NOG on NYSE

NORTHERN OIL & GAS, INC.

Crude petroleum and natural gas company, listed on NYSE (NOG). Summary from the record

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerNOG on NYSE1
  • IndustryCrude Petroleum & Natural Gas1
  • HeadquartersMinnetonka, Minnesota1
  • Business address4350 Baker Road, Suite 400, Minnetonka, Mn 553432
  • Filer categoryLarge accelerated filer2

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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.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

9.9%Operating margin4
1.6%Net margin4
11.2%Revenue growth, 20254
1.8%Return on equity4
1.13×Debt to equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil brought in 78% of the revenue NORTHERN OIL & GAS, INC. broke down this way in fiscal 2025.

  1. Oil$1.6B478%down 14% from 2024
  2. Natural Gas and NGL$453.8M422%up 79% from 2024
  3. Product and Service, Other$13.8M41%up 18% from 2024
Products and services by year
Products and services202320242025
Oil$1.6B$1.9B$1.6B
Natural Gas and NGL$251.7M$254.2M$453.8M
Product and Service, Other$9.2M$11.7M$13.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue19¢$473.7M
  • Other costs78¢$1.9B
  • Income tax1¢$23.9M
  • Profit2¢$38.8M

Out of $2.5B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid12¢$173.4M
  • Share buybacks4¢$57.0M
  • Kept or used elsewhere85¢$1.3B

Out of $1.5B of cash from operations.4

Financial statements

Revenue564$2.5B in 2025+424% since 2019
0$1.0B$2.0B$3.0B2019: $472.4M$472.4M20192020: $324.1M$324.1M2020−31%2021: $975.1M$975.1M2021+201%2022: $2.0B$2.0B2022+104%2023: $2.2B$2.2B2023+9%2024: $2.2B$2.2B2024+3%2025: $2.5B$2.5B2025+11%
Operating income56784$245.8M in 2025+343% since 2019
-$1.0B-$500.0M0$500.0M$1.0B$1.5B2019: $55.5M$55.5M20192020: -$841.2M-$841.2M20202021: $78.0M$78.0M20212022: $853.2M$853.2M2022+994%2023: $1.1B$1.1B2023+31%2024: $837.8M$837.8M2024−25%2025: $245.8M$245.8M2025−71%
Net income56784$38.8M in 2025
-$1.0B-$500.0M0$500.0M$1.0B2019: -$76.3M-$76.3M20192020: -$906.0M-$906.0M2020+1087%2021: $6.4M$6.4M20212022: $773.2M$773.2M2022+12056%2023: $923.0M$923.0M2023+19%2024: $520.3M$520.3M2024−44%2025: $38.8M$38.8M2025−93%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Gain on Commodity Derivatives, Net$380.7M$62.0M$259.2M
Total Revenues$2.5B$2.2B$2.2B
Production Expenses$473.7M$429.8M$347.0M
Production Taxes$131.3M$157.1M$160.1M
General and Administrative Expenses$61.3M$50.5M$46.8M
Depletion, Depreciation, Amortization and Accretion$814.9M$740.9M$486.0M
Impairment of Oil and Gas Assets$702.7M$0$0
Legal Settlement Expenses$33.1M$0$0
Other Expenses$12.8M$9.7M$4.4M
Total Operating Expenses$2.2B$1.4B$1.0B
Income From Operations$245.8M$837.8M$1.1B
Interest Expense-$172.4M-$157.7M-$135.7M
Gain (Loss) on Unsettled Interest Rate Derivatives, Net-$566.0K$263.0K-$1.0M
Gain (Loss) on the Extinguishment of Debt, Net-$10.8M$0$659.0K
Contingent Consideration Gain$0$0$10.1M
Other Income$637.0K$440.0K$4.8M
Total Other Expense-$183.1M-$157.0M-$121.1M
Income Before Income Taxes$62.7M$680.8M$1.0B
Income Tax Expense$23.9M$160.5M$77.8M
Net Income Attributable to Common Stockholders$38.8M$520.3M$923.0M
Net Income Per Common Share - Basic (in dollars per share)$0.40$5.21$10.09
Net Income Per Common Share Diluted (in dollars per share)$0.39$5.14$10.03
Weighted Average Shares Outstanding - Basic (in shares)97.7M shares99.9M shares91.5M shares
Weighted Average Shares Outstanding - Diluted (in shares)99.3M shares101.3M shares92.1M shares

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Leadership

Who has led NORTHERN OIL & GAS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Lewis Reger2007–2018
  2. Thomas W. Stoelk2017
  3. Brandon R. Elliott2018–2019
  4. Nicholas L. O'Grady2020–now

Chair

  1. Michael Lewis Reger2009

President

  1. Brandon R. Elliott2018
  2. Michael Lewis Reger2018–2019
  3. Nicholas L. O'Grady2019
  4. Adam A. Dirlam2022–now

Chief financial officer

  1. Ryan Randall Gilbertson2007–2009
  2. Chad D. Winter2010
  3. Thomas W. Stoelk2017
  4. Chad W. Allen2018
  5. Nicholas L. O'Grady2018–2019

Chief operating officer

  1. James R. Sankovitz2010
  2. Brandon R. Elliott2018
  3. Adam A. Dirlam2020–2021
2010201520202025
Board members and other officers (30)

Former names

  • KENTEX PETROLEUM INCOct 11, 2000 to Mar 8, 20072

Timeline

  1. Mar 17, 2020New chief executive Nicholas L. O'Grady becomes CEO12
  2. Jul 9, 2018New chief executive Brandon R. Elliott becomes CEO13
  3. Mar 3, 2017New chief executive Thomas W. Stoelk becomes CEO14
  4. Mar 29, 2007New chief executive Michael Lewis Reger becomes CEO15

Filings

570 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 100 major events, 328 insider forms, 50 large holders, 72 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Oct 5, 20264 EDGAR
  5. Oct 5, 20264 EDGAR
  6. Oct 5, 20264 EDGAR
  7. Oct 5, 20264 EDGAR
  8. Sep 18, 2026SD EDGAR
  9. Aug 26, 20268-K EDGAR
  10. Aug 19, 20268-K EDGAR
  11. Aug 19, 20268-K EDGAR
  12. Aug 13, 2026SCHEDULE 13G/A EDGAR
  13. Aug 7, 202610-Q EDGAR
  14. Aug 7, 2026SCHEDULE 13G EDGAR
  15. Aug 6, 20268-K EDGAR
  16. Jul 13, 20268-K EDGAR
  17. Jul 2, 20264 EDGAR
  18. Jul 2, 20264 EDGAR
  19. Jul 2, 20264 EDGAR
  20. Jul 2, 20264 EDGAR

The 570 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

82 open-market trades by officers, directors and large owners since October 2021: 7 buys and 75 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026Akradi BahramDirectorBuy25,760$19.40$499.7KForm 4
Dec 11, 2025EASLEY ROY ERNESTDirectorBuy10,000$23.38$233.8KForm 4
Dec 10, 2025EASLEY ROY ERNESTDirectorBuy15,000$24.46$366.9KForm 4
Mar 7, 2025O'GRADY NICHOLAS L.CEOBuy1,000$27.48$27.5KForm 4
Mar 4, 2025Lasher Stuart G.DirectorBuy20,000$27.62$552.4KForm 4
Mar 4, 2025Akradi BahramDirectorBuy40,000$28.03$1.1MForm 4
Mar 3, 2025O'GRADY NICHOLAS L.CEOBuy1,500$28.59$42.9KForm 4
Feb 3, 2025Romslo Erik J.Chief Legal Officer & Sec.Sale1,500$35.63$53.4KForm 4
Jan 10, 2025Allen Chad WCFOSale500$40.33$20.2KForm 4
Jan 6, 2025Dirlam Adam A.PresidentSale958$39.00$37.4KForm 4
Jan 2, 2025Allen Chad WCFOSale500$37.73$18.9KForm 4
Jan 2, 2025Dirlam Adam A.PresidentSale958$37.73$36.1KForm 4
Jan 2, 2025Romslo Erik J.Chief Legal Officer & Sec.Sale1,500$37.69$56.5KForm 4
Dec 2, 2024Allen Chad WCFOSale1,000$43.65$43.6KForm 4
Dec 2, 2024Dirlam Adam A.PresidentSale1,916$43.65$83.6KForm 4
Dec 2, 2024Romslo Erik J.Chief Legal Officer & Sec.Sale1,500$43.41$65.1KForm 4
Nov 6, 2024Allen Chad WCFOSale500$40.20$20.1KForm 4
Nov 6, 2024Dirlam Adam A.PresidentSale1,916$40.20$77.0KForm 4
Nov 1, 2024Allen Chad WCFOSale500$37.00$18.5KForm 4
Nov 1, 2024Romslo Erik J.Chief Legal Officer & Sec.Sale1,500$36.72$55.1KForm 4

All 82 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.16,041,709$291.2M0.0%+322,767
American Century Companies Inc8,457,296$153.5M0.1%+483,024
State Street Corp7,183,786$133.5M0.0%+643,818
Vanguard Portfolio Management LLC6,858,909$124.5M0.0%+276,857
Invesco Ltd.6,005,719$109.0M0.0%+491,923
Vanguard Capital Management LLC4,583,855$83.2M0.0%+79,738
Dimensional Fund Advisors LP4,487,842$81.5M0.0%+341,639
Geode Capital Management, LLC2,710,135$49.2M0.0%+267,291
Millennium Management LLC2,301,454$41.8M0.0%+1,763,260
UBS Group AG2,092,574$38.0M0.0%−521,856
Goldman Sachs Group Inc1,930,360$35.0M0.0%+536,295
Morgan Stanley1,873,765$34.0M0.0%−524,066
Charles Schwab Investment Management Inc1,849,231$33.6M0.0%+167,188
Hood River Capital Management LLC1,533,460$27.8M0.2%−53,139
Fmr LLC1,500,013$27.2M0.0%−4,890,520
Bank of New York Mellon Corp1,474,859$26.8M0.0%+14,784
Deprince Race & Zollo Inc1,375,011$25.0M0.4%+205,896
Voya Investment Management LLC1,308,703$23.8M0.0%−7,595
First Trust Advisors LP1,251,573$22.7M0.0%+83,602
Encompass Capital Advisors LLC1,250,000$22.7M1.0%New
Bank Of America Corp /de/1,141,243$20.7M0.0%−104,396
Victory Capital Management Inc1,091,890$19.8M0.0%+600,093
Northern Trust Corp1,030,883$18.7M0.0%+7,683
Barclays PLC977,058$17.7M0.0%+649,738
Nuveen, LLC900,107$16.3M0.0%−834,660

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 4, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+19.7%Report
Jul 16, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−28.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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