interests in oil and natural gas properties across major US basins, focusing on the Permian, Williston, Appalachian and Uinta. Its relevance now lies in growing production through acquisitions and in its high sensitivity to oil prices, which is also shown by the hedging losses in the third quarter of 2026. Production averaged 140.1 MBoe per day in Q4 2025, and 145,659 Boe per day in Q2 2026.
At the close of 04 Nov 2026, Northern Oil and Gas, Inc. (NOG) stock was 22.27 USD (−10.85% on the day), with market capitalisation 2.4 bn USD, dividend yield 8.08%, beta 0.95, 52-week range 17.37–30.82 USD. Latest reported quarter (Q2 2026): revenue of 745.2 m USD (+5.4% YoY), net income of 236.6 m USD (+137.6% YoY), diluted EPS 2.19 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.8
- weak (30–45)
- Bollinger (20, 2)
- 23.53 – 29.78
- below the lower band · %B -0.20 · band width 23.4%
- SMA 50 / 200
- 25.60 / 24.58
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.63
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.3% | −1.1% | −6.2 pp | — |
| 3 months | +12.6% | −0.5% | +13.1 pp | — |
| 6 months | −9.9% | +4.4% | −14.3 pp | — |
| Year to date | +3.7% | +12.3% | −8.6 pp | — |
| 1 year | +5.0% | +13.5% | −8.5 pp | +16.2% |
| 3 years | −42.5% | +76.4% | −118.9 pp | +3.6% |
| 5 years | −12.4% | +63.7% | −76.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 753.6 m | 515.0 m | 602.1 m | 706.8 m | 556.6 m | 610.2 m | 5.0 m | 745.2 m |
| Cost of revenue | 106.9 m | 116.6 m | 114.0 m | 121.4 m | 118.3 m | 119.9 m | 129.7 m | 127.1 m |
| Operating income | 433.9 m | 132.6 m | 229.3 m | 176.2 m | -125.8 m | -33.8 m | -654.9 m | 352.5 m |
| Interest expense | 36.8 m | 45.3 m | 43.4 m | 44.4 m | 43.0 m | 41.1 m | 42.6 m | 41.4 m |
| Pre-tax income | 397.2 m | 87.8 m | 185.8 m | 131.8 m | -168.8 m | -86.1 m | -695.9 m | 310.6 m |
| Income tax | 98.8 m | 16.1 m | 46.8 m | 32.2 m | -39.7 m | -15.3 m | -173.1 m | 74.0 m |
| Net income | 298.4 m | 71.7 m | 139.0 m | 99.6 m | -129.1 m | -70.7 m | -522.8 m | 236.6 m |
| Diluted EPS | 2.96 | 0.71 ≈ | 1.39 | 1.00 | -1.33 | -0.71 ≈ | -5.31 | 2.19 |
| Operating cash flow | 385.8 m ≈ | 290.3 m | 407.4 m | 362.1 m | 423.1 m ≈ | 312.6 m | 323.6 m | 321.6 m |
| Dividends paid | 39.9 m ≈ | 41.8 m | 41.7 m | 44.3 m | 43.7 m ≈ | 43.7 m | 44.5 m | 47.4 m |
| Share repurchases | 14.5 m ≈ | 25.2 m | 15.0 m | 35.0 m | 0 ≈ | 7.0 m | 0 | 50.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 678.9 m | 472.4 m | 552.2 m | 496.9 m | 1.6 bn | 2.2 bn | 2.2 bn | 2.5 bn |
| Revenue YoY | +224.3% | −30.4% | +16.9% | −10.0% | +216.1% | +37.9% | +2.7% | +11.2% |
| Net income | 143.7 m | -76.3 m | -906.0 m | 6.4 m | 773.2 m | 923.0 m | 520.3 m | 38.8 m |
| Net income YoY | unavailable | −153.1% | unavailable | unavailable | +12,055.9% | +19.4% | −43.6% | −92.6% |
| Diluted EPS | 6.07 | -2.00 | -21.55 | -0.13 | 8.92 | 10.03 | 5.14 | 0.39 |
| Diluted EPS YoY | unavailable | −132.9% | unavailable | unavailable | unavailable | +12.4% | −48.8% | −92.4% |
| net % | 21.2% | -16.2% | -164.1% | 1.3% | 49.2% | 42.6% | 23.4% | 1.6% |
| Free cash flow | 244.2 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.3 m USD
- Financial debt
- 2.4 bn USD
- Net debt
- 2.4 bn USD
- Equity
- 2.1 bn USD
- Total assets
- 5.4 bn USD
- Debt / equity
- 1.13x
- Current ratio
- 1.09x
- ROE
- 1.7%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 552.2 m | 496.9 m | 1.6 bn | 2.2 bn | 2.2 bn | 2.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 116.3 m | 170.8 m | 260.7 m | 347.0 m | 429.8 m | 473.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 435.9 m ≈ | 326.1 m ≈ | 1.3 bn ≈ | 1.8 bn ≈ | 1.8 bn ≈ | 2.0 bn ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Operating income | -841.2 m | 78.0 m | 853.2 m | 1.1 bn | 837.8 m | 245.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 58.5 m | 59.0 m | 80.3 m | 135.7 m | 157.7 m | 172.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -906.2 m | 6.6 m | 776.3 m | 1.0 bn | 680.8 m | 62.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -166.0 k | 233.0 k | 3.1 m | 77.8 m | 160.5 m | 23.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -906.0 m | 6.4 m | 773.2 m | 923.0 m | 520.3 m | 38.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -21.55 | -0.13 | 8.92 | 10.03 | 5.14 | 0.39 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 42.7 m | 63.0 m | 86.7 m | 92.1 m | 101.3 m | 99.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 m | 9.5 m | 2.5 m | 8.2 m | 8.9 m | 14.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 71.0 m | 193.6 m | 271.3 m | 370.5 m | 389.7 m | 349.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 125.6 m | 215.3 m | 320.5 m | 509.4 m | 500.7 m | 586.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 735.2 m | 1.3 bn | 2.5 bn | 3.9 bn | 5.1 bn | 4.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 872.1 m | 1.5 bn | 2.9 bn | 4.5 bn | 5.6 bn | 5.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 35.8 m | 65.5 m | 128.6 m | 192.7 m | 202.9 m | 218.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 65.0 m | 0 | — | — | — | — | SEC (XBRL)· 25 Feb 2022verified |
| Long-term debt | 879.8 m | 803.4 m | 1.5 bn | 1.8 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 182.5 m | 327.6 m | 345.0 m | 385.8 m | 544.3 m | 539.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.1 bn | 1.3 bn | 2.1 bn | 2.4 bn | 3.3 bn | 3.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -223.3 m | 215.1 m | 745.3 m | 2.0 bn | 2.3 bn † | 2.1 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 331.7 m | 396.5 m | 928.4 m | 1.2 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Investing cash flow | -283.9 m | -634.4 m | -1.4 bn | -1.9 bn | -1.7 bn | -1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -62.4 m | 246.1 m | 467.4 m | 684.7 m | 266.8 m | -247.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 0 | 4.9 m | 51.6 m | 123.9 m | 162.0 m | 173.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 0 | 54.5 m | 8.0 m | 94.5 m | 57.0 m | SEC (XBRL)· 26 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.2% | 17 (vs peers) | 21% |
| Net margin · Quality | -25.4% | 16 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 16.4% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | -64.8% | 0 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.7x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.0% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORTHERN OIL AND GAS, INC. (NOG). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth 11.2%; net margin -25.4%; ROE -22.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 16.4%
- Shareholder yield (distributions): 10.0%
What contradicts it
- ROIC: -8.2%
- Net margin: -25.4%
- EPS CAGR 3Y: -64.8%
- Interest coverage: -2.7x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +26% / +101% |
| MGYMagnolia Oil & Gas Corp | 5.5 bn | 13.0 | 20.5% | 28.8% | −0.3% | +1% / +9% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | −7% / +72% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| NOGNorthern Oil And Gas, Inc. | 2.4 bn | — | -22.1% | -25.4% | +11.2% | +5% / −43% |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +101% / −67% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| VTSVitesse Energy, Inc. | 618.1 m | — | -7.6% | -15.4% | +13.2% | −31% / −38% |
1- and 3-year price returns: for NOG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Northern Oil and Gas is a non-operator that holds minority working interests in oil and natural gas properties across major US basins, focusing on the Permian, Williston, Appalachian and Uinta. Its relevance now lies in growing production through acquisitions and in its high sensitivity to oil prices, which is also shown by the hedging losses in the third quarter of 2026. Production averaged 140.1 MBoe per day in Q4 2025 1, and 145,659 Boe per day in Q2 2026 2.
SWOT
Strengths
- A non-operator model that spreads participation across a large number of wells and several basins, reducing operational risk 1.
- A ground game acquisition strategy that brings discounted acreage and wells with near-term production 13.
- An active hedging policy that helps stabilize cash flows across commodity price cycles 1.
Weaknesses
Opportunities
Risks
- Commodity price volatilityhigh
Oil and gas prices are volatile, and an extended decline could affect revenue, planned capital spending and borrowing capacity 1.
- Asset impairmentshigh
The full cost ceiling test could trigger further writedowns if prices fall or reserves decline 1.
- Dependence on operatorsmedium
The company does not control drilling or marketing, so operator decisions can delay or reduce activity 1.
- Derivative exposuremedium
Hedging instruments can generate large losses when prices rise, and counterparty risk adds to this exposure 23.
- Regulation and litigationmedium
Disputes over pipelines and changes in energy or environmental policy could affect transport and costs 21.
Investment thesis
What would need to be true (bull case)
- Production growth from acquisitions and new wells could lift cash flow if oil prices stay at elevated levels.
- A diversified non-operated model reduces operational risk and gives access to a large number of wells.
- Capital discipline together with dividends and share repurchases may support shareholder returns if cash flow stays solid.
What would break the thesis
- If oil prices fall again, revenue and cash flow could decline and impairments could return.
- Large hedging losses during price rises show that hedges limit the benefit of higher prices.
- Reliance on third-party operators and on acquisitions could make growth harder to control and more costly.
What to watch
- Quarterly results and actual capital spending against the estimated rangeQ4 2026
- Oil price trend and its effect on operators' drilling plans2027
- Level of asset impairment under the ceiling testnext 10-K
- Pace of ground game acquisitions and new production from wellsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company describes itself as an independent energy company that does not operate its wells but participates proportionately alongside third-party operators, with more than 100 experienced operating partners 1. Its primary strategy is acquiring non-operated minority working and mineral interests to diversify risk across many wells and several basins 1. At December 31, 2025 it held approximately 301,797 net acres and 11,702 gross producing wells 1, and at June 30, 2026 about 414,787 net acres 2.
The business model relies on small « ground game » acquisitions at a discount to contiguous acreage and on larger non-operated asset packages 1. The company targets leverage at or near 1.0x Debt / Adjusted EBITDA and hedges a rolling target of 65% or more of anticipated next 18-month production 1. Revenue comes from the sale of oil, natural gas and NGLs, priced generally at spot-linked market levels 1.
In the third quarter of 2026 the company closed 19 ground game deals adding about 1,060 net acres and 2.8 net wells, with nearly 85% of capital directed to the Permian, Williston and Uinta basins 3. It also repurchased shares in the quarter for a total of 16.0 million USD inclusive of commissions 3.
Segments
Single reportable segment
The company reports a single reportable segment covering oil and natural gas exploration and production in the United States 1.
Market context
The average NYMEX oil price was 64.73 USD per barrel in 2025, down from 75.76 USD in 2024, while gas averaged 3.62 USD per MMBtu versus 2.41 USD 1. The oil price differential to WTI was 5.53 USD per barrel in 2025 1.
The market is cyclical and volatile, shaped by OPEC production, geopolitical tensions and trade and tariff policy 12. The recent oil price recovery described in the October 2026 release has accelerated development activity across the company's oil basins 3.
Trends
- Oil price recoverytailwind
If crude prices stay elevated, they could encourage more drilling proposals and faster development across the company's oil basins 3.
- Large derivative mark-to-market lossesheadwind
Rising prices produced sizeable unrealized derivative losses in Q3 2026, showing that hedging reduces downside risk but limits upside gains 3.
- Consolidation through acquisitionsmixed
The acquisition strategy has grown acreage and well count, and could benefit from asset sales by larger operators if financing conditions remain favorable 1.
- Drilling costs and inflationheadwind
Drilling costs have risen with commodity prices, and inflation together with elevated interest rates can raise the cost of capital and weigh on economic growth 1.
Competitive position
The oil and gas industry is intensely competitive, with rivals that include larger and integrated producers holding far greater resources than the company 1. These rivals may pay more for prospects and productive properties, which could limit access to new acquisitions 1.
Competitive position depends on identifying and closing acreage acquisitions and keeping operating costs low 1. Integrated competitors may absorb regulatory changes more easily, which could weaken the company's position if rules tighten 1.
- Large operators of the company's partner wells
Operating companies with which the company participates in wells; they propose drilling and can also compete for acreage acquisitions 1.
- Independent producers active in the same basins
Companies competing for acreage and productive properties in the same basins, not named explicitly in the sources reviewed 1.
- Large integrated producers
Companies with greater financial resources that can more easily absorb regulatory costs and pay more for properties 1.
- Other non-operated working interest investors
Investors buying minority working interests, competing with the company for the same acreage packages 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Oct 2026Results of operations · Financial statements and exhibits
- Current report26 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report19 Aug 2026Other events · Financial statements and exhibits
- Current report19 Aug 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Results of operations · Financial statements and exhibits
- Current report02 Jun 2026Other events · Financial statements and exhibits
- Current report01 Jun 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report26 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Northern Oil and Gas, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Northern Oil and Gas, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Northern Oil and Gas, Inc. · 13 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.