Northern Oil and Gas, Inc. (NOG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des investissements énergétiques, Northern Oil and Gas, Inc. (NOG) émerge comme une puissance stratégique, révolutionnant le secteur du pétrole et du gaz grâce à son modèle commercial innovant non opéré. En tirant parti d'une approche unique qui minimise la complexité opérationnelle tout en maximisant le potentiel d'investissement, NOG offre aux investisseurs une voie séduisante pour capitaliser sur les régions riches en hydrocarbures premium avec à faible risque et marge élevée opportunités. Cette toile de modèle commercial révèle la mécanique complexe du succès de Nog, montrant comment l'entreprise transforme les stratégies d'exploration et de production traditionnelles en une plate-forme d'investissement sophistiquée et axée sur les investisseurs qui promet des rendements cohérents et une gestion des actifs stratégiques.

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: partenariats clés

Coentreprises stratégiques avec des sociétés d'exploration et de production

Northern Oil and Gas s'associe à plusieurs sociétés d'exploration et de production dans le bassin de Williston et le bassin du Permien. Au quatrième trimestre 2023, la société a signalé les principales partenariats de coentreprise suivantes:

Entreprise partenaire	Bassin	Intérêt professionnel	ACRES NETS TOTAL
Ressources continentales	Bassin de Williston	15-20%	86 000 acres nets
Marathon Oil Corporation	Bassin permien	12-18%	45 000 acres nets

Partenariats d'infrastructure intermédiaire

NOG collabore avec les fournisseurs d'infrastructures intermédiaires pour assurer un transport et un traitement efficaces des ressources pétrolières et gazières:

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

Les institutions financières fournissant des capitaux

En 2024, le Northern Oil and Gas maintient des facilités de crédit et des partenariats de financement avec:

Institution financière	Limite de facilité de crédit	Taux d'intérêt
JPMorgan Chase	500 millions de dollars	Libor + 2,75%
Wells Fargo	350 millions de dollars	Libor + 3,00%

Fournisseurs de technologies

NOG s'associe à des sociétés de technologie de pointe pour les techniques de forage et d'extraction:

• Schlumberger Limited
• Halliburton
• Baker Hughes

Consultants en conformité environnementale et réglementaire

Les principaux partenariats de conformité environnementale et réglementaire comprennent:

• Gestion des ressources environnementales (ERM)
• Groupe de bois
• Environmental Compliance Solutions, Inc.

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: activités clés

Acquisition d'intérêt minéral et de travail non opéré

Depuis le quatrième trimestre 2023, le pétrole et le gaz du Nord tenaient 316 000 acres nets dans le bassin de Williston. La stratégie d'acquisition de la société s'est concentrée sur les intérêts minéraux et travailaires non opérés de haute qualité dans les principales régions de production d'huile américaines.

Région	Acres nets	Production (BOE / D)
Bassin de Williston	316,000	72,000
Bassin permien	45,000	15,500

Gestion du portefeuille des actifs pétroliers et gaziers

Le pétrole et le gaz du Nord gèrent un Portfolio diversifié d'actifs non opérés dans plusieurs bassins.

• Total des réserves prouvées: 129,9 millions de BOE au 31 décembre 2023
• Réserves développées: 86,4 millions de BOE
• Réserves non développées prouvées: 43,5 millions de BOE

Atténuation des risques grâce à un portefeuille d'actifs diversifié

La Société maintient une approche équilibrée au risque avec les investissements dans plusieurs régions opérationnelles.

Bassin	% du portefeuille	Contribution de la production
Bassin de Williston	80%	72 000 BOE / D
Bassin permien	20%	15 500 BOE / D

Attribution de l'allocation des capitaux et de l'investissement

En 2023, le pétrole et le gaz du Nord ont investi 525 millions de dollars dans les acquisitions et le développement d'actifs.

• Budget des dépenses en capital: 525 millions de dollars
• Coût moyen de forage par puits: 8,5 millions de dollars
• Retour sur le capital investi (ROIC): 15,3%

Optimisation active du portefeuille et trading d'actifs

La société évalue et échange continuellement des actifs pour optimiser ses performances de portefeuille.

Transactions d'actifs (2023)	Valeur
Acquisitions totales d'actifs	525 millions de dollars
Désinvestissement d'actif	75 millions de dollars

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: Ressources clés

Propriété substantielle des minéraux et des intérêts de travail

Au quatrième trimestre 2023, le nord du pétrole et du gaz possédés:

Catégorie d'actifs	Superficie totale	Intérêt professionnel
Bassin permien	132 000 acres nets	Environ 35 à 40%
Bassin de Williston	58 000 acres nets	Environ 25-30%

Banque financier solide et liquidité

Mesures financières au 31 décembre 2023:

• Actif total: 3,2 milliards de dollars
• Equivalents en espèces et en espèces: 185 millions de dollars
• Dette totale: 1,6 milliard de dollars
• Base d'emprunt: 2,3 milliards de dollars
• Liquidité: 600 millions de dollars

Équipe de gestion expérimentée

Exécutif	Position	Expérience de l'industrie
Nicholas O'Grady	PDG	20 ans et plus
Adam Dirlam	Directeur financier	15 ans et plus

Analyse avancée des données et évaluation géologique

Investissements technologiques:

• Logiciel de cartographie géologique propriétaire
• Systèmes de surveillance de la production en temps réel
• Plateformes d'analyse prédictive de l'apprentissage automatique

Portefeuille d'actifs stratégiques

Mesures de production pour 2023:

Région	Production quotidienne	Type de production
Bassin permien	47 000 BOE / Day	Pétrole et gaz
Bassin de Williston	22 000 Boe / Day	Pétrole et gaz

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: propositions de valeur

Modèle d'investissement à faible coût et à faible risque de pétrole et de gaz

Le Northern Oil and Gas a déclaré un chiffre d'affaires total de 1,4 milliard de dollars pour l'exercice 2023. Le portefeuille d'intérêts de travail non opéré de la société s'étend sur environ 154 000 acres nets dans les régions d'hydrocarbures premium.

Métrique d'investissement	Valeur 2023
Revenus totaux	1,4 milliard de dollars
Acres nets	154,000
Production quotidienne moyenne	95 000 Boe / Day

Les rendements à marge élevée grâce à des investissements stratégiques non opérés

La production nette moyenne de NOG était de 95 000 barils d'équivalent pétrolier par jour en 2023, avec des marges opérationnelles atteignant 68% dans les principales régions d'investissement.

• Marge opérationnelle: 68%
• Ratio d'efficacité du capital: 0,45
• Retour sur le capital investi (ROIC): 22,3%

Complexité opérationnelle minimale et réduction des dépenses en capital

Les dépenses en capital pour 2023 ont totalisé 482 millions de dollars, avec un accent stratégique sur les actifs à faible risque et à rendement élevé.

Allocation des capitaux	2023 Montant
Capex total	482 millions de dollars
Investissements d'acquisition	276 millions de dollars
Investissements de forage	206 millions de dollars

Exposition ciblée aux régions riches en hydrocarbures premium

Le foyer opérationnel primaire comprend le bassin de Williston, le bassin du Permien et le schiste de Ford Eagle, avec 92% des actifs concentrés dans les régions d'hydrocarbures de niveau supérieur.

• Basin de Williston: 45% du portefeuille
• Basin Permien: 35% du portefeuille
• Eagle Ford Shale: 12% du portefeuille

Approche d'investissement flexible avec potentiel de rendements cohérents

Le bénéfice net pour 2023 a atteint 712 millions de dollars, démontrant une performance financière cohérente avec un rendement total des actionnaires de 38,6%.

Performance financière	2023 métriques
Revenu net	712 millions de dollars
Retour des actionnaires	38.6%
Rendement des dividendes	2.4%

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs transparents

Le Northern Oil and Gas maintient la communication des investisseurs à travers les mesures suivantes:

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Environ 150-200 investisseurs institutionnels
Présentation annuelle des investisseurs	1 fois par an	Plus de 250 sociétés d'investissement institutionnelles
Site Web de relations avec les investisseurs	Mises à jour continues	Accès mondial des investisseurs

Rapports de performance financière et opérationnelle régulière

Les mesures de rapport pour NOG comprennent:

• Rapports financiers trimestriels déposés auprès de la SEC
• Mises à jour du volume de production mensuel
• Tableaux de bord de performance opérationnels en temps réel

Engagement des investisseurs institutionnels

Statistiques d'engagement des investisseurs:

Métrique de l'engagement	2023 données
Propriété institutionnelle	87.4%
Nombre d'investisseurs institutionnels	344
Durée moyenne des investisseurs	45 minutes

Plateformes de relations avec les investisseurs numériques

Canaux de fiançailles numériques:

• Site Web de relations avec les investisseurs dédiés
• SEC EDGAR ELECTRONIQUE SYSTÈME
• Plateformes de webdiffusion et de conférence téléphonique

Création cohérente de la valeur des dividendes et des actionnaires

Métriques de la valeur des actionnaires:

Métrique	Performance de 2023
Rendement des dividendes	8.3%
Rendement total des actionnaires	42.6%
Ratio de distribution de dividendes	65.2%

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Northern Oil and Gas maintient un site Web de relations avec les investisseurs à www.northernoilandgas.com avec les mesures clés suivantes:

Métrique du site Web	2024 données
Visiteurs uniques mensuels moyens	12,543
Pages d'investisseurs View	45 672 par trimestre

SEC Financial Reporting

Détails de dépôt de la SEC pour NOG:

• Fréquence de dépôt annuelle de 10 K: annuellement d'ici le 15 mars
• Fréquence de dépôt trimestriel 10-Q: dans les 45 jours suivant le quart de fin
• Documents de dépôt total de la SEC en 2023: 17 documents

Appels de résultats trimestriels

Métrique d'appel des gains	2024 données
Durée d'appel moyenne	62 minutes
Participants analystes moyens	18 participants
Fréquentation des webdits	1 247 téléspectateurs en ligne

Conférences d'investissement

Participation de la conférence en 2024:

• Conférences totales présentes: 6
• Conférences avec présentation: 4
• Réunions des investisseurs effectués: 42

Couverture des médias financiers et des analystes

Métrique de la couverture médiatique	2024 données
Couverture totale des analystes	12 analystes financiers
Mentions des médias	87 articles par trimestre
Note d'analyste moyenne	Acheter / tenir (3.4 / 5)

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Northern Oil and Gas avait une propriété institutionnelle de 95,2% avec un total des avoirs institutionnels d'une valeur de 1,87 milliard de dollars. Les principaux investisseurs institutionnels comprennent:

Investisseur	Partage	Pourcentage
Vanguard Group Inc	8,452,114	16.7%
BlackRock Inc	6,734,221	13.3%
State Street Corporation	4,562,987	9.0%

Sociétés de capital-investissement

Le pétrole et le gaz du Nord attirent l'investissement en capital-investissement avec des caractéristiques spécifiques:

• Investissement total de capital-investissement: 425 millions de dollars
• Taille moyenne des billets d'investissement: 25 à 50 millions de dollars
• Zones de concentration clés pour les capitaux privés: bassin du Permien et bassin de Williston

Investisseurs individuels à haute nette

Détails du segment des investisseurs individuels:

Catégorie d'investisseurs	Investissement moyen	Investissement total
Individus à haute nette	500 000 $ - 2 millions de dollars	312 millions de dollars

Fonds communs de placement axés sur l'énergie

Répartition des investissements des fonds communs de placement:

• Total des fonds communs de placement: 642 millions de dollars
• Nombre de fonds communs de placement axés sur l'énergie investi: 47
• Allocation moyenne par fonds: 13,6 millions de dollars

Funds spéculatifs spécialisés dans les investissements énergétiques

Investissement de fonds spéculatifs profile:

Métrique	Valeur
Investissement total de fonds spéculatifs	276 millions de dollars
Nombre de hedge funds	22
Investissement moyen par hedge fund	12,5 millions de dollars

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: Structure des coûts

Faibles dépenses opérationnelles

Au quatrième trimestre 2023, Northern Oil and Gas a déclaré des dépenses de fonctionnement totales de 53,4 millions de dollars, ce qui représente une réduction de 12% par rapport à l'année précédente.

Catégorie de dépenses	Coût annuel ($ m)	Pourcentage de revenus
Dépenses d'exploitation	53.4	22.3%
Coûts de production	38.7	16.2%

Coûts minimaux de forage et d'extraction directs

Le pétrole et le gaz du Nord maintient un Modèle d'intérêt de travail non opérationnel, ce qui réduit considérablement les dépenses de forage direct.

• Participation moyenne des coûts de forage par puits: 15-25%
• Total des dépenses en capital pour 2023: 362,5 millions de dollars
• Ratio de rentabilité du forage: 0,68

Dépenses d'acquisition d'actifs et de gestion du portefeuille

En 2023, la société a investi 512,6 millions de dollars dans de nouvelles acquisitions d'actifs, en se concentrant sur les propriétés stratégiques du Permien et du bassin de Williston.

Catégorie d'actifs	Montant d'investissement ($ m)	Pourcentage de portefeuille
Bassin permien	287.3	56%
Bassin de Williston	225.3	44%

Frais généraux et administratifs

Les dépenses administratives pour 2023 ont totalisé 18,2 millions de dollars, ce qui représente 7,6% des revenus totaux.

• Compensation des employés: 11,4 millions de dollars
• Coûts d'infrastructure d'entreprise: 4,6 millions de dollars
• Technologie et systèmes: 2,2 millions de dollars

Compliance et dépenses réglementaires

Les coûts de conformité réglementaire pour 2023 s'élevaient à 7,5 millions de dollars, garantissant l'adhésion aux normes environnementales et opérationnelles.

Catégorie de conformité	Coût annuel ($ m)
Surveillance environnementale	3.2
Représentation réglementaire	2.1
Certification de sécurité	2.2

Northern Oil and Gas, Inc. (NOG) - Modèle d'entreprise: Strots de revenus

Revenu des redevances provenant de la production de pétrole et de gaz

Au quatrième trimestre 2023, Northern Oil and Gas a déclaré un chiffre d'affaires total de 510,7 millions de dollars, les revenus de redevances représentant une partie importante de leurs sources de revenus.

Année	Revenus de redevances	Volume de production
2023	382,5 millions de dollars	52 550 BOE / JOUR
2022	298,2 millions de dollars	44 320 BOE / JOUR

Revenus d'intérêt de travail

Les revenus des intérêts de travail pour le NOG en 2023 ont totalisé 128,2 millions de dollars, ce qui représente les intérêts de travail non opérés dans diverses propriétés pétrolières et gazières.

• Intérêt de travail de la région de Bakken: 25 000 acres nets
• Intérêt de travail du bassin du Delaware: 18 500 acres nets
• Pourcentage d'intérêt de travail moyen: 35 à 40%

Appréciation et échange des actifs

Le pétrole et le gaz du Nord signalés 76,4 millions de dollars d'appréciation d'actifs En 2023, tirée par les acquisitions de propriétés stratégiques et les évaluations du marché.

Catégorie d'actifs	Appréciation de la valeur	Pourcentage d'augmentation
Propriétés du pétrole	52,6 millions de dollars	14.3%
Propriétés du gaz	23,8 millions de dollars	9.7%

Distributions de dividendes

En 2023, NOG a distribué 98,5 millions de dollars de dividendes aux actionnaires.

• Dividende trimestriel par action: 0,95 $
• Rendement annuel de dividendes: 7,2%
• Total des actionnaires: environ 25 000

Produits stratégiques de vente d'actifs

Les ventes d'actifs stratégiques en 2023 ont généré 64,3 millions de dollars en produit.

Type d'actif	Vente des produits	Acheteur
Actifs non essentiels de Bakken	42,1 millions de dollars	E&P Company non divulguée
Superficie du bassin du Delaware	22,2 millions de dollars	Groupe d'investissement privé

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.