Northern Oil and Gas, Inc. (NOG): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how a pure-play, non-operated energy investor actually generates returns in this market, and frankly, Northern Oil and Gas, Inc. (NOG) offers a fascinating blueprint. This isn't about running rigs; it's a disciplined investment platform focused on acquiring minority working interests, guiding their 2025 capital expenditures between $950 - $1,025 million while still delivering solid cash flow, like the $118.9 million they posted in Q3 2025. To be fair, their success hinges on strategic partnerships and avoiding operational risk, which helped them hit a $2.19 Billion Trailing Twelve Month Revenue as of December 2025. If you want the precise, analyst-level view of their key activities, cost structure, and how they turn acreage into shareholder returns, dive into the full canvas breakdown below.

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

You're looking at the network that lets Northern Oil and Gas, Inc. (NOG) operate without running the rigs yourself. This is all about who they work with to source deals and fund their non-operated interests. It's a capital-light, relationship-heavy model, so these partners are everything.

Premier E&P operators (over 100 public and private)

Northern Oil and Gas, Inc. (NOG) relies on a vast pool of operators to feed its deal pipeline. Their data-driven approach is powered by technical and operational data across a huge network.

• Data lake includes performance data across 100 operators.
• Q3 2025 saw screening of over 200 ground game opportunities.

Joint Development Agreement partners for new drilling programs

These agreements lock in capital deployment with specific operators for defined drilling schedules, giving Northern Oil and Gas, Inc. (NOG) certainty on future inventory. The big move for 2025 was in Appalachia.

In December 2024, Northern Oil and Gas, Inc. (NOG) announced a program covering 2025 drilling activities with a capital commitment expected not to exceed $160 million for a 15% working interest at an average net revenue interest of 84%. This was a shift, as 2024 Appalachian capital spending was on track to be under $50 million.

The capital allocation for Q2 2025 showed that 26% of the development CapEx was allocated to the Appalachian Basin.

Midstream and gathering companies for commodity transport

While specific contracts aren't detailed here, the focus on gas development in the Appalachian Joint Development Program implies reliance on established midstream partners in that region for gathering and transport. Record Appalachian gas volumes of approximately 343 MMcf per day were reported in Q2 2025, with Q3 2025 volumes hitting approximately 352 MMcf per day.

Financial institutions for debt and equity capital

Northern Oil and Gas, Inc. (NOG) partners with capital markets to fund its acquisitions and development commitments. They recently restructured their debt profile to push out maturities.

Here's a look at the capital structure as of late 2025:

Financial Metric	Amount/Ratio (As of Sep. 2025)	Date/Context
Long-Term Debt & Capital Lease Obligation	$2,346 Million	Quarter ended Sep. 2025
Debt-to-Equity Ratio	1.05	Quarter ended Sep. 2025
Senior Notes Issued	$725,000,000 (7.875% due 2033)	October 1, 2025
Convertible Notes Re-opening Raised	$211.2 Million (2029 Notes)	April 2025
Available Liquidity	Over $1.1 billion	Q2 2025
Credit Rating	BB-	Fitch upgrade

The company also repurchased over 1.1 million shares at an average price of $31.15 per share in conjunction with the April 2025 note offering.

Land and mineral rights owners for acreage acquisition

The 'Ground Game' is the direct acquisition of minority interests from landowners and smaller entities. This is where Northern Oil and Gas, Inc. (NOG) directly partners with mineral rights owners.

Northern Oil and Gas, Inc. (NOG) owns approximately 300,000 acres in total. Recent activity shows the scale of these direct acquisitions:

• Q1 2025 Ground Game: Added over 1,000 net acres for $4.8 million.
• Q2 2025 Ground Game: Added approximately 2,600 net acres and 4.8 net wells for $31.2 million.
• Upton County, TX Acquisition (with a private operator): Closed for $61.7 million, adding 2,275 net acres.

The total 2025 capital spending guidance was set between $1,050 - $1,200 million, with a revised forecast of $925 million to $1.05 billion as of Q2 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Northern Oil and Gas, Inc. (NOG), the activities that drive their non-operated model. It's all about disciplined execution in the field and on the deal-making front.

Strategic acquisition of non-operated working interests (the 'Ground Game')

This is how Northern Oil and Gas, Inc. builds its asset base. They target minority, non-operated working and mineral interests in premier U.S. basins. This activity was robust through 2025. For instance, in the third quarter, Northern Oil and Gas, Inc. completed $59.8 million in acquisition costs tied to ground game development, spread across 22 ground game transactions and three trades. These Q3 ground game transactions added approximately 2,500 net acres and 5.8 net wells. Earlier in the year, in April 2025, they closed on a previously announced Upton County, Texas acquisition, adding 2,275 net acres for a total cash consideration of $61.7 million. More recently, in August 2025, they closed an initial settlement for a bolt-on acquisition in the Uinta Basin for $98.3 million.

Disciplined capital allocation to fund well development (CapEx guidance: $950 - $1,025 million in 2025)

Capital discipline is key, especially when commodity prices shift. Northern Oil and Gas, Inc. tightened its full-year 2025 capital expenditure guidance to a range of $950 million to $1.025 billion, down from an initial budget of $1.05 to $1.20 billion. This reflects a focus on return-driven deployment. For the second quarter of 2025 specifically, Capital Expenditures Incurred totaled $210.0 million. To be fair, the expected spend for the third quarter was higher, projected at $272 million. Here's the quick math: the Q2 spend was about 11.5% lower year-over-year.

The deployment of this capital is strategically managed across their asset base:

• Permian Basin contribution to production: 45%
• Uinta Basin contribution to production: 31%
• Appalachian Basin contribution to production: 15%
• Williston Basin contribution to production: 9%

Active commodity hedging to protect cash flow and underwritten returns

Northern Oil and Gas, Inc. actively uses derivatives to lock in future prices, which helps make their cash flow more predictable. As of the July 24, 2025 update, they had an average of over 50,000 barrels per day of oil hedged for the second half of 2025. By October 17, 2025, this figure was maintained, with an average of over 50,000 barrels per day of oil hedged for the fourth quarter of 2025. On the natural gas side, they had an average of over 200 MMBtu per day hedged for the second half of 2025, which was revised up to an average of over 230 MMBtu per day for the fourth quarter of 2025 as of the October update. The financial impact of this activity in Q2 2025 was significant; unrealized mark-to-market gains on derivatives were an estimated $65 - $70 million, and realized hedge gains were an estimated $58 - $63 million.

Financial analysis and due diligence on over 200 ground game opportunities per quarter

The deal flow is managed through rigorous analysis. While the prompt suggests a specific number, the data shows the scale of their evaluation process. In the second quarter of 2025, Northern Oil and Gas, Inc. evaluated over 170 ground game opportunities. Furthermore, they evaluated over 200 wells during Q2. They maintain a high consent rate on drilling proposals, over 95% in Q2. This diligence ensures they partner with leading operators and focus on high-internal-rate-of-return opportunities.

Portfolio optimization and management across four core basins

Northern Oil and Gas, Inc. manages a diversified portfolio across four core U.S. basins, which provides revenue stability. The portfolio is actively managed to capture the highest returns. The production mix as of Q2 2025 highlights this diversification:

Basin	Production Percentage	Oil Revenue Percentage
Permian Basin	45%	N/A
Uinta Basin	31%	N/A
Appalachian Basin	15%	N/A
Williston Basin	9%	N/A

Overall, oil accounted for 57% of their total production but generated 81% of their revenue in Q2 2025. The company is definitely focused on optimizing the mix, as seen by the acceleration of Uinta Basin production by approximately 18.5% quarter-over-quarter in Q2.

Finance: draft Q3 2025 capital deployment vs. actual spend reconciliation by Monday.

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

You're looking at the core assets that let Northern Oil and Gas, Inc. (NOG) operate its non-operated business model. These aren't just line items; they are the foundation for their deal flow and capital deployment strategy as of late 2025.

The asset base itself is a primary resource, built through consistent, selective acquisitions. Northern Oil and Gas, Inc. (NOG) maintains a diversified asset base of approximately ~300,000 net acres spread across the Williston, Uinta, Permian, and Appalachian Basins. This scale, combined with intimate knowledge of the U.S. Lower 48 basins, allows Northern Oil and Gas, Inc. (NOG) to make quick decisions, which attracts significant deal flow.

The quality of this acreage is defined by its development potential. This translates into a proven, low-breakeven drilling inventory with an expected life of over 10 years. Furthermore, this portfolio supports over 10,000 wells.

The operational structure relies on a lean, expert management team. The headcount is small relative to the asset value managed, which is a key part of their efficiency. As of September 2025, Northern Oil and Gas, Inc. (NOG) had approximately 81 employees. This team is supported by proprietary data and analytical models specifically designed for definitely evaluating non-operated opportunities, which is crucial for their acquisition strategy.

Financial strength underpins the ability to execute this strategy. Northern Oil and Gas, Inc. (NOG) has demonstrated a strong balance sheet and consistent access to capital markets, even while managing debt maturities. For instance, in September 2025, Northern Oil and Gas, Inc. (NOG) priced a private placement of $725 million in new 7.875% senior notes due 2033. This move was part of a strategy to manage outstanding debt, specifically targeting the 8.125% Senior Notes due 2028. As of September 2025, the company reported a total debt of $2.37 billion with a debt-to-equity ratio of 0.98.

Here's a quick look at the quantitative resources as of late 2025:

Key Resource Metric	Value/Amount	Date/Context
Net Acreage Portfolio Size	~300,000 acres	As of late 2025
Estimated Drilling Inventory Life	Over 10 years	Stated resource characteristic
Employees	81	As of September 2025
New Senior Notes Issued	$725.0 million	Priced September 2025
Total Debt	$2.37 billion	As of September 2025
Debt-to-Equity Ratio	0.98	As of September 2025
Wells on Portfolio	Over 10,000	Stated resource characteristic

The operational advantages derived from these resources include:

• Maintaining a portfolio diversified by basin and commodity type.
• Securing assets with high internal rates of return on capital.
• Flexibility on incremental capital deployment on a well-by-well basis.
• Attracting deal flow due to quick decision-making capability.

Finance: draft 13-week cash view by Friday.

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.