Northern Oil and Gas, Inc. (NOG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos investimentos em energia, a Northern Oil and Gas, Inc. (NOG) surge como uma potência estratégica, revolucionando o setor de petróleo e gás por meio de seu inovador modelo de negócios não operados. Ao alavancar uma abordagem única que minimiza a complexidade operacional e maximizando o potencial de investimento, o NOG oferece aos investidores um caminho atraente para capitalizar regiões premium ricas em hidrocarbonetos com baixo risco e alta margem oportunidades. Esse modelo de negócios Canvas revela a intrincada mecânica por trás do sucesso de Nog, mostrando como a empresa transforma estratégias tradicionais de exploração e produção em uma plataforma sofisticada de investimentos focada em investidores que promete retornos consistentes e gerenciamento estratégico de ativos.

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: Parcerias -chave

Joint ventures estratégicos com empresas de exploração e produção

O norte de petróleo e gás faz parceria com várias empresas de exploração e produção na bacia de Williston e na Bacia do Permiano. A partir do quarto trimestre 2023, a empresa relatou as seguintes parcerias importantes de joint venture:

Empresa parceira	Bacia	Interesse de trabalho	Total de acres líquidos
Recursos continentais	Bacia de Williston	15-20%	86.000 acres líquidos
Marathon Oil Corporation	Bacia do Permiano	12-18%	45.000 acres líquidos

Parcerias de infraestrutura do meio da corrente

O NOG colabora com os provedores de infraestrutura média para garantir o transporte e o processamento eficientes dos recursos de petróleo e gás:

• Enterprise Products Partners LP
• Plains todo o oleoduto
• Parceiros de Energia Tallgrass

Instituições financeiras que fornecem capital

A partir de 2024, o Northern Oil and Gas mantém linhas de crédito e parcerias de financiamento com:

Instituição financeira	Limite da linha de crédito	Taxa de juro
JPMorgan Chase	US $ 500 milhões	Libor + 2,75%
Wells Fargo	US $ 350 milhões	Libor + 3,00%

Provedores de tecnologia

A NOG faz parceria com empresas avançadas de tecnologia para técnicas de perfuração e extração:

• Schlumberger Limited
• Halliburton
• Baker Hughes

Consultores de conformidade ambiental e regulatória

As principais parcerias ambientais e regulatórias de conformidade incluem:

• Gerenciamento de Recursos Ambientais (ERM)
• Grupo de madeira
• Ambiental Compliance Solutions, Inc.

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: Atividades -chave

Aquisição de juros minerais e de trabalho não operados

A partir do quarto trimestre 2023, o norte de petróleo e gás mantidos 316.000 acres líquidos na bacia de Williston. A estratégia de aquisição da empresa se concentrou em interesses minerais e de trabalho não operados de alta qualidade nas principais regiões produtoras de petróleo dos EUA.

Região	Líquido acres	Produção (BOE/D)
Bacia de Williston	316,000	72,000
Bacia do Permiano	45,000	15,500

Gerenciamento de portfólio de ativos de petróleo e gás

O petróleo e gás do norte gerenciam um portfólio diversificado de ativos não operados em várias bacias.

• Total de reservas comprovadas: 129,9 milhões de Boe em 31 de dezembro de 2023
• Reservas desenvolvidas comprovadas: 86,4 milhões de boe
• Reservas não desenvolvidas comprovadas: 43,5 milhões

Mitigação de riscos através de portfólio de ativos diversificados

A empresa mantém uma abordagem equilibrada de risco com investimentos em várias regiões operacionais.

Bacia	% de portfólio	Contribuição da produção
Bacia de Williston	80%	72.000 boe/d
Bacia do Permiano	20%	15.500 BOE/D.

Alocação de capital e estratégia de investimento

Em 2023, o norte de petróleo e gás investido US $ 525 milhões em aquisições e desenvolvimento de ativos.

• Orçamento de despesa de capital: US $ 525 milhões
• Custo médio de perfuração por poço: US $ 8,5 milhões
• Retorno sobre Capital Investido (ROIC): 15,3%

Otimização de portfólio ativo e negociação de ativos

A empresa avalia e negocia continuamente os ativos para otimizar o desempenho do portfólio.

Transações de ativos (2023)	Valor
Total de aquisições de ativos	US $ 525 milhões
Desinvestimentos de ativos	US $ 75 milhões

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: Recursos -chave

Propriedade de interesse mineral e de trabalho substancial

A partir do quarto trimestre 2023, o norte do petróleo e o gás de propriedade:

Categoria de ativos	Área total	Interesse de trabalho
Bacia do Permiano	132.000 acres líquidos	Aproximadamente 35-40%
Bacia de Williston	58.000 acres líquidos	Aproximadamente 25-30%

Forte balanço financeiro e liquidez

Métricas financeiras em 31 de dezembro de 2023:

• Total de ativos: US $ 3,2 bilhões
• Caixa e equivalentes em dinheiro: US $ 185 milhões
• Dívida total: US $ 1,6 bilhão
• Base de empréstimos: US $ 2,3 bilhões
• Liquidez: US $ 600 milhões

Equipe de gerenciamento experiente

Executivo	Posição	Experiência do setor
Nicholas O'Grady	CEO	Mais de 20 anos
Adam Dirlam	Diretor Financeiro	Mais de 15 anos

Analítica de dados avançada e avaliação geológica

Investimentos de tecnologia:

• Software de mapeamento geológico proprietário
• Sistemas de monitoramento de produção em tempo real
• Aprendizado de máquina plataformas de análise preditiva

Portfólio de ativos estratégicos

Métricas de produção para 2023:

Região	Produção diária	Tipo de produção
Bacia do Permiano	47.000 boe/dia	Petróleo e gás
Bacia de Williston	22.000 boe/dia	Petróleo e gás

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: proposições de valor

Modelo de investimento de petróleo e gás de baixo custo e baixo risco

O Northern Oil and Gas relatou receita total de US $ 1,4 bilhão para o ano fiscal de 2023. O portfólio de juros de trabalho não operado da empresa abrange aproximadamente 154.000 acres líquidos em regiões de hidrocarbonetos premium.

Métrica de investimento	2023 valor
Receita total	US $ 1,4 bilhão
Líquido acres	154,000
Produção diária média	95.000 boe/dia

Retornos de alta margem através de investimentos estratégicos não operados

A produção líquida média de Nog foi de 95.000 barris de petróleo equivalente por dia em 2023, com as margens operacionais atingindo 68% nas principais regiões de investimento.

• Margem operacional: 68%
• Índice de eficiência de capital: 0,45
• Retorno sobre Capital Investido (ROIC): 22,3%

Complexidade operacional mínima e despesa de capital reduzida

As despesas de capital para 2023 totalizaram US $ 482 milhões, com um foco estratégico em ativos de baixo risco e alto retorno.

Alocação de capital	2023 quantidade
Capex total	US $ 482 milhões
Investimentos de aquisição	US $ 276 milhões
Investimentos em perfuração	US $ 206 milhões

Exposição focada a regiões ricas em hidrocarbonetos premium

O foco operacional primário inclui a bacia de Williston, a Bacia do Permiano e o Shale do Eagle Ford, com 92% dos ativos concentrados nas regiões de hidrocarbonetos de primeira linha.

• Bacia de Williston: 45% do portfólio
• Bacia do Permiano: 35% do portfólio
• Eagle Ford Shale: 12% do portfólio

Abordagem de investimento flexível com potencial para retornos consistentes

O lucro líquido de 2023 atingiu US $ 712 milhões, demonstrando desempenho financeiro consistente com um Retorno total do acionista de 38,6%.

Desempenho financeiro	2023 Métricas
Resultado líquido	US $ 712 milhões
Retorno do acionista	38.6%
Rendimento de dividendos	2.4%

Northern Oil and Gas, Inc. (NOG) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente do investidor

O Northern Oil and Gas mantém a comunicação dos investidores através das seguintes métricas:

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes por ano	Aproximadamente 150-200 investidores institucionais
Apresentação anual do investidor	1 tempo por ano	Mais de 250 empresas de investimento institucional
Site de Relações com Investidores	Atualizações contínuas	Acesso ao investidor global

Relatórios regulares de desempenho financeiro e operacional

As métricas de relatórios para NOG incluem:

• Relatórios financeiros trimestrais arquivados na Sec
• Atualizações mensais de volume de produção
• Painéis de desempenho operacional em tempo real

Engajamento institucional dos investidores

Estatísticas de engajamento do investidor:

Métrica de engajamento	2023 dados
Propriedade institucional	87.4%
Número de investidores institucionais	344
Duração média da reunião de investidores	45 minutos

Plataformas de relações com investidores digitais

Canais de engajamento digital:

• Site de relações com investidores dedicados
• Sistema de arquivamento eletrônico da Sec Edgar
• Webcast e plataformas de chamada de conferência

Criação de valor de dividendos e acionistas consistente

Métricas de valor do acionista:

Métrica	2023 desempenho
Rendimento de dividendos	8.3%
Retorno total do acionista	42.6%
Taxa de pagamento de dividendos	65.2%

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: canais

Site de Relações com Investidores

O Northern Oil and Gas mantém um site de relações com investidores em www.northernoilandgas.com com as seguintes métricas principais:

Métrica do site	2024 dados
Visitantes únicos mensais médios	12,543
Visualizações de página do investidor	45.672 por trimestre

Sec Relatórios Financeiros

Sec Detalhes de arquivamento para NOG:

• Frequência anual de arquivamento de 10-K: anualmente até 15 de março
• Frequência trimestral de arquivamento de 10 q: dentro de 45 dias do final do trimestre
• Documentos totais da SEC em 2023: 17 documentos

Chamadas de ganhos trimestrais

Métrica de chamada de ganhos	2024 dados
Duração média de chamada	62 minutos
Participantes médios de analistas	18 participantes
Participação no webcast	1.247 espectadores on -line

Conferências de investimento

Participação da conferência em 2024:

• Total de conferências participadas: 6
• Conferências com apresentação: 4
• Reuniões dos investidores realizados: 42

Mídia financeira e cobertura do analista

Métrica de cobertura da mídia	2024 dados
Cobertura total do analista	12 analistas financeiros
Menciona a mídia	87 artigos por trimestre
Classificação média de analistas	Compre/Hold (3,4/5)

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

Investidores institucionais

A partir do quarto trimestre de 2023, o Northern Oil and Gas possuía propriedade institucional de 95,2%, com o total de participações institucionais avaliadas em US $ 1,87 bilhão. Os principais investidores institucionais incluem:

Investidor	Ações pertencentes	Percentagem
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 private equity

O Northern Oil and Gas atrai investimentos em private equity com características específicas:

• Investimento total de private equity: US $ 425 milhões
• Tamanho médio do ingresso de investimento: US $ 25-50 milhões
• Principais áreas de foco para o patrimônio privado: Bacia Permiana e Ativos da Bacia de Williston

Investidores individuais de alta rede

Detalhes do segmento de investidores individuais:

Categoria de investidores	Investimento médio	Investimento total
Indivíduos de alta rede	US $ 500.000 - US $ 2 milhões	US $ 312 milhões

Fundos mútuos focados em energia

Repartição de investimentos em fundos mútuos:

• Total de Holdings de Fundo Mútuo: US $ 642 milhões
• Número de fundos mútuos focados em energia investidos: 47
• Alocação média por fundo: US $ 13,6 milhões

Fundos de hedge especializados em investimentos em energia

Investimento de fundos de hedge profile:

Métrica	Valor
Investimento total de fundos de hedge	US $ 276 milhões
Número de fundos de hedge	22
Investimento médio por fundo de hedge	US $ 12,5 milhões

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: estrutura de custos

Baixas despesas operacionais

A partir do quarto trimestre de 2023, o Northern Oil and Gas relatou despesas operacionais totais de US $ 53,4 milhões, representando uma redução de 12% em relação ao ano anterior.

Categoria de despesa	Custo anual ($ m)	Porcentagem de receita
Despesas operacionais	53.4	22.3%
Custos de produção	38.7	16.2%

Custos mínimos de perfuração e extração direta

O petróleo e gás do norte mantém um Modelo de interesse de trabalho não operacional, o que reduz significativamente as despesas diretas de perfuração.

• Participação média por perfuração por poço: 15-25%
• Despesas totais de capital para 2023: US $ 362,5 milhões
• Razão de eficiência de custo de perfuração: 0,68

Despesas de aquisição de ativos e gerenciamento de portfólio

Em 2023, a empresa investiu US $ 512,6 milhões em novas aquisições de ativos, com foco em propriedades estratégicas do Permiano e da Bacia de Williston.

Categoria de ativos	Valor do investimento ($ M)	Porcentagem de portfólio
Bacia do Permiano	287.3	56%
Bacia de Williston	225.3	44%

Custos gerais e administrativos

As despesas administrativas de 2023 totalizaram US $ 18,2 milhões, representando 7,6% da receita total.

• Compensação dos funcionários: US $ 11,4 milhões
• Custos de infraestrutura corporativa: US $ 4,6 milhões
• Tecnologia e sistemas: US $ 2,2 milhões

Conformidade e despesas regulatórias

Os custos de conformidade regulatórios para 2023 totalizaram US $ 7,5 milhões, garantindo a adesão aos padrões ambientais e operacionais.

Categoria de conformidade	Custo anual ($ m)
Monitoramento ambiental	3.2
Relatórios regulatórios	2.1
Certificação de segurança	2.2

Northern Oil and Gas, Inc. (NOG) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo e gás

A partir do quarto trimestre de 2023, o Northern Oil and Gas relatou receita total de US $ 510,7 milhões, com a renda de royalties representando uma parcela significativa de seus fluxos de receita.

Ano	Receita de royalties	Volume de produção
2023	US $ 382,5 milhões	52.550 BOE/dia
2022	US $ 298,2 milhões	44.320 BOE/dia

Receita de juros de trabalho

A receita de juros de trabalho para NOG em 2023 totalizou US $ 128,2 milhões, representando interesses de trabalho não operados em várias propriedades de petróleo e gás.

• Bakken Região Juros de Trabalho: 25.000 acres líquidos
• Delaware Bacia de Trabalho Interesse: 18.500 acres líquidos
• Porcentagem média de juros de trabalho: 35-40%

Apreciação e negociação de ativos

Northern Oil and Gas relatado US $ 76,4 milhões em apreciação de ativos durante 2023, impulsionado por aquisições estratégicas de propriedades e avaliações de mercado.

Categoria de ativos	Valorização do valor	Aumento percentual
Propriedades do petróleo	US $ 52,6 milhões	14.3%
Propriedades de gás	US $ 23,8 milhões	9.7%

Distribuições de dividendos

Em 2023, Nog distribuído US $ 98,5 milhões em dividendos para acionistas.

• Dividendo trimestral por ação: $ 0,95
• Rendimento anual de dividendos: 7,2%
• TOTAL DO TOTAL: Aproximadamente 25.000

Proce

Vendas de ativos estratégicos em 2023 gerados US $ 64,3 milhões em rendimentos.

Tipo de ativo	Produtos de venda	Comprador
Bakken não ativos não essenciais	US $ 42,1 milhões	Companhia de E&P não divulgada
Levaneira da bacia de Delaware	US $ 22,2 milhões	Grupo de Investimento Privado

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.