Headquartered in Minnetonka, MN Fiscal year ends December NYSE: NOG noginc.com
Northern Oil and Gas (NOG) describes itself as the largest publicly traded dedicated non-operator in the United States. It acquires non-operated minority working interests and mineral rights in wells drilled by third-party operators, so it funds its share of development capital without running field operations.
Its diversified portfolio spans five basins:
- Williston
- Permian
- Appalachian (including West Virginia and Utica joint development programs)
- Uinta
- Duvernay in Canada
At the end of the third quarter of 2026 it held 1,391.2 net producing wells and 45.8 net wells in process.
NOG generates revenue by selling crude oil, natural gas and NGLs, with output roughly 48% oil. It hedges a large share of expected volumes with swaps, collars and other derivatives. Growth comes from organic drilling participation, its 'Ground Game' program of small bolt-on acquisitions, and larger non-budgeted acquisitions.
The company returns capital through quarterly dividends and share repurchases. It is financed through a reserves-based revolving credit facility, senior notes and 3.625% convertible notes due 2029. Updated
Record production of 156,239 Boe per day let management raise full-year output guidance without adding a dollar to the capital budget, a rare combination in shale right now. Leverage fell below 1.5 times a quarter early, and the dividend holds at roughly a 7.2% annualized yield.
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Northern Oil and Gas (NOG) describes itself as the largest publicly traded dedicated non-operator in the United States. It acquires non-operated minority working interests and mineral rights in wells drilled by third-party operators, so it funds its share of development capital without running field operations.
24/7 Wall St.'s 12-month price target for NOG is $29.47, rated Buy. The Wall Street consensus target is $30.56. NOG price prediction →
