Northern Oil and Gas

What Northern Oil and Gas does

Northern Oil and Gas (NYSE: NOG) is the largest publicly traded non-operated upstream energy investment platform in the United States, founded in 2006 and headquartered in Minnetonka, Minnesota. The company acquires and manages minority working and mineral interests in hydrocarbon producing properties, holding non-operated positions across five premier North American basins: Williston, Uinta, Permian, Appalachian, and the Canadian Duvernay (added in 2026). As of December 31, 2025, NOG's portfolio comprised ~400,000 acres, ~12,500 wells, and 384,068 MBoe of proved reserves (74% proved developed) with a pre-tax PV-10 of $4.5 billion at SEC pricing.

NOG's core technology is a proprietary data-driven capital allocation platform built on performance and operational data from over 12,500 wells across 100 operators and 5 basins. A seasoned in-house engineering team analyzes this data to forecast well performance and inform rigorous underwriting of every capital allocation decision, with board-level acquisition committee approval required for unbudgeted capital decisions and M&A over $8 million (full board approval required over $100 million). The company's product offerings include the Ground Game Acquisition Program for bolt-on transactions, Joint Development Agreements for long-term operator partnerships, Drilling Partnerships, and Operated Co-Purchase structures with pari-passu economics.

NOG generates revenue primarily through the sale of oil and natural gas produced from its non-operated working interests ($2.08B in FY2025 oil and gas sales), with Q1 2026 production averaging 148,303 Boe/day (10% YoY growth). The company supplements production revenue with commodity derivative hedging gains/losses. Distribution to shareholders includes a $0.45/share quarterly cash dividend (~$1.80 annualized, raised for five consecutive years, yielding ~6.64-8.13%) plus share repurchases. The customer base is bifurcated: institutional investors and hedge funds (98.8% institutional ownership) provide equity capital, while E&P operators including Antero Resources, Parallax Energy, SM Energy, and Infinity Natural Resources serve as non-operated capital counterparties. With 51-100 employees and $0.96/Boe cash G&A, NOG maintains a lean asset-light model that has deployed $6B+ in acquisitions since 2018 while delivering an average 19% ROCE over 8 years.

Name

Northern Oil and Gas

Legal name

Northern Oil and Gas, Inc.

Website

https://northernoil.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

51–100 employees

Short description

Northern Oil and Gas is the largest U.S. publicly traded non-operated upstream energy investment platform, acquiring minority working and mineral interests in hydrocarbon producing properties across five premier North American basins. The company deploys data-driven capital allocation for institutional investors and partners with E&P operators as the industry's go-to buyer of non-operated positions.

Ownership category

akta.pro rank

Product category

Non-Operated Upstream Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Oil Royalty Traders (6792)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industry

Associated Gas Production (Oil-Linked) (EUAAAAAB)

Keywords

• Non-operated upstream
• Oil gas exploration
• Working interests
• Energy investment platform
• Mineral interests

Headquarters

HQ city

Minnetonka

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Others, Marketing or Sales

Revenue model

1. Oil and Natural Gas Production Revenue: NOG generates revenue through the sale of oil and natural gas produced from its non-operated working interests. Revenue is derived from the company's interest in producing properties across the Williston, Uinta, Permian, Appalachian and Duvernay basins. Production averaged 148,303 Boe per day in Q1 2026 (50% oil, 50% gas), with full-year 2025 oil and gas sales of $2.1 billion.
2. Commodity Derivative Hedging Gains/Losses: NOG hedges portions of expected production volumes through crude oil, natural gas, and NGL commodity derivative contracts (swaps and collars) to increase cash flow predictability and maintain financial stability. Settled commodity derivatives are recorded as gains or losses impacting revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Northern Oil and Gas acquires and manages non-operated minority working and mineral interests in hydrocarbon producing properties across five premier North American basins (Williston, Uinta, Permian, Appalachian, and Duvernay). Revenue is generated from the company's proportional share of oil, natural gas, and NGL production sold to commodity purchasers, with Q1 2026 production averaging 148,303 Boe per day and FY 2025 oil and gas sales of $2.1 billion. Capital deployment occurs through bolt-on acquisitions, ground-game transactions, joint development agreements, and co-purchase structures with operating E&P partners.

Product overview

Northern Oil and Gas operates a unified non-operated energy investment platform that acquires and manages minority working and mineral interests in hydrocarbon producing properties. The core platform is complemented by the Ground Game acquisition program for bolt-on transactions, Joint Development Agreements for long-term operator partnerships, Drilling Partnerships for capital provision, and Operated Co-Purchase structures for aligned joint ventures. The company focuses on premier basins including Williston, Uinta, Permian, Appalachian, and the Canadian Duvernay.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Operated Energy Investment Platform Northern Oil and Gas's core platform for acquiring and managing non-operated minority working interests and mineral interests in hydrocarbon producing properties across premier North American basins. Provides E&P operators with non-operated capital while providing investors with diversified upstream oil and gas exposure; supported by proprietary data on 12,500+ wells across 100 operators.
• Ground Game Acquisition Program A bolt-on acquisition program that purchases working interests and leasehold of various sizes from small transactions to larger deals, primarily in basins where NOG already owns interests. Supports continuous inventory replenishment and growth; Q1 2026 included 41 transactions adding over 5,100 net acres for $43.6 million.
• Joint Development Agreements Long-term partnership structures with leading E&P operators for co-development of oil and gas assets, including area-of-mutual-interest arrangements. NOG provides capital while operators execute drilling and completion operations.
• Drilling Partnerships Capital provision structure where NOG funds wide-ranging development programs as a low-maintenance non-operating partner, with input on governance and development schedule. Open to short or long-dated programs.
• Operated Co-Purchase and Buy-Down Structures Joint venture structures providing capital in exchange for non-operated working interests that maintain alignment for all parties, with pari-passu economics. Available from one drilling unit to basin-wide structures.

Quantifiable outcome

• Q1 2026 production of 148,303 Boe/day, a 10% increase from Q1 2025
• +5 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, major and minor.

• Parallax Energy Operating Inc.coreStrategic or Co-development Partner · 26 May 2026NOG agreed to acquire a 25% undivided non-operated stake in light oil producing properties in the Duvernay Shale, Alberta, Canada from Parallax Energy Operating Inc. for CA$350M (~US$259M). The acquisition includes ~75,000 net acres, ~500 gross drilling locations, and ~4,000 Boe/day expected production in full year 2027. NOG issued ~CA$113M in common stock to Parallax as partial consideration. A long-term Joint Development Agreement with multi-year drilling obligations and Area-of-Mutual-Interest was entered into. NOG formed a wholly-owned Canadian subsidiary NOG Energy Canada, Ltd. Effective April 1, 2026, closing expected late Q2 2026. Contingent payment of up to CA$25M if certain oil prices achieved through end of 2027.
• Infinity Natural Resources (INR)coreStrategic or Co-development Partner · 23 February 2026NOG and INR jointly acquired Ohio Utica Shale Upstream and Midstream Assets from Antero Resources and Antero Midstream. NOG acquired a 40% stake for a closing payment of $464.6M (reduced from originally announced 49%/$588M after INR increased its stake to 60%). The transaction included ~35,000 net acres and over 140 miles of midstream gathering pipelines. NOG funded through cash on hand, operating free cash flow, and revolving credit facility borrowings. The acquisition expanded NOG's Appalachian footprint by 45% to 90,000 net acres with 100+ gross identified undeveloped locations.
• Antero Midstream CorporationmajorStrategic or Co-development Partner · 9 December 2025Antero Midstream sold its Utica Shale midstream assets for $400M to affiliates of Infinity Natural Resources and Northern Oil and Gas as part of the broader Antero Ohio transaction. NOG holds non-operated working interests in upstream assets connected to Antero Midstream's gathering infrastructure.
• Antero Resources CorporationmajorStrategic or Co-development Partner · 8 December 2025Antero Resources sold substantially all of its Ohio Utica Shale oil and gas assets for $800M total to affiliates of Infinity Natural Resources and Northern Oil and Gas (NOG acquired 40%). The transaction satisfied conditions for redemption of Antero's 7.625% senior notes due 2029. The assets comprised ~35,000 net acres of upstream production and over 140 miles of midstream gathering pipelines.
• EQ Shareowner ServicesminorOthersEQ Shareowner Services serves as the company's transfer agent, located at 1110 Centre Point Curve, Suite 101, Mendota Heights, MN 55120. Handles stockholder services, dividend payments, and share transfer functions.
• Deloitte & Touche LLPminorOthersDeloitte & Touche LLP serves as the company's auditor of record, located at 50 South 6th Street, Suite 2800, Minneapolis, MN 55402.
• Cawley, Gillespie & Associates, Inc.minorOthersCawley, Gillespie & Associates, Inc. serves as the company's oil and gas reserve auditors, located at 13640 Briarwick Drive, Suite 100, Austin, TX 78729.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sitio Royalties Corp. A publicly traded mineral and royalty interests company that owns non-operated royalty and overriding royalty interests in U.S. oil and gas basins. Sitio (formed via the merger of Brigham Minerals and Sitio Royalties) shares NOG's non-operated, capital-light model but focuses more narrowly on mineral/royalty rights rather than working interests.
• Kimbell Royalty Partners: A publicly traded mineral and royalty company owning non-operated interests in oil and gas properties across multiple U.S. basins. Kimbell's royalty-focused model overlaps directly with NOG's mineral interest strategy and multi-basin diversification approach.
• Dorchester Minerals, L.P. A publicly traded limited partnership that owns working interests, royalty interests, and overriding royalty interests in oil and gas properties across multiple U.S. basins. Dorchester's diversified non-operated interest portfolio mirrors NOG's multi-basin, working-and-mineral-interest model.
• Viper Energy, Inc. A subsidiary of Diamondback Energy that owns mineral and royalty interests in the Permian Basin. Viper shares NOG's non-operated capital allocation model and royalty-focused return profile, though it concentrates specifically in the Permian rather than NOG's multi-basin approach.
• Black Stone Minerals, L.P. One of the largest publicly traded mineral and royalty companies in the U.S., owning mineral interests and overriding royalty interests across major basins including the Permian, Bakken, and Eagle Ford. Directly comparable to NOG's mineral interest strategy within the broader non-operated investment thesis.
• Texas Pacific Land Corporation: A publicly traded land and royalty company with significant acreage and royalty interests primarily in the Permian Basin of West Texas. TPL's surface and royalty ownership model is comparable to NOG's mineral interest acquisitions and provides similar non-operated exposure to upstream economics.

Broad incumbents

• Permian Resources Corporation: A publicly traded independent oil and natural gas company focused on the Permian Basin, formed via the merger of Centennial Resource Development and Colgate Energy. While Permian Resources is an operator rather than a non-operated investor, its Permian-focused capital allocation and acquisition strategy overlaps with NOG's Permian exposure.
• Diamondback Energy, Inc. A large publicly traded independent E&P company focused on the Permian Basin and the parent company of Viper Energy. While Diamondback is an operated producer rather than a non-operated investor, it serves as both a peer in the upstream space and an indirect comparable through its Viper mineral subsidiary.
• Crescent Energy Company: A publicly traded upstream energy company formed through the merger of Independence Contango and Crescent, focused on acquiring and operating oil and gas properties across multiple U.S. basins. Crescent's diversified multi-basin acquisition strategy overlaps with NOG's portfolio approach, though Crescent is primarily an operator.

Regional players

• PrairieSky Royalty Ltd. Canada's largest publicly traded royalty company, owning royalty interests in oil and gas properties across Western Canada. PrairieSky shares NOG's non-operated royalty model but operates exclusively in Canada, making it a relevant comparison as NOG enters the Canadian Duvernay basin.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/NOGIncOfficial
• LinkedInlinkedin.com/company/northern-oil-and-gas-inc.-amex-nog-

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northern Oil and Gas