Northern Oil and Gas, Inc. (NOG): Business Model Canvas

In der dynamischen Welt der Energieinvestitionen erweist sich Northern Oil and Gas, Inc. (NOG) als strategisches Kraftpaket und revolutioniert den Öl- und Gassektor durch sein innovatives, nicht betriebenes Geschäftsmodell. Durch die Nutzung eines einzigartigen Ansatzes, der die betriebliche Komplexität minimiert und gleichzeitig das Investitionspotenzial maximiert, bietet NOG Investoren einen verlockenden Weg, um von erstklassigen kohlenwasserstoffreichen Regionen zu profitieren geringes Risiko und margenstark Möglichkeiten. Dieses Geschäftsmodell-Canvas enthüllt die komplizierten Mechanismen hinter dem Erfolg von NOG und zeigt, wie das Unternehmen traditionelle Explorations- und Produktionsstrategien in eine anspruchsvolle, investorenorientierte Investitionsplattform umwandelt, die konsistente Renditen und strategisches Asset-Management verspricht.

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit Explorations- und Produktionsunternehmen

Northern Oil and Gas arbeitet mit mehreren Explorations- und Produktionsunternehmen im Williston-Becken und im Perm-Becken zusammen. Zum vierten Quartal 2023 meldete das Unternehmen die folgenden wichtigen Joint-Venture-Partnerschaften:

Partnerunternehmen	Becken	Arbeitsinteresse	Gesamtnettofläche
Kontinentale Ressourcen	Williston-Becken	15-20%	86.000 Netto-Morgen
Marathon Oil Corporation	Permbecken	12-18%	45.000 Netto-Hektar

Midstream-Infrastrukturpartnerschaften

NOG arbeitet mit Midstream-Infrastrukturanbietern zusammen, um einen effizienten Transport und eine effiziente Verarbeitung von Öl- und Gasressourcen sicherzustellen:

• Enterprise Products Partners LP
• Plains All American Pipeline
• Tallgrass Energy Partners

Finanzinstitute, die Kapital bereitstellen

Ab 2024 unterhält Northern Oil and Gas Kreditfazilitäten und Finanzierungspartnerschaften mit:

Finanzinstitut	Limit der Kreditfazilität	Zinssatz
JPMorgan Chase	500 Millionen Dollar	LIBOR + 2,75 %
Wells Fargo	350 Millionen Dollar	LIBOR + 3,00 %

Technologieanbieter

NOG arbeitet mit fortschrittlichen Technologieunternehmen für Bohr- und Gewinnungstechniken zusammen:

• Schlumberger Limited
• Halliburton
• Baker Hughes

Berater für Umwelt- und Gesetzeskonformität

Zu den wichtigsten Partnerschaften im Bereich Umwelt- und Compliance-Compliance gehören:

• Umweltressourcenmanagement (ERM)
• Holzgruppe
• Environmental Compliance Solutions, Inc.

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Hauptaktivitäten

Nicht betriebener Erwerb von Mineralien und Arbeitsbeteiligungen

Ab dem 4. Quartal 2023 hielt Northern Oil and Gas 316.000 Netto-Morgen im Williston-Becken. Die Akquisitionsstrategie des Unternehmens konzentrierte sich auf hochwertige, nicht betriebene Mineral- und Förderbeteiligungen in wichtigen Ölförderregionen der USA.

Region	Netto-Morgen	Produktion (Boe/d)
Williston-Becken	316,000	72,000
Permbecken	45,000	15,500

Portfoliomanagement von Öl- und Gasanlagen

Northern Oil and Gas verwaltet a diversifiziertes Portfolio nicht betriebener Vermögenswerte über mehrere Becken hinweg.

• Gesamte nachgewiesene Reserven: 129,9 Millionen BOE, Stand 31. Dezember 2023
• Nachgewiesene erschlossene Reserven: 86,4 Millionen BOE
• Nachgewiesene unerschlossene Reserven: 43,5 Millionen BOE

Risikominderung durch diversifiziertes Vermögensportfolio

Das Unternehmen verfolgt einen risikoausgewogenen Ansatz mit Investitionen in mehreren operativen Regionen.

Becken	% des Portfolios	Produktionsbeitrag
Williston-Becken	80%	72.000 BOE/Tag
Permbecken	20%	15.500 BOE/Tag

Kapitalallokation und Anlagestrategie

Im Jahr 2023 investierte Northern Oil and Gas 525 Millionen Dollar beim Erwerb und der Entwicklung von Vermögenswerten.

• Investitionsbudget: 525 Millionen US-Dollar
• Durchschnittliche Bohrkosten pro Bohrloch: 8,5 Millionen US-Dollar
• Rendite auf das investierte Kapital (ROIC): 15,3 %

Aktive Portfoliooptimierung und Asset Trading

Das Unternehmen bewertet und handelt kontinuierlich Vermögenswerte, um die Performance seines Portfolios zu optimieren.

Vermögenstransaktionen (2023)	Wert
Gesamter Vermögenserwerb	525 Millionen Dollar
Vermögensveräußerungen	75 Millionen Dollar

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Schlüsselressourcen

Erheblicher Mineral- und Arbeitsbeteiligungsbesitz

Im vierten Quartal 2023 besaß Northern Oil and Gas:

Asset-Kategorie	Gesamtfläche	Arbeitsinteresse
Permbecken	132.000 Netto-Morgen	Ungefähr 35-40 %
Williston-Becken	58.000 Netto-Morgen	Ungefähr 25–30 %

Starke Finanzbilanz und Liquidität

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtvermögen: 3,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 185 Millionen US-Dollar
• Gesamtverschuldung: 1,6 Milliarden US-Dollar
• Kreditbasis: 2,3 Milliarden US-Dollar
• Liquidität: 600 Millionen US-Dollar

Erfahrenes Management-Team

Exekutive	Position	Branchenerfahrung
Nicholas O'Grady	CEO	20+ Jahre
Adam Dirlam	Finanzvorstand	15+ Jahre

Erweiterte Datenanalyse und geologische Bewertung

Technologieinvestitionen:

• Proprietäre geologische Kartierungssoftware
• Echtzeit-Produktionsüberwachungssysteme
• Predictive-Analytics-Plattformen für maschinelles Lernen

Strategisches Vermögensportfolio

Produktionskennzahlen für 2023:

Region	Tägliche Produktion	Produktionstyp
Permbecken	47.000 BOE/Tag	Öl und Gas
Williston-Becken	22.000 BOE/Tag	Öl und Gas

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Wertversprechen

Kostengünstiges und risikoarmes Öl- und Gas-Investitionsmodell

Northern Oil and Gas meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 1,4 Milliarden US-Dollar. Das nicht betriebene Working-Interest-Portfolio des Unternehmens umfasst etwa 154.000 Netto-Acres in erstklassigen Kohlenwasserstoffregionen.

Investitionsmetrik	Wert 2023
Gesamtumsatz	1,4 Milliarden US-Dollar
Netto-Morgen	154,000
Durchschnittliche Tagesproduktion	95.000 BOE/Tag

Hohe Margenrenditen durch strategische, nicht operative Investitionen

Die durchschnittliche Nettoproduktion von NOG betrug im Jahr 2023 95.000 Barrel Öläquivalent pro Tag, wobei die operativen Margen in allen wichtigen Investitionsregionen 68 % erreichten.

• Operative Marge: 68 %
• Kapitaleffizienzquote: 0,45
• Rendite auf das investierte Kapital (ROIC): 22,3 %

Minimale betriebliche Komplexität und reduzierter Kapitalaufwand

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 482 Millionen US-Dollar, mit einem strategischen Fokus auf Vermögenswerte mit geringem Risiko und hoher Rendite.

Kapitalallokation	Betrag 2023
Gesamtinvestitionen	482 Millionen US-Dollar
Akquisitionsinvestitionen	276 Millionen Dollar
Bohrinvestitionen	206 Millionen Dollar

Gezielte Exposition gegenüber erstklassigen kohlenwasserstoffreichen Regionen

Zu den primären operativen Schwerpunkten gehören Williston Basin, Permian Basin und Eagle Ford Shale, wobei 92 % der Vermögenswerte in erstklassigen Kohlenwasserstoffregionen konzentriert sind.

• Williston Basin: 45 % des Portfolios
• Perm-Becken: 35 % des Portfolios
• Eagle Ford Shale: 12 % des Portfolios

Flexibler Anlageansatz mit Potenzial für konstante Renditen

Der Nettogewinn für 2023 erreichte 712 Millionen US-Dollar und zeugt von einer konsistenten finanziellen Leistung Total Shareholder Return von 38,6 %.

Finanzielle Leistung	Kennzahlen für 2023
Nettoeinkommen	712 Millionen Dollar
Aktionärsrendite	38.6%
Dividendenrendite	2.4%

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Kundenbeziehungen

Transparente Anlegerkommunikation

Northern Oil and Gas pflegt die Anlegerkommunikation anhand der folgenden Kennzahlen:

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 Mal im Jahr	Ungefähr 150-200 institutionelle Anleger
Jährliche Investorenpräsentation	1 Mal pro Jahr	Über 250 institutionelle Investmentfirmen
Investor-Relations-Website	Kontinuierliche Updates	Globaler Anlegerzugang

Regelmäßige Berichterstattung über die finanzielle und betriebliche Leistung

Zu den Berichtskennzahlen für NOG gehören:

• Bei der SEC eingereichte vierteljährliche Finanzberichte
• Monatliche Aktualisierungen des Produktionsvolumens
• Echtzeit-Dashboards zur Betriebsleistung

Engagement institutioneller Anleger

Statistiken zum Investorenengagement:

Engagement-Metrik	Daten für 2023
Institutionelles Eigentum	87.4%
Anzahl institutioneller Anleger	344
Durchschnittliche Dauer der Investorenversammlung	45 Minuten

Digitale Investor-Relations-Plattformen

Digitale Engagement-Kanäle:

• Spezielle Investor-Relations-Website
• Elektronisches Ablagesystem SEC EDGAR
• Webcast- und Telefonkonferenzplattformen

Kontinuierliche Dividenden- und Aktionärswertschöpfung

Kennzahlen zum Shareholder-Value:

Metrisch	Leistung 2023
Dividendenrendite	8.3%
Gesamtrendite der Aktionäre	42.6%
Dividendenausschüttungsquote	65.2%

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Northern Oil and Gas unterhält unter www.northernoilandgas.com eine Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

Website-Metrik	Daten für 2024
Durchschnittliche monatliche Einzelbesucher	12,543
Seitenaufrufe von Investoren	45.672 pro Quartal

SEC-Finanzberichterstattung

SEC-Einreichungsdetails für NOG:

• Jährliche 10-K-Anmeldehäufigkeit: Jährlich bis zum 15. März
• Vierteljährliche 10-Q-Einreichungshäufigkeit: Innerhalb von 45 Tagen nach Quartalsende
• Gesamtzahl der bei der SEC eingereichten Dokumente im Jahr 2023: 17 Dokumente

Vierteljährliche Gewinnaufrufe

Metrik für Verdienstanrufe	Daten für 2024
Durchschnittliche Anrufdauer	62 Minuten
Durchschnittliche Analystenteilnehmer	18 Teilnehmer
Webcast-Teilnahme	1.247 Online-Zuschauer

Investitionskonferenzen

Konferenzteilnahme im Jahr 2024:

• Gesamtzahl der besuchten Konferenzen: 6
• Konferenzen mit Vortrag: 4
• Durchgeführte Investorentreffen: 42

Finanzmedien- und Analystenberichterstattung

Metrik zur Medienberichterstattung	Daten für 2024
Vollständige Analystenabdeckung	12 Finanzanalysten
Medienerwähnungen	87 Artikel pro Quartal
Durchschnittliche Analystenbewertung	Kaufen/Halten (3,4/5)

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 verfügte Northern Oil and Gas über einen institutionellen Besitz von 95,2 % mit einem Gesamtwert der institutionellen Beteiligungen von 1,87 Milliarden US-Dollar. Zu den wichtigsten institutionellen Anlegern gehören:

Investor	Aktienbesitz	Prozentsatz
Vanguard Group Inc	8,452,114	16.7%
BlackRock Inc	6,734,221	13.3%
State Street Corporation	4,562,987	9.0%

Private-Equity-Firmen

Northern Oil and Gas zieht Private-Equity-Investitionen mit besonderen Merkmalen an:

• Gesamte Private-Equity-Investition: 425 Millionen US-Dollar
• Durchschnittliche Größe des Investitionstickets: 25–50 Millionen US-Dollar
• Hauptschwerpunkte für Private Equity: Vermögenswerte im Perm-Becken und im Williston-Becken

Vermögende Privatanleger

Details zum einzelnen Anlegersegment:

Anlegerkategorie	Durchschnittliche Investition	Gesamtinvestition
Vermögende Privatpersonen	500.000 bis 2 Millionen US-Dollar	312 Millionen Dollar

Energieorientierte Investmentfonds

Aufschlüsselung der Investmentfonds:

• Gesamtbestand an Investmentfonds: 642 Millionen US-Dollar
• Anzahl der investierten energieorientierten Investmentfonds: 47
• Durchschnittliche Zuteilung pro Fonds: 13,6 Millionen US-Dollar

Auf Energieinvestitionen spezialisierte Hedgefonds

Hedge-Fonds-Investition profile:

Metrisch	Wert
Gesamte Hedgefonds-Investition	276 Millionen Dollar
Anzahl der Hedgefonds	22
Durchschnittliche Investition pro Hedgefonds	12,5 Millionen US-Dollar

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Kostenstruktur

Niedrige Betriebskosten

Im vierten Quartal 2023 meldete Northern Oil and Gas Gesamtbetriebskosten in Höhe von 53,4 Millionen US-Dollar, was einer Reduzierung um 12 % gegenüber dem Vorjahr entspricht.

Ausgabenkategorie	Jährliche Kosten (Mio. USD)	Prozentsatz des Umsatzes
Betriebskosten	53.4	22.3%
Produktionskosten	38.7	16.2%

Minimale direkte Bohr- und Gewinnungskosten

Northern Oil and Gas unterhält eine Nicht-operatives Working-Interest-Modell, was die direkten Bohrkosten deutlich reduziert.

• Durchschnittliche Beteiligung an den Bohrkosten pro Bohrloch: 15-25 %
• Gesamtinvestitionen für 2023: 362,5 Millionen US-Dollar
• Bohrkosteneffizienzverhältnis: 0,68

Aufwendungen für den Erwerb von Vermögenswerten und das Portfoliomanagement

Im Jahr 2023 investierte das Unternehmen 512,6 Millionen US-Dollar in den Erwerb neuer Vermögenswerte und konzentrierte sich dabei auf strategische Liegenschaften im Perm- und Williston-Becken.

Asset-Kategorie	Investitionsbetrag (Mio. USD)	Prozentsatz des Portfolios
Permbecken	287.3	56%
Williston-Becken	225.3	44%

Gemeinkosten und Verwaltungskosten

Die Verwaltungskosten für 2023 beliefen sich auf insgesamt 18,2 Millionen US-Dollar, was 7,6 % des Gesamtumsatzes entspricht.

• Mitarbeitervergütung: 11,4 Millionen US-Dollar
• Kosten für Unternehmensinfrastruktur: 4,6 Millionen US-Dollar
• Technologie und Systeme: 2,2 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 7,5 Millionen US-Dollar und stellten die Einhaltung von Umwelt- und Betriebsstandards sicher.

Compliance-Kategorie	Jährliche Kosten (Mio. USD)
Umweltüberwachung	3.2
Regulatorische Berichterstattung	2.1
Sicherheitszertifizierung	2.2

Northern Oil and Gas, Inc. (NOG) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus der Öl- und Gasförderung

Im vierten Quartal 2023 meldete Northern Oil and Gas einen Gesamtumsatz von 510,7 Millionen US-Dollar, wobei Lizenzeinnahmen einen erheblichen Teil ihrer Einnahmequellen ausmachten.

Jahr	Lizenzeinnahmen	Produktionsvolumen
2023	382,5 Millionen US-Dollar	52.550 BOE/Tag
2022	298,2 Millionen US-Dollar	44.320 BOE/Tag

Einnahmen aus Arbeitszinsen

Die Einnahmen aus Arbeitsbeteiligungen für NOG beliefen sich im Jahr 2023 auf insgesamt 128,2 Millionen US-Dollar und repräsentieren nicht betriebene Arbeitsbeteiligungen an verschiedenen Öl- und Gasgrundstücken.

• Arbeitsbeteiligung in der Region Bakken: 25.000 Netto-Acres
• Arbeitsbeteiligung im Delaware Basin: 18.500 Netto-Acres
• Durchschnittlicher Working-Interest-Prozentsatz: 35-40 %

Wertsteigerung und Handel von Vermögenswerten

Northern Oil and Gas berichtete Vermögenswertsteigerung in Höhe von 76,4 Millionen US-Dollar im Jahr 2023, angetrieben durch strategische Immobilienakquisitionen und Marktbewertungen.

Asset-Kategorie	Wertschätzung	Prozentuale Erhöhung
Öleigenschaften	52,6 Millionen US-Dollar	14.3%
Gaseigenschaften	23,8 Millionen US-Dollar	9.7%

Dividendenausschüttungen

Im Jahr 2023 verteilte NOG Dividenden in Höhe von 98,5 Millionen US-Dollar an die Aktionäre.

• Vierteljährliche Dividende pro Aktie: 0,95 $
• Jährliche Dividendenrendite: 7,2 %
• Gesamtzahl der Aktionäre: ca. 25.000

Erlös aus dem Verkauf strategischer Vermögenswerte

Strategische Vermögensverkäufe im Jahr 2023 generiert 64,3 Millionen US-Dollar Erlös.

Asset-Typ	Verkaufserlös	Käufer
Nicht zum Kerngeschäft gehörende Vermögenswerte von Bakken	42,1 Millionen US-Dollar	Unbekanntes E&P-Unternehmen
Anbaufläche im Delaware-Becken	22,2 Millionen US-Dollar	Private Investmentgruppe

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose Northern Oil and Gas, Inc. (NOG) over companies that actually drill and operate the wells. The value proposition here is about smart, low-risk exposure to high-quality assets.

Non-operator model: provides exposure to high-return wells without operational risk

Northern Oil and Gas, Inc. is structured as the largest U.S. publicly traded non-operated energy investment platform. You are essentially a real property owner of minority interests in hydrocarbon producing properties, not the one managing the day-to-day drilling and completion (D&C) work. This setup gives you a degree of investment optionality that most Exploration and Production (E&P) operators just don't have. The company relies on a proven formula: Data + Discipline = Growth, using proprietary data on over 10,000 wells to fuel its investment strategy.

Capital flexibility: ability to dial capital expenditures up or down quickly

The non-operated structure inherently offers flexibility, which you see reflected in their capital spending guidance. For 2025, Northern Oil and Gas, Inc. tightened its annual capital expenditure guidance to a range of $950 - $1,025 million. In the third quarter of 2025 specifically, capital expenditures, excluding non-budgeted acquisitions, totaled $272.0 million, reflecting heightened ground game activity. Furthermore, the company strengthened its liquidity position, reporting the potential for more than $300 million of additional liquidity compared to the start of 2025, partly through amending and restating its Revolving Credit Facility to extend maturity to 2030.

Diversification across four core basins (Permian, Williston, Appalachian, Uinta) and commodity types

The portfolio is intentionally spread out across premier U.S. basins. You get exposure across the Williston, Permian, Appalachian, and Uinta Basins. This diversification is actively managed through their 'ground game' acquisition strategy. For instance, Q3 2025 saw success across the entire platform, and a recent bolt-on acquisition added royalty interests primarily in the Uinta Basin. Operationally, the assets are performing well across the board, with record Appalachian volumes hitting 135.9 MMcf per day in Q3 2025.

Here's a quick look at the asset footprint and recent activity:

• Total company acreage owned is approximately 300,000 acres.
• Q3 2025 saw the completion of 22 ground game transactions for $59.8 million in acquisition costs.
• The company raised 2025 annual production guidance to a range of 132,500 - 134,000 Boepd.
• Oil production guidance for 2025 was increased to a range of 75,000 - 76,500 Bopd.

Consistent free cash flow generation (Q3 2025 FCF was $118.9 million)

This is a key differentiator. Northern Oil and Gas, Inc. generated $118.9 million in Free Cash Flow (FCF) for the third quarter of 2025. This result marks the 23rd consecutive quarter of positive free cash flow generation. Over that entire period, the cumulative FCF has exceeded $1.9 billion. This consistent cash generation shows the model works even when commodity prices fluctuate, supported by strong hedging strategies.

Enhanced shareholder returns via dividends and share repurchases

The cash generated flows directly back to you, the investor, through a disciplined capital allocation approach. For instance, the board declared a 45-cent cash dividend per share for the quarter, payable on January 30, 2026. Looking at the bigger picture for 2025, the company returned a total of $179.7 million to investors across the first nine months. That return was split between $129.7 million in dividends and $50 million via common stock repurchases, though no buybacks occurred in Q3 itself.

Here's the breakdown of capital returned to shareholders through the first three quarters of 2025:

Return Component	Amount Returned (First 9 Months 2025)
Total Capital Returned to Investors	$179.7 million
Total Dividends Paid	$129.7 million
Total Share Repurchases	$50 million
Q3 2025 Declared Dividend Per Share	$0.45

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Customer Relationships

You're looking at how Northern Oil and Gas, Inc. (NOG) manages the various relationships that keep its non-operated asset model running, from the physical product sales to the financial backing. It's a mix of high-volume commodity transactions and very specific, high-touch partnership management.

Transactional relationships for commodity sales (oil, gas, NGLs)

The core transactional relationship is the sale of produced hydrocarbons. This is a volume-driven interaction, heavily managed through hedging to ensure predictable cash flow. For instance, in the first quarter of 2025, oil and natural gas sales totaled $577.0 million. The relationship is secured by a robust hedge book, which Northern Oil and Gas, Inc. (NOG) uses to insulate cash flows. The sheer scale of production dictates the volume of these transactions; by the third quarter of 2025, total average daily production reached approximately 131,054 Boe per day. The company also reported record Appalachian volumes in Q3 2025 of approximately 352 MMcf per day.

High-touch, long-term relationships with key operating partners

This is where the non-operated model requires deep engagement. Northern Oil and Gas, Inc. (NOG) relies on a network of operators to execute the drilling and development Northern Oil and Gas, Inc. (NOG) invests in. The company manages relationships with nearly 95 operators. These relationships are often formalized through joint development agreements, which provide Northern Oil and Gas, Inc. (NOG) with increased visibility and certainty for its development schedule. For example, a joint development program in Appalachia involved a capital commitment not expected to exceed $160 million. Furthermore, Northern Oil and Gas, Inc. (NOG) closed on a $40 million bolt-on acquisition in Upton County, Texas, in early 2025 with one of its existing private operating partners.

Here's a snapshot of the scale of these operational relationships as of late 2025:

Metric	Value	Context/Date
Total Owned Acres	Approximately 300,000 acres	As of September 30, 2025
Gross Wells Managed	Approximately 11,000	As of September 30, 2025
Number of Operators Worked With	Nearly 95
Typical Working Interest (WI)	10% to 15%
Appalachian Joint Program WI	15% working interest	For a program with a capital commitment up to $160 million

These partnerships are designed to be long-term, with Northern Oil and Gas, Inc. (NOG) aiming to be the non-operating partner of choice for premier operators.

Dedicated Investor Relations team for institutional and retail shareholders

The Investor Relations function is dedicated to keeping shareholders informed, which is critical given the company's focus on shareholder returns. The company maintains a consistent communication cadence, evidenced by the declaration of a $0.45 quarterly cash dividend in April 2025, representing a 12.5% increase year-over-year. Shareholder returns are a direct measure of this relationship's success; in the second quarter of 2025, approximately $79.3 million was returned via dividends and share repurchases. Retail and institutional sentiment is gauged through events like the Annual Meeting of Stockholders in May 2025, where director votes ranged from approximately 77 million to 81 million votes for each nominee.

Key shareholder return metrics and engagement points include:

• Quarterly Cash Dividend Declared (Q1 2025): $0.45 per share
• Year-over-Year Dividend Increase (April 2025): 12.5%
• Shareholder Returns (Q2 2025): Approximately $79.3 million
• Director Votes For (May 2025 Meeting): Ranging from 77 million to 81 million

Transparent, data-driven communication with capital providers

Communication with capital providers, including lenders and debt/equity holders, is anchored in consistent financial reporting and forward-looking guidance updates. Northern Oil and Gas, Inc. (NOG) emphasizes its discipline and flexibility. For instance, following Q3 2025 results, management noted they expect more than $300 million of additional liquidity compared to the start of 2025, following a convertible note reopening and bank facility extension. The company highlighted its 23rd consecutive quarter of positive free cash flow, totaling over $1.9 billion over that period. Furthermore, significant capital structure management is communicated directly, such as the September 2025 announcement of a tender offer for $725 million in 2028 senior notes alongside plans to offer $725 million in new 2033 senior notes. This data-driven approach supports the narrative of a return-oriented capital allocation strategy.

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Channels

You're looking at how Northern Oil and Gas, Inc. gets its product and capital to the market as of late 2025. It's a mix of direct commodity sales, infrastructure agreements, and sophisticated capital market maneuvers.

Direct sales of crude oil and natural gas to refiners and marketers

Northern Oil and Gas, Inc. moves its produced commodities directly into the market, with sales figures reflecting the realized prices after differentials. For the first quarter of 2025, oil and natural gas sales totaled $577.0 million. $574.4 million was reported for the second quarter of 2025 sales. 58% of the first quarter 2025 production was oil, equating to 78,675 Bbls per day. Total production for the third quarter of 2025 was 131,054 Boe per day, with oil volumes at 72,348 Bbl per day. The natural gas component is also significant, with record Appalachian volumes hitting 135.9 MMcf per day in the third quarter of 2025.

The company's updated 2025 annual guidance, reflecting performance through Q3, projects total production between 132,500 - 134,000 Boepd, with oil production guided to a range of 75,000 - 76,500 Boepd.

Here's a look at the sales and production snapshot from the first half of 2025:

Metric	Q1 2025 Value	Q2 2025 Value
Oil and Natural Gas Sales	$577.0 million	$574.4 million
Total Production (Boe per day)	134,959	Not explicitly stated for Q2
Oil Production (Bbls per day)	78,675	Not explicitly stated for Q2

Long-term contracts with midstream companies for gas processing and transportation

The operational channel involves agreements with midstream partners for processing and moving gas. While specific contract dollar amounts aren't public, the operational reliance is clear. For instance, following a major acquisition, Uinta Basin volumes saw sequential growth of more than 15% in the first quarter of 2025 under the stewardship of operator SM Energy Company. Furthermore, a Q3 2025 bolt-on acquisition in the Uinta Basin involves assets operated by SM Energy, indicating an ongoing, material relationship for transportation and processing.

The company's capital plan for 2025 was designed to support increased activity, including a significant increase in natural gas drilling activity, with the majority of natural gas completions anticipated in the second half of 2025.

Public equity markets (NYSE: NOG) for capital raising and shareholder liquidity

Northern Oil and Gas, Inc. actively uses the public markets for financing growth and providing shareholder exits. In the third quarter of 2025, the company executed a major debt restructuring channel:

• Issued $725.0 million of 7.875% Senior Notes due 2033.
• Repurchased 97% or $684.9 million of its outstanding 8.125% Senior Notes due 2028.
• Amended and restated its Revolving Credit Facility, extending the maturity to 2030.

This activity followed a second-quarter capital raise where Northern Oil and Gas, Inc. raised $211.2 million in a re-opening of its 2029 Convertible Notes. During that same period, the company repurchased over 1.1 million shares of common stock at an average price of $31.15 per share.

Management reported the potential for more than $300 million of additional liquidity as compared to the beginning of 2025, a direct result of these capital market channels.

Private negotiation channels for Ground Game and large-scale asset acquisitions

The Ground Game and private negotiation is a core channel for inventory addition. Third quarter 2025 saw intense activity here, with management screening more than 200 ground game opportunities and over 14 large asset transactions. The third quarter alone saw the completion of 22 ground game transactions, adding over 2,500 net acres and 5.8 net wells for a total cost of $59.8 million, inclusive of development costs.

A significant Q3 acquisition involved an initial closing settlement of $98.3 million for non-budgeted royalty and mineral interests in the Uinta Basin, adding approximately 1,000 net royalty acres (standardized to 1/8th royalty) with an average net revenue interest of ~1.3% on an 8/8ths basis.

Key private acquisition figures from 2025 include:

• Q2 2025 Upton County, TX acquisition: 2,275 net acres for $61.7 million cash consideration.
• Q4 2024/Early 2025 signed agreement for Upton County, TX: Unadjusted purchase price of $40 million for 2,275 net acres.
• Q2 2025 Ground Game: 22 transactions adding over 2,600 net acres and 4.8 net wells for $31.2 million.

The total 2025 capital expenditure guidance, tightened in Q3, is set between $950 - $1,025 million, which reflects the heightened Ground Game activity.

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Customer Segments

You're looking at who Northern Oil and Gas, Inc. (NOG) sells its production to and who provides the capital for its growth, which is key to understanding their non-operated model.

Crude Oil Refiners and Marketers (primary purchasers of oil production)

These are the entities that take the physical barrels of crude oil NOG has a stake in. The realized price they get is affected by differentials, which reflect quality and transportation costs away from the benchmark WTI price. For example, in the first quarter of 2025, NOG's average differential to WTI prices was \$5.79 per barrel, wider than the prior quarter due to seasonal factors in the Permian and Williston basins and Uinta Basin transport costs. The company's Q3 2025 oil production was approximately 73,000 barrels per day. NOG is actively managing this exposure through derivatives; they had open crude oil commodity derivative swap contracts scheduled to settle after March 31, 2025.

Here's a look at some recent production and pricing metrics:

Metric	Q3 2025 Value	Q1 2025 Value	Reference Period End 2024 Value
Total Average Daily Production (BOE/day)	131,000	Guidance Range: 130,000 - 135,000 (Annual 2025)	131,777 (Q4 2024)
Oil Production (Bbls/day)	73,000	Guidance Range: 75,000 - 79,000 (Annual 2025)	78,939 (Q4 2024)
Unhedged Net Realized Gas Price ($\text{per Mcf}$)	N/A	\$3.86	\$2.42 (Q4 2024)
Oil Differential ($\text{per Bbl}$ vs. WTI)	\$5.31 (Year-to-date)	\$5.79	\$3.86 (Full Year 2024)

Natural Gas Utilities and Industrial Users (purchasers of gas and NGLs)

These customers buy the natural gas and Natural Gas Liquids (NGLs) component of NOG's production mix. For natural gas, the realization percentage against the Henry Hub benchmark is a key metric. In the first quarter of 2025, NOG's unhedged net realized gas price was \$3.86 per Mcf, which represented a 100% realization compared with Henry Hub pricing for that period. By Q3 2025, gas production hit record volumes of approximately 352 MMcf per day. The company also monitors NGL prices, as these impact overall gas stream value.

Institutional and Retail Investors (seeking energy sector exposure and dividends)

This segment provides the equity capital. Northern Oil and Gas, Inc. (NOG) has focused on returning capital to these shareholders. The next declared quarterly dividend, with an Ex-Dividend Date of December 30, 2025, is \$0.45 per share, payable January 30, 2026. This results in an Annual Dividend of \$1.80 per share, translating to a recent dividend yield around 7.19% to 8.04%, depending on the exact share price at the time of calculation. The payout ratio for this dividend is reported at approximately 37% of earnings. The company has increased its dividend 12 times in the past five years, with the payout growing 77.1% over that same period. The overall TTM revenue for Northern Oil and Gas, Inc. as of late 2025 was approximately \$2.19 Billion USD.

Key investor return metrics include:

• Annual Dividend: \$1.80 per share.
• Next Ex-Dividend Date: December 30, 2025.
• Payout Ratio: Approximately 37%.
• Dividend Growth (5 Year): 77.1%.
• Liquidity available (as of Q2 2025): Over \$1.1 billion.

Private E&P Companies (sellers of non-operated assets for capital)

These are the counterparties in NOG's acquisition strategy, where NOG buys non-operated minority working and mineral interests from them. This is a core part of the business development engine. In the second quarter of 2025, NOG closed 22 transactions. This follows the closing of the acquisition of Uinta Basin assets from XCL Resources, LLC in October 2024 for \$511.3 million in cash. More recently, in February 2025, NOG signed an agreement to acquire 2,275 net acres in Upton County, TX, for an unadjusted purchase price of \$40 million. Management noted they screened over 14 large asset transactions in Q3 2025, showing the pipeline remains active.

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Northern Oil and Gas, Inc.'s (NOG) operational costs as of late 2025. This isn't about future projections; it's about what the books showed coming out of the third quarter of 2025, which is the latest comprehensive data we have.

The cost structure for NOG is heavily influenced by its non-operated model, which keeps certain fixed costs lower than for operators, but still requires significant capital deployment for growth and asset maintenance. Here are the key components defining that spend.

Lease Operating Expenses (LOE) for non-operated wells

Lease Operating Expenses (LOE) for the third quarter of 2025 totaled $118.3 million. That works out to $9.81 per Boe (Barrel of Oil Equivalent). Honestly, while this was an improvement of 1.4% on a per-unit basis compared to the second quarter of 2025, management noted steady expense pressure from workovers, leading to an increase in the annual guidance for LOE.

General and Administrative (G&A) costs

Your specific focus on Cash G&A is well-placed; it's a key metric for a non-operator like NOG. For Q3 2025, the adjusted cash G&A costs were $0.82 per Boe, totaling $9.9 million. This figure excludes non-cash share-based compensation and acquisition cost amounts. Total GAAP G&A costs for the quarter were slightly higher at $14.1 million, or $1.17 per Boe. NOG has historically highlighted that its unit G&A costs are significantly lower than its operating peers.

Interest expense on debt used to fund acquisitions and development

Debt is a major cost driver, especially after funding growth. For the three months ended September 2025, the reported Interest Expense was $-43 Mil. This expense profile is shaped by recent financing activities. In October 2025, NOG issued $725.0 million of 7.875% Senior Notes due 2033, using the proceeds to retire approximately 97% (or $684.9 million) of its 8.125% Senior Notes due 2028. Also, in June 2025, the company reopened its 2029 convertible notes for an additional $175.0 million at a 3.625% rate. Furthermore, the company amended and restated its Revolving Credit Facility, which extended the maturity to 2030 and lowered borrowing costs by 60 basis points.

Capital expenditures for drilling and completion (D&C) activities

Capital expenditures (CapEx) are where NOG deploys cash for asset development. Total CapEx for Q3 2025, excluding non-budgeted acquisitions, was $272.0 million. That spend broke down into two main buckets:

• Drilling and Completion (D&C) capital on organic assets: $212.2 million.
• Ground Game activity inclusive of associated development costs: $59.8 million.

The full-year 2025 guidance for total CapEx was tightened to a range of $950 million to $1,025 million. Normalized well costs averaged approximately $806 per lateral foot in Q3 2025, down from $841 in Q2 2025.

Acquisition costs for new non-operated working and mineral interests

Inorganic growth through acquisitions is central to the model. In the third quarter of 2025, NOG closed on an acquisition of royalty and mineral interests in Utah for a purchase price of $98.3 million in cash. This was in addition to the $59.8 million spent on Ground Game transactions in Q3, which added over 2,500 net acres and 5.8 net wells. Earlier in the year, in April 2025, an acquisition in Upton County, Texas, closed for a total cash consideration of $61.7 million.

Here's a quick look at the major cash outflows for the third quarter of 2025:

Cost Component	Q3 2025 Amount (USD)	Unit of Measure
Lease Operating Costs	118,300,000	Total Dollars
Lease Operating Costs	9.81	Per Boe
Adjusted Cash G&A Costs	0.82	Per Boe
Total Capital Expenditures (Excl. Non-Budgeted Acq.)	272,000,000	Total Dollars
Drilling and Completion (D&C) Capital	212,200,000	Total Dollars
Ground Game Activity & Development Costs	59,800,000	Total Dollars
Uinta Royalty/Mineral Acquisition Cost	98,300,000	Total Dollars
Interest Expense (Q3 2025)	43,000,000	Total Dollars (Absolute Value)

The company's 2025 full-year CapEx guidance is set between $950 million and $1,025 million. Finance: draft 13-week cash view by Friday.

Northern Oil and Gas, Inc. (NOG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Northern Oil and Gas, Inc. (NOG) brings in money, which is all about selling the hydrocarbons they own a piece of. It's a real asset play, so the revenue is directly tied to commodity prices and how much they can get out of the ground.

The primary revenue drivers for Northern Oil and Gas, Inc. are the Sales of Crude Oil and the Sales of Natural Gas and Natural Gas Liquids (NGLs). Historically, crude oil sales account for the bulk of the value, which makes sense given the economics of their asset base.

Here's a look at the most recent quarterly snapshot to show you the scale of these streams, keeping in mind that the TTM figure is the broader measure of performance:

Revenue Component	Q3 2025 Value	Context/Metric
Total Oil and Natural Gas Sales	$482.2 million	Reported sales for the third quarter of 2025.
Oil Production Volume	72,348 Bbl per day	Oil volumes for the third quarter of 2025.
Total Production Volume	131,054 Boe per day	Total production, with oil representing 55% of the mix in Q3 2025.
Natural Gas Production (Appalachian)	135.9 MMcf per day	Record Appalachian volumes for the third quarter of 2025.

The overall top-line performance, which smooths out quarterly volatility, is what matters for the long view. You should track the Total Trailing Twelve Month (TTM) Revenue of $2.19 Billion USD (as of Dec 2025). That number shows the scale of the business over a full cycle leading up to the end of 2025.

Profitability, measured by operational cash flow generation before interest, taxes, depreciation, and amortization, is also a key revenue-adjacent metric for Northern Oil and Gas, Inc. The Adjusted EBITDA generation (Q3 2025 was $387.1 million) gives you a clean look at the underlying cash earnings power of the assets, even with non-cash charges hitting the GAAP line.

The company also uses its strong cash flow to return capital directly to owners. This is a direct financial benefit flowing from the revenue streams:

• Quarterly cash dividends paid to shareholders were declared at $0.45 per share in August 2025, payable on October 31, 2025.
• The company returned $179.7 million to shareholders through dividends and buybacks during the first three quarters of 2025.

Honestly, their hedging program is a big part of making those revenue streams predictable. They hedge portions of expected production to lock in prices, which helps keep that cash flow steady.

Finance: draft 13-week cash view by Friday.