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Stock research / United States / NOG · Crude Petroleum & Natural Gas · NYSE

Northern OIL & Gas, Inc. (NOG)

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Northern OIL & Gas, Inc. (NOG) reported revenue of $745 million for Q2 FY2026, the quarter ended 30 June 2026, up 5.4% on the same quarter a year earlier. Net income was $237 million, up 137.6% on the year, and diluted earnings per share $2.19. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$745 millionup 5.4%
Net income$237 millionup 137.6%
Diluted EPS$2.19
QuarterQ2 FY2026ended 30 June 2026

Northern OIL & Gas (NOG) in brief

Northern OIL & Gas (NOG) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.2% on the year before.
Read moreNet income was $39 million and diluted earnings per share $0.39. Revenue was $2.2 billion in fiscal 2024, $2.2 billion in fiscal 2023, $1.6 billion in fiscal 2022 and $497 million in fiscal 2021. Net income in the same years was $520 million, $923 million, $773 million and $6 million. Over the twelve months to 30 June 2026, Northern OIL & Gas reported revenue of $1.9 billion and net loss of $486 million. Revenue grew 35.0% a year, compounded, over the five years to fiscal 2025. Northern OIL & Gas declared $1.80 a share in dividends over the last four quarters and had 107 million shares outstanding at the latest filed count. At 30 June 2026 it carried $2.7 billion of debt and $48 million of cash. At the close of 9 October 2026 the market cap of Northern OIL & Gas was $2.6 billion.

Ratios

From the filings

ROE-24.4%
ROCE-9.8%
Operating margin-24.1%
Net margin-25.4%
FCF marginn/a
Interest cover-2.75
Debt to equity1.37
Cash conversionn/a
Share count, 1 year9.2%
Sales CAGR, 3 years16.4%
Profit CAGR, 3 years-63.1%
EPS, TTM-$5.18

At the close of 9 October 2026

Price$24.75
Market cap$2.6 billion
Stock P/En/a
Price to book1.32
EV / EBITDAn/a
Dividend yield7.3%
Market cap / sales1.38
52-week high$30.82
52-week low$17.37
Price, 1 year4.7%
Price CAGR, 3 years-15.4%
Price CAGR, 5 years-1.0%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Northern OIL & Gas, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
NOGgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on NOG

Filings27 in twelve months: 18 current reports (8-K), about 7 results of operations; 6 material agreement; 4 other events; 3 new financial obligation; 3 regulation FD disclosure
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.51 by open interest at the 9 October 2026 close; the straddle prices a 4.4% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 10 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 3 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest21.6 million shares short, 9.04 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 7 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3147943965617545156027075576105.0745
Cost of revenue82.5102105101107117114121118120130127
Gross profit231691291460647398488585438490-125618
Gross margin74%87%73%82%86%77%81%83%79%80%-2480%83%
Operating income42.448452.3219434133229176-126-33.8-655353
Operating margin14%61%13%39%58%26%38%25%-23%-6%-13022%47%
Interest expense37.036.537.937.736.845.343.444.443.041.142.641.4
Pre-tax income5.444814.518139787.8186132-169-86.1-696311
Tax rate-382%13%20%24%25%18%25%24%n/an/an/a24%
Net income26.138911.613929871.713999.6-129-70.7-523237
Net margin8%49%3%25%40%14%23%14%-23%-12%-10397%32%
Diluted EPS$0.28$3.90$0.11$1.36$2.96$0.71$1.39$1.00-$1.33-$0.73-$5.31$2.19
Operating cash flow264342392340386290407362423313324322
Capital expenditure0.10.60.10.00.00.00.6n/a0.20.00.1n/a
Free cash flow264342392340386290407n/a423313324n/a
Buybacks0.00.020.034.914.525.215.035.00.07.00.050.0
Dividends paid34.335.240.140.239.941.841.744.343.743.744.547.4
Shares outstanding93m101m101m100m100m99m99m98m98m97m106m107m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue5952751452096794725524971,5712,1662,2262,4761,917
Cost of revenuen/an/a45.749.766.6119116171261347430474495
Gross profitn/an/a99.21606123544363261,3101,8191,7962,0021,422
Gross marginn/an/a68.5%76.2%90.2%74.8%78.9%65.6%83.4%84.0%80.7%80.9%74.2%
Operating income305-1,119-22960.543355.5-84178.08531,122838246-462
Operating margin51.3%-407.0%-158.2%28.9%63.7%11.8%-152.3%15.7%54.3%51.8%37.6%9.9%-24.1%
Interest expense42.158.464.570.386.079.258.559.080.3136158172168
Pre-tax income263-1,178-295-10.8144-76.3-9066.67761,00168162.7-640
Income tax99.4-202-1.4-1.6-0.10.0-0.20.23.177.816123.9-154
Effective tax rate37.8%n/an/an/a-0.0%n/an/a3.5%0.4%7.8%23.6%38.2%n/a
Net income164-975-293-9.2144-76.3-9066.477392352038.8-486
Net margin27.5%-354.6%-202.5%-4.4%21.2%-16.2%-164.1%1.3%49.2%42.6%23.4%1.6%-25.4%
Diluted EPS$26.90-$160.80-$48.00-$1.50$6.10-$2.00-$21.55-$0.13$8.92$10.03$5.14$0.39-$5.18
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023Share
latest year
Oil and Gas Sales1,89888.3%
Natural Gas and NGL Sales25211.7%
Oil and Gas SalesNatural Gas and NGL Sales
2,149FY2023

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow27424710273.02443403323969281,1831,4091,5051,381
Capital expenditure0.20.10.20.00.11.20.30.64.61.20.10.8n/a
Free cash flow27424710273.02443393313969241,1821,4091,505n/a
Free cash flow margin46.1%89.8%70.2%34.9%36.0%71.7%60.0%79.7%58.8%54.6%63.3%60.8%n/a
Cash from investingn/an/an/a-119-475-569-284-634-1,403-1,862-1,675-1,252-1,675
Cash from financingn/an/an/a142130243-62.4246467685267-247321
Depreciation and amortisation0.30.30.20.20.1n/an/an/an/an/an/an/an/a
Share-based compensation2.85.23.53.34.08.04.13.65.75.712.015.416.1
Buybacks16.10.30.00.022.215.10.00.054.58.094.557.057.1
Dividends paidn/an/an/an/an/a0.00.04.951.6124162173179
Dividend per sharen/an/an/an/an/an/an/an/an/an/an/an/a$1.80
Diluted shares, weighted6m6m6m6m24m39m43m63m87m92m101m99m108m
Shares outstanding at period end6m6m6m7m38m41m46m77m85m101m99m97m107m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity771-198-487-491430559-2232157452,0482,3202,1261,995
Debt5088358339798301,1189458031,5251,8362,3692,3952,725
Other liabilities74883.786.31442442291515046056019148881,108
Total liabilities and equity2,0277214326321,5041,9058721,5232,8754,4845,6045,4095,828
Owned
Fixed assets1,7625893764731,2031,7497351,2532,4833,9325,0824,7465,293
Cash and equivalents9.33.46.51022.416.11.49.52.58.28.914.347.6
Receivables85.951.435.846.996.410871.0194271371390350378
Other assets17077.313.010.020232.564.466.5118174123299109
Total assets2,0277214326321,5041,9058721,5232,8754,4845,6045,4095,828
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded24.6%35.0%16.4%-25.6%
Profit growth, compoundedn/an/a-63.1%n/a
Return on equity, averagen/a35.2%23.1%1.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Northern OIL & Gas' revenue in fiscal 2025?

Northern OIL & Gas (NOG) reported revenue of $2.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.2% on the year before.

How much did Northern OIL & Gas earn in fiscal 2025?

Net income was $39 million for fiscal 2025, and diluted earnings per share $0.39.

What is Northern OIL & Gas' market cap?

The market cap of Northern OIL & Gas was $2.6 billion at the close of 9 October 2026.

Does Northern OIL & Gas pay a dividend?

Yes. Northern OIL & Gas declared $1.80 a share in dividends over the four quarters to 30 June 2026.

How much debt does Northern OIL & Gas have?

At 30 June 2026 Northern OIL & Gas carried $2.7 billion of debt and $48 million of cash.

Peers: Petroleum and Natural Gas

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Shell plc SHEL *$285.1 billion16.7010.2%n/a-6.1%0.433.0%
TotalEnergies SE TTE *$190.0 billion14.9011.4%n/a-6.2%0.534.3%
Petróleo Brasileiro S.A. (Petrobras) PBR *$163.0 billion8.3226.0%29.3%-2.4%0.355.0%
Canadian Natural Resources Limited CNQ *$103.4 billion13.7124.4%n/a8.7%0.373.4%
Eni S.p.A. E *$82.8 billion31.875.4%6.1%-7.5%0.594.2%
EOG Resources Inc. EOG$77.7 billion11.5321.6%32.9%19.1%0.252.7%
Occidental Petroleum Corp. OXY$60.1 billionn/an/an/an/a0.311.6%
Diamondback Energy, Inc. FANG$53.9 billion37.453.9%6.3%21.4%0.332.2%
Devon Energy Corp. DVN$53.1 billion11.467.9%16.7%14.6%0.272.2%
Woodside Energy Group Ltd. WDS *$42.9 billion15.897.6%30.0%-1.5%0.334.7%
EQT Corp. EQT$33.0 billion12.2610.7%42.5%32.3%0.221.2%
Expand Energy Corp. EXE$20.4 billion7.6214.3%26.9%59.3%0.190.0%
All 54 in Petroleum and Natural Gas
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
ExxonMobil Holdings Corp. XOM$694.8 billion21.7212.6%12.3%9.1%0.122.4%
Chevron Corp. CVX$418.8 billion20.3210.8%14.2%10.2%0.193.2%
Shell plc SHEL *$285.1 billion16.7010.2%n/a-6.1%0.433.0%
TotalEnergies SE TTE *$190.0 billion14.9011.4%n/a-6.2%0.534.3%
Petróleo Brasileiro S.A. (Petrobras) PBR *$163.0 billion8.3226.0%29.3%-2.4%0.355.0%
ConocoPhillips COP$161.1 billion17.7414.2%n/a9.6%0.352.4%
Marathon Petroleum Corp. MPC$127.8 billion15.6444.8%9.2%15.0%1.610.8%
BP plc BP *$127.1 billionn/a0.1%6.6%-1.1%1.094.0%
Valero Energy Corp. VLO$124.9 billion18.0028.8%7.2%12.6%0.361.0%
Phillips 66 PSX$111.0 billion15.8822.5%n/a14.4%0.601.7%
Equinor ASA EQNR *$107.5 billion22.1712.5%23.8%2.6%0.690.3%
Canadian Natural Resources Limited CNQ *$103.4 billion13.7124.4%n/a8.7%0.373.4%
Suncor Energy Inc. SU *$86.2 billion21.2313.1%n/a-4.6%0.222.3%
Eni S.p.A. E *$82.8 billion31.875.4%6.1%-7.5%0.594.2%
EOG Resources Inc. EOG$77.7 billion11.5321.6%32.9%19.1%0.252.7%
SLB Limited SLB$72.6 billion23.6511.9%n/a2.5%0.43n/a
Occidental Petroleum Corp. OXY$60.1 billionn/an/an/an/a0.311.6%
Diamondback Energy, Inc. FANG$53.9 billion37.453.9%6.3%21.4%0.332.2%
Devon Energy Corp. DVN$53.1 billion11.467.9%16.7%14.6%0.272.2%
Woodside Energy Group Ltd. WDS *$42.9 billion15.897.6%30.0%-1.5%0.334.7%
EQT Corp. EQT$33.0 billion12.2610.7%42.5%32.3%0.221.2%
Halliburton Co. HAL$27.1 billion17.0314.6%11.4%0.6%0.642.1%
Expand Energy Corp. EXE$20.4 billion7.6214.3%26.9%59.3%0.190.0%
Permian Resources Corp. PR$19.3 billion15.2510.3%35.8%12.8%0.252.6%
Ovintiv Inc. OVV$17.7 billion18.058.0%9.7%6.0%0.321.9%
APA Corp. APA$16.1 billion9.7023.9%44.4%-16.1%0.532.2%
Antero Resources Corp. AR$11.1 billion10.3213.0%24.7%25.8%0.31n/a
PBF Energy Inc. PBF$10.2 billion7.4621.1%5.8%13.5%0.271.4%
Range Resources Corp. RRC$9.6 billion11.2918.3%32.1%23.2%0.180.9%
SM Energy Co. SM$8.8 billion7.3012.8%29.6%75.4%0.852.2%
Viper Energy, Inc. VNOM$8.3 billion330.621.2%12.3%n/a0.33n/a
Chord Energy Corp. CHRD$7.8 billion9.4910.2%19.0%19.2%0.183.7%
Noble Corp. plc NE$6.8 billion45.573.3%11.4%-11.1%0.424.7%
Matador Resources Co. MTDR$6.7 billion9.3112.2%32.2%-3.6%0.712.6%
CVR Energy Inc. CVI$5.8 billion85.3113.1%4.1%17.9%3.248.4%
Valaris Ltd. VAL$5.8 billion6.2529.2%11.3%-13.2%0.340.0%
Magnolia Oil & Gas Corp. MGY$5.7 billion10.5719.8%38.0%11.4%0.182.5%
Murphy OIL Corp. MUR$5.5 billion19.155.6%18.5%8.3%0.293.5%
CNX Resources Corp. CNX$5.1 billion5.7319.6%44.4%61.9%0.460.0%
California Resources Corp. CRC$4.7 billionn/a-3.6%-1.7%-22.5%0.383.0%
Oceaneering International Inc. OII$4.5 billion12.9130.1%10.4%3.8%0.420.0%
Patterson UTI Energy Inc. PTEN$4.3 billionn/a-2.9%-1.1%-6.9%0.402.8%
Crescent Energy Co. CRGY$4.2 billionn/a1.1%20.6%24.3%1.00n/a
PAR Pacific Holdings, Inc. PARR$4.1 billion4.8143.2%13.4%13.2%0.37n/a
Comstock Resources Inc. CRK$4.0 billion7.7019.7%28.8%31.6%1.200.0%
Helmerich & Payne, Inc. HP$4.0 billionn/a-5.1%2.3%16.6%0.700.6%
Valvoline Inc. VVV$3.9 billion37.8824.4%15.3%16.1%3.840.4%
Liberty Energy Inc. LBRT$3.2 billion25.696.2%1.3%2.3%0.661.7%
Gulfport Energy Corp. GPOR$2.9 billion6.5027.2%45.0%35.2%0.50n/a
Talos Energy Inc. TALO$2.8 billionn/a-19.9%-12.7%2.4%0.60n/a
Quaker Chemical Corp. KWR$2.7 billion27.787.1%7.7%7.8%0.621.3%
Northern OIL & Gas, Inc. NOG$2.6 billionn/a-24.4%-24.1%-25.6%1.377.3%
Atlas Energy Solutions Inc. AESI$1.5 billionn/a-10.6%-8.3%-8.1%0.826.1%
RPC Inc. RES$1.3 billion66.222.1%1.9%25.4%0.022.7%
31 companies share its SEC industry code (Crude Petroleum & Natural Gas); the rest are the names nearest in size in its wider industry, Petroleum and Natural Gas, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 202629 April 2026EDGAR
10-K31 December 202526 February 2026EDGAR
10-Q30 September 20257 November 2025EDGAR
10-Q30 June 20251 August 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202420 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 202430 April 2024EDGAR

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