nog

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.

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

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

• Non-operated working interests
• Upstream oil and gas
• Mineral rights acquisitions
• Energy investment platform
• Hydrocarbon production properties

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

Revenue model

1. 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

Core 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

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Environmental Partnership MemberscoreStrategic or Co-development PartnerMany 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

Direct 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

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about nog