Northern Oil and Gas, Inc. (NOG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las inversiones energéticas, Northern Oil and Gas, Inc. (NOG) surge como una potencia estratégica, revolucionando el sector de petróleo y gas a través de su innovador modelo de negocio no operado. Al aprovechar un enfoque único que minimiza la complejidad operativa al tiempo que maximiza el potencial de inversión, NOG ofrece a los inversores una vía atractiva para capitalizar las regiones ricas en hidrocarburos premium con de bajo riesgo y de alta mar oportunidades. Este lienzo de modelo de negocio revela la intrincada mecánica detrás del éxito de NOG, que muestra cómo la compañía transforma las estrategias tradicionales de exploración y producción en una plataforma de inversión sofisticada y centrada en los inversores que promete rendimientos consistentes y gestión de activos estratégicos.

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: asociaciones clave

Empresas conjuntas estratégicas con compañías de exploración y producción

Northern Oil and Gas se asocia con múltiples compañías de exploración y producción en la cuenca de Williston y la cuenca Pérmica. A partir del cuarto trimestre de 2023, la compañía informó las siguientes asociaciones clave de empresas conjuntas:

Empresa asociada	Cuenca	Interés de trabajo	Total de acres netos
Recursos continentales	Cuenca de Williston	15-20%	86,000 acres netos
Marathon Oil Corporation	Cuenca del permisa	12-18%	45,000 acres netos

Asociaciones de infraestructura de Midstream

Nog colabora con proveedores de infraestructura de la corriente media para garantizar el transporte y el procesamiento eficientes de los recursos de petróleo y gas:

• Enterprise Products Partners LP
• Plains All American Pipeline
• Socios de Energía Tallgrass

Instituciones financieras que proporcionan capital

A partir de 2024, Northern Oil and Gas mantiene instalaciones de crédito y asociaciones de financiación con:

Institución financiera	Límite de la facilidad de crédito	Tasa de interés
JPMorgan Chase	$ 500 millones	LIBOR + 2.75%
Wells Fargo	$ 350 millones	LIBOR + 3.00%

Proveedores de tecnología

Nog se asocia con compañías de tecnología avanzada para técnicas de perforación y extracción:

• Schlumberger Limited
• Halliburton
• Baker Hughes

Consultores de cumplimiento ambiental y regulatorio

Las asociaciones clave de cumplimiento ambiental y regulatoria incluyen:

• Gestión de recursos ambientales (ERM)
• Grupo de madera
• Soluciones de cumplimiento ambiental, Inc.

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: actividades clave

Adquisición de intereses minerales y de trabajo no operados

A partir del cuarto trimestre de 2023, el petróleo y el gas del norte se mantienen 316,000 acres netos en la cuenca de Williston. La estrategia de adquisición de la compañía se centró en los minerales no operados de alta calidad y los intereses laborales en regiones clave productoras de petróleo de EE. UU.

Región	Acres netos	Producción (Boe/D)
Cuenca de Williston	316,000	72,000
Cuenca del permisa	45,000	15,500

Gestión de cartera de activos de petróleo y gas

El petróleo y el gas del norte manejan un cartera diversificada de activos no operados a través de múltiples cuencas.

• Reservas totales probadas: 129.9 millones de BOE al 31 de diciembre de 2023
• Reservas desarrolladas probadas: 86.4 millones de boe
• Reservas no desarrolladas probadas: 43.5 millones de boe

Mitigación de riesgos a través de la cartera de activos diversificados

La compañía mantiene un enfoque equilibrado con el riesgo con inversiones en múltiples regiones operativas.

Cuenca	% de cartera	Contribución de producción
Cuenca de Williston	80%	72,000 boe/d
Cuenca del permisa	20%	15,500 boe/d

Asignación de capital y estrategia de inversión

En 2023, el petróleo y el gas del norte invirtieron $ 525 millones en adquisiciones de activos y desarrollo.

• Presupuesto de gastos de capital: $ 525 millones
• Costo promedio de perforación por pozo: $ 8.5 millones
• Retorno de capital invertido (ROIC): 15.3%

Optimización de cartera activa y comercio de activos

La Compañía evalúa e intercambia continuamente activos para optimizar su rendimiento de cartera.

Transacciones de activos (2023)	Valor
Adquisiciones de activos totales	$ 525 millones
Desgloses de activos	$ 75 millones

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: recursos clave

Propiedad sustancial de minerales y intereses laborales

A partir del cuarto trimestre de 2023, el petróleo y el gas del norte poseían:

Categoría de activos	Superficie total	Interés de trabajo
Cuenca del permisa	132,000 acres netos	Aproximadamente 35-40%
Cuenca de Williston	58,000 acres netos	Aproximadamente 25-30%

Balance general financiero sólido y liquidez

Métricas financieras al 31 de diciembre de 2023:

• Activos totales: $ 3.2 mil millones
• Efectivo y equivalentes en efectivo: $ 185 millones
• Deuda total: $ 1.6 mil millones
• Base de préstamos: $ 2.3 mil millones
• Liquidez: $ 600 millones

Equipo de gestión experimentado

Ejecutivo	Posición	Experiencia de la industria
Nicholas O'Grady	CEO	Más de 20 años
Adam Dirlam	director de Finanzas	Más de 15 años

Análisis de datos avanzado y evaluación geológica

Inversiones tecnológicas:

• Software de mapeo geológico patentado
• Sistemas de monitoreo de producción en tiempo real
• Plataformas de análisis predictivo de aprendizaje automático

Cartera de activos estratégicos

Métricas de producción para 2023:

Región	Producción diaria	Tipo de producción
Cuenca del permisa	47,000 boe/día	Petróleo y gas
Cuenca de Williston	22,000 boe/día	Petróleo y gas

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: propuestas de valor

Modelo de inversión de petróleo y gas de bajo costo y bajo riesgo

Northern Oil and Gas reportó ingresos totales de $ 1.4 mil millones para el año fiscal 2023. La cartera de intereses laborales no operados de la compañía abarca aproximadamente 154,000 acres netos en regiones de hidrocarburos premium.

Métrico de inversión	Valor 2023
Ingresos totales	$ 1.4 mil millones
Acres netos	154,000
Producción diaria promedio	95,000 boe/día

Rendimientos de alto margen a través de inversiones estratégicas no operadas

La producción neta promedio de NOG fue de 95,000 barriles de petróleo equivalente por día en 2023, con márgenes operativos que alcanzan el 68% en las regiones de inversión clave.

• Margen operativo: 68%
• Relación de eficiencia de capital: 0.45
• Retorno de capital invertido (ROIC): 22.3%

Complejidad operativa mínima y gastos de capital reducidos

Los gastos de capital para 2023 totalizaron $ 482 millones, con un enfoque estratégico en activos de bajo riesgo y alto rendimiento.

Asignación de capital	Cantidad de 2023
Capex total	$ 482 millones
Inversiones de adquisición	$ 276 millones
Inversiones de perforación	$ 206 millones

Exposición enfocada a regiones ricas en hidrocarburos premium

El enfoque operativo primario incluye la cuenca de Williston, la cuenca de Pérmica y el esquisto de Eagle Ford, con el 92% de los activos concentrados en las regiones de hidrocarburos de primer nivel.

• Cuenca de Williston: 45% de la cartera
• Cuenca Pérmica: 35% de la cartera
• Eagle Ford Shale: 12% de la cartera

Enfoque de inversión flexible con potencial de rendimientos consistentes

Los ingresos netos para 2023 alcanzaron $ 712 millones, lo que demuestra un desempeño financiero consistente con un Retorno total de los accionistas del 38,6%.

Desempeño financiero	2023 métricas
Lngresos netos	$ 712 millones
Rendimiento del accionista	38.6%
Rendimiento de dividendos	2.4%

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: relaciones con los clientes

Comunicación transparente de los inversores

Northern Oil and Gas mantiene la comunicación de los inversores a través de las siguientes métricas:

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Aproximadamente 150-200 inversores institucionales
Presentación anual de inversores	1 vez por año	Más de 250 empresas de inversión institucional
Sitio web de relaciones con los inversores	Actualizaciones continuas	Acceso a inversores globales

Informes regulares de desempeño financiero y operativo

Las métricas de informes para NOG incluyen:

• Informes financieros trimestrales presentados ante la SEC
• Actualizaciones mensuales de volumen de producción
• Paneles de rendimiento operativo en tiempo real

Compromiso de los inversores institucionales

Estadísticas de participación del inversor:

Métrico de compromiso	2023 datos
Propiedad institucional	87.4%
Número de inversores institucionales	344
Duración promedio de la reunión de inversores	45 minutos

Plataformas de relaciones con inversores digitales

Canales de participación digital:

• Sitio web de relaciones con inversores dedicados
• SEC EDGAR Sistema de archivo electrónico
• Plataformas web y plataformas de conferencias

Creación de valor de dividendos y accionistas consistentes

Métricas de valor de los accionistas:

Métrico	2023 rendimiento
Rendimiento de dividendos	8.3%
Retorno total de los accionistas	42.6%
Relación de pago de dividendos	65.2%

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Northern Oil and Gas mantiene un sitio web de relaciones con los inversores en www.northernoilandgas.com con las siguientes métricas clave:

Métrico del sitio web	2024 datos
Visitantes únicos mensuales promedio	12,543
Vistas de la página del inversor	45,672 por trimestre

SEC Información financiera

SEC Detalles de presentación de NOG:

• Frecuencia anual de presentación de 10-K: anualmente antes del 15 de marzo
• Frecuencia de presentación trimestral de 10-Q: dentro de los 45 días posteriores al trimestre
• Documentos de presentación total de la SEC en 2023: 17 documentos

Llamadas de ganancias trimestrales

Métrica de llamadas de ganancias	2024 datos
Duración promedio de llamadas	62 minutos
Participantes de analistas promedio	18 participantes
Asistencia al webcast	1.247 espectadores en línea

Conferencias de inversión

Participación de la conferencia en 2024:

• Conferencias totales a las que asistió: 6
• Conferencias con la presentación: 4
• Reuniones de inversores realizadas: 42

Medios financieros y cobertura de analistas

Métrica de cobertura de medios	2024 datos
Cobertura total de analistas	12 analistas financieros
Medios de comunicación	87 artículos por trimestre
Calificación promedio de analistas	Comprar/retener (3.4/5)

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, el petróleo y el gas del norte tenían propiedad institucional del 95.2% con tenencias institucionales totales valoradas en $ 1.87 mil millones. Los principales inversores institucionales incluyen:

Inversor	Acciones de propiedad	Porcentaje
Vanguard Group Inc	8,452,114	16.7%
Blackrock Inc	6,734,221	13.3%
State Street Corporation	4,562,987	9.0%

Empresas de capital privado

El petróleo y el gas del norte atraen la inversión de capital privado con características específicas:

• Inversión total de capital privado: $ 425 millones
• Tamaño promedio de boletos de inversión: $ 25-50 millones
• Áreas de enfoque clave para el capital privado: activos de la cuenca de Pérmica y la cuenca de Williston

Inversores individuales de alto nivel de red

Detalles del segmento de inversores individuales:

Categoría de inversionista	Inversión promedio	Inversión total
Individuos de alto nivel de red	$ 500,000 - $ 2 millones	$ 312 millones

Fondos mutuos centrados en la energía

Desglose de inversión de fondos mutuos:

• Total Mutual Fund Holdings: $ 642 millones
• Número de fondos mutuos centrados en la energía invertidos: 47
• Asignación promedio por fondo: $ 13.6 millones

Fondos de cobertura especializados en inversiones energéticas

Inversión en fondos de cobertura profile:

Métrico	Valor
Inversión total de fondos de cobertura	$ 276 millones
Número de fondos de cobertura	22
Inversión promedio por fondo de cobertura	$ 12.5 millones

Northern Oil and Gas, Inc. (NOG) - Modelo de negocio: Estructura de costos

Bajos gastos operativos

A partir del cuarto trimestre de 2023, el petróleo y el gas del norte informaron gastos operativos totales de $ 53.4 millones, lo que representa una reducción del 12% del año anterior.

Categoría de gastos	Costo anual ($ M)	Porcentaje de ingresos
Gastos operativos	53.4	22.3%
Costos de producción	38.7	16.2%

Costos mínimos de perforación directa y extracción

El petróleo y el gas del norte mantienen un Modelo de interés laboral no operativo, que reduce significativamente los gastos de perforación directa.

• Participación promedio de costos de perforación por pozo: 15-25%
• Gastos de capital total para 2023: $ 362.5 millones
• Relación de rentabilidad de perforación: 0.68

Gastos de adquisición de activos y gestión de cartera

En 2023, la compañía invirtió $ 512.6 millones en nuevas adquisiciones de activos, centrándose en las propiedades estratégicas de Permian y Williston Basin.

Categoría de activos	Monto de inversión ($ M)	Porcentaje de cartera
Cuenca del permisa	287.3	56%
Cuenca de Williston	225.3	44%

Costos generales y administrativos

Los gastos administrativos para 2023 totalizaron $ 18.2 millones, lo que representa el 7.6% de los ingresos totales.

• Compensación de empleados: $ 11.4 millones
• Costos de infraestructura corporativa: $ 4.6 millones
• Tecnología y sistemas: $ 2.2 millones

Cumplimiento y gastos regulatorios

Los costos de cumplimiento regulatorio para 2023 ascendieron a $ 7.5 millones, asegurando el cumplimiento de los estándares ambientales y operativos.

Categoría de cumplimiento	Costo anual ($ M)
Monitoreo ambiental	3.2
Informes regulatorios	2.1
Certificación de seguridad	2.2

Northern Oil and Gas, Inc. (NOG) - Modelo comercial: flujos de ingresos

Ingresos de regalías de la producción de petróleo y gas

A partir del cuarto trimestre de 2023, Northern Oil and Gas reportó ingresos totales de $ 510.7 millones, con ingresos por regalías que representan una parte significativa de sus flujos de ingresos.

Año	Ingresos por regalías	Volumen de producción
2023	$ 382.5 millones	52,550 boe/día
2022	$ 298.2 millones	44,320 boe/día

Ingresos de interés laboral

Los ingresos por intereses laborales para NOG en 2023 totalizaron $ 128.2 millones, lo que representa intereses laborales no operados en varias propiedades de petróleo y gas.

• Interés laboral de la región de Bakken: 25,000 acres netos
• Interés laboral de la cuenca de Delaware: 18,500 acres netos
• Porcentaje promedio de interés laboral: 35-40%

Apreciación y comercio de activos

Informes de petróleo y gas del norte $ 76.4 millones en aprecio de activos durante 2023, impulsado por adquisiciones de propiedades estratégicas y valoraciones del mercado.

Categoría de activos	Apreciación del valor	Aumento porcentual
Propiedades de aceite	$ 52.6 millones	14.3%
Propiedades de gas	$ 23.8 millones	9.7%

Distribuciones de dividendos

En 2023, Nog distribuyó $ 98.5 millones en dividendos a los accionistas.

• Dividendo trimestral por acción: $ 0.95
• Rendimiento de dividendos anuales: 7.2%
• Total de los accionistas: aproximadamente 25,000

Actas de venta de activos estratégicos

Ventas de activos estratégicos en 2023 generados $ 64.3 millones en ingresos.

Tipo de activo	Ganancias de venta	Comprador
Bakken activos no básicos	$ 42.1 millones	Compañía E&P no revelada
Superficie de la cuenca de Delaware	$ 22.2 millones	Grupo de inversión privada

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.