nog
Northern Oil and Gas (NYSE: NOG) is the largest US publicly traded non-operated energy investment platform, acquiring minority working and mineral interests across five North American basins and serving as a capital partner to approximately 100 exploration and production operators.
- Company typePublic
- Founded2006
- HeadquartersMinnetonka, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What nog does
Northern Oil and Gas (NYSE: NOG) is the largest publicly traded non-operated energy investment platform in the United States. Founded in 2006 and headquartered in Minnetonka, Minnesota, the company acquires minority working and mineral interests in oil and gas properties rather than operating them, providing development capital to approximately 100 E&P operators. NOG operates across five basins covering seven distinct plays: Williston, Uinta, Permian, Appalachian, and Duvernay in Alberta, Canada. The company's footprint spans roughly 300,000 acres, 12,000+ gross wells, and approximately 1,300 net wells, with average per-well working interest of approximately 10%. As of Q1 2026, NOG reported daily production of 148.3 MBOE/day.
NOG's core analytical capability is its proprietary data lake spanning 12,500+ wells, approximately 100 operators, five basins, and two commodities, which the company uses to forecast well performance and back-test prior investments. The non-operated model allows NOG to run an unusually lean organization of approximately 70-80 employees, reporting $0.96 Cash G&A per BOE, which the company cites as peer-leading operational efficiency. Technology is deployed primarily in deal sourcing, underwriting, and portfolio analytics rather than in field operations, consistent with the non-operated thesis.
The business model is direct upstream revenue exposure: NOG earns revenue from the sale of oil, natural gas, and NGLs produced from its non-operated working and mineral interests at prevailing market prices. Capital is sourced through a mix of equity, debt, and operating cash flow, and is deployed through several deal structures including ground game transactions, drilling partnerships, and co-purchase transactions with operators. Across the 2018-2025 period, NOG has executed more than $6B in cumulative bolt-on acquisitions and reported an average return on capital employed of 19%. The 2018-2019 $650M recapitalization was the foundational funding event that enabled this scaling, and the company continues to identify new deal flow across basins and play types.
nog firmographics
Firmographics- Name
- nog
- Legal name
- Northern Oil and Gas, Inc.
- Website
- https://noginc.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Short description
- Northern Oil and Gas (NYSE: NOG) is the largest US publicly traded non-operated energy investment platform, acquiring minority working and mineral interests across five North American basins and serving as a capital partner to approximately 100 exploration and production operators.
- Ownership category
- akta.pro rank
nog industry classification
Industry- Product category
- Upstream Energy Investment
- NAICS
- Crude Petroleum Extraction (211120), Natural Gas Extraction (21113)
- SIC
- Crude Petroleum & Natural Gas (1311), Oil Royalty Traders (6792)
- akta.pro primary industry
- Mineral Rights, Leasing & Land Management (EUALAAAB)
- akta.pro secondary industry
- Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)
Keywords
Where nog is headquartered
LocationHeadquarters
- HQ city
- Minnetonka
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
nog business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Others
Revenue model
- Oil and Gas Production Revenue: NOG generates revenue through ownership of minority working and mineral interests in hydrocarbon producing properties across five major basins. Revenue comes from production of oil and natural gas, with diversification across commodity types. Average well interest across portfolio is approximately 10%.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
nog product offering
Product offeringCore offering
Northern Oil and Gas (NOG) acquires and manages non-operated minority working and mineral interests in oil and natural gas producing properties across five major North American basins (Williston, Uinta, Permian, Appalachian, and Duvernay Alberta Canada). The company functions as a capital provider to E&P operators, structuring bespoke transactions including traditional non-operated working interests, ground game leasehold acquisitions, drilling partnerships, and co-purchase/buy-down structures across approximately 12,500 wells and ~100 operators.
Product overview
NOG (Northern Oil and Gas, Inc.) is the largest publicly traded non-operated upstream energy investment platform in the United States. The company does not operate traditional software products or services; rather, it offers energy investment solutions through various structures including traditional non-operated working interests, ground game acquisitions, drilling partnerships, and operated co-purchase/buy-down structures. The company focuses on acquiring minority interests in hydrocarbon-producing properties across five major North American basins (Williston, Uinta, Permian, Appalachian, and Duvernay), providing capital flexibility and diversification for investors seeking exposure to oil and gas assets without operational involvement.
Differentiator
Problem solved
Functional benefit
Products and services
- Non-Operated Working Interests
Quantifiable outcome
- Average 19% return on capital employed over last 8 years (2018-2025)
- +3 more outcomes
Companies that use nog
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
nog technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
nog partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Environmental Partnership MemberscoreMany of NOG's operator partners are members of the Environmental Partnership, an industry organization focused on environmental performance and sustainability practices in oil and gas operations. NOG carefully selects operators with adherence to high ESG and regulatory standards.
Scale indicators11 records
Recent moves6 records
Expansion highlights5 records
nog competitors and assessment
Company assessmentDirect peers
- Dorchester Minerals, L.P. Public MLP that owns royalty interests, net profits interests, and working interests across multiple U.S. basins; comparable to NOG as a long-established non-operated mineral/royalty holder with diversified production.
- Cross Timbers Royalty Trust: Royalty trust with overriding royalty interests in oil and gas properties across Oklahoma, Texas, New Mexico, and Kansas; comparable to NOG as a passive non-operated income interest holder in U.S. onshore production.
- Black Stone Minerals, L.P. One of the largest U.S. mineral and royalty owners, with a long-standing non-operated model spanning multiple basins; comparable to NOG in business model, scale, and diversification across oil and gas assets.
- Sitio Royalties Corp. Public mineral and royalty company formed via the merger of Sitio Minerals and Brigham Minerals; directly comparable to NOG as a non-operated mineral and royalty owner across U.S. basins with similar diversification strategy.
- Permianville Royalty Trust: Statutory trust holding royalty interests in Permian Basin oil and gas properties; comparable to NOG as a passive non-operated interest holder, though structured as a trust rather than a corporation.
- Kimbell Royalty Partners: Public mineral and royalty partnership that owns non-operated working and royalty interests in U.S. oil and gas basins; structurally identical model to NOG with comparable basin mix and similar G&A-light cost structure.
- Texas Pacific Land Corporation: Large-cap publicly traded owner of surface, mineral, and royalty interests, primarily in West Texas; operates a similar non-operated asset-owner model and is among the largest pure-play mineral rights holders in the U.S.
- Viper Energy, Inc. Public subsidiary of Diamondback Energy that owns mineral and royalty interests, primarily concentrated in the Permian Basin; comparable non-operated royalty model though more geographically concentrated than NOG.
Broad incumbents
- Diversified Energy Income Fund: Public upstream producer focused on mature, low-decline U.S. onshore assets; comparable to NOG in basin exposure and unconventional upstream theme, though operates assets directly rather than as a pure non-op holder.
- Magnolia Oil & Gas Corporation: Public operator focused on the Eagle Ford and Austin Chalk; comparable to NOG as a peer in the broader U.S. upstream space, but operates wells rather than holding non-operated interests, and could also be one of NOG's operator counterparties.
Market position
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
nog social profiles
Digital presencenog financial estimates
Financial estimateRevenue estimate
Valuation estimate
nog leadership team
Management profileNumber of profiles
Profiles11 records
nog funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
nog M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about nog
What does nog do?
Northern Oil and Gas (NOG) acquires and manages non-operated minority working and mineral interests in oil and natural gas producing properties across five major North American basins (Williston, Uinta, Permian, Appalachian, and Duvernay Alberta Canada). The company functions as a capital provider to E&P operators, structuring bespoke transactions including traditional non-operated working interests, ground game leasehold acquisitions, drilling partnerships, and co-purchase/buy-down structures across approximately 12,500 wells and ~100 operators.
Is nog a public or private company?
nog is a public company. It is classified as public and is currently operating.
When was nog founded?
nog was founded in 2006.
Where is nog based?
nog is headquartered in Minnetonka, United States, in the North America region.
How does nog make money?
One revenue line is on record: oil and Gas Production Revenue.
Who are nog's main competitors?
Direct peers on record are Dorchester Minerals, L.P., Cross Timbers Royalty Trust, Black Stone Minerals, L.P., Sitio Royalties Corp., Permianville Royalty Trust, Kimbell Royalty Partners, Texas Pacific Land Corporation and Viper Energy, Inc.. Broad incumbents are Diversified Energy Income Fund and Magnolia Oil & Gas Corporation.
Does nog have an API?
No public API is recorded for nog.
What industry is nog in?
nog's product category is Upstream Energy Investment. Its primary akta.pro industry code is EUALAAAB, Mineral Rights, Leasing & Land Management, with a secondary code of EUALAAAH, Unconventional Resources Development (Shale/Tight, CBM). Its NAICS code is 211120 and its SIC code is 1311.