NORTHERN OIL & GAS, INC.

Listed Company

NOGCIK 0001104485NYSELarge AcceleratedCrude Petroleum & Natural GasFY ends Dec 31

Period

FY 2025

Revenue

$2.48B

Net Income

—

Total Assets

$5.41B

Equity

$2.13B

Shares Out

105.79M

Op. Cash Flow

$1.51B

Business

NORTHERN OIL & GAS, INC. is an independent energy company that acquires and holds non-operated working and mineral interests in oil and natural gas properties and participates financially in exploration, development and production activities. It offers investments in non-operated minority working interests, mineral interests and wellbore-only working interests, and engages in commodity hedging and participation decisions on a well-by-well basis. The company reports a single reportable segment focused on non-operated upstream oil and gas assets. Its operations and production are concentrated across U.S. onshore basins, primarily the Williston, Permian, Appalachian and Uinta basins, and it sells production through third-party operating partners and short-term market contracts.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on Commodity Derivatives, Net	381	62	259	−415	−478
Total Revenues	2,476	2,226	2,166	1,571	497
Production Expenses	474	430	347	261	171
Production Taxes	131	157	160	158	77
General and Administrative Expenses	61	50	47	47	30
Depletion, Depreciation, Amortization and Accretion	815	741	486	251	—
Impairment of Oil and Gas Assets	703	0	0	0	0
Legal Settlement Expenses	33	0	0	—	—
Other Expenses	13	10	4	0	0
Total Operating Expenses	2,230	1,388	1,044	717	419
Income From Operations	246	838	1,122	853	78
Interest Expense	−172	−158	−136	−80	—
Gain (Loss) on Unsettled Interest Rate Derivatives, Net	−566,000	263,000	−1	993,000	1
Gain (Loss) on the Extinguishment of Debt, Net	−11	0	659,000	810,000	−13
Contingent Consideration Gain	0	0	10	2	−292,000
Other Income	637,000	440,000	5	−185,000	−9,000
Total Other Expense	−183	−157	−121	−77	−71
Income Before Income Taxes	63	681	1,001	776	7
Income Tax Expense	24	161	78	3	233,000
Net Income Attributable to Common Stockholders	39	520	923	728	−8
Net Income Per Common Share - Basic (in dollars per share)	0.4	5.21	10.09	9.26	−0.13
Net Income Per Common Share Diluted (in dollars per share)	0.39	5.14	10.03	8.92	−0.13
Weighted Average Shares Outstanding - Basic (in shares)	98	100	91	79	63
Weighted Average Shares Outstanding - Diluted (in shares)	99	101	92	87	63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and Cash Equivalents	14	9	8	3	10
Accounts Receivable, Net	350	390	371	271	194
Advances to Operators	30	12	49	9	6
Prepaid Expenses and Other	7	5	2	2	3
Derivative Instruments	167	47	76	35	3
Income Tax Receivable	18	38	3	338,000	0
Total Current Assets	586	501	509	320	215
Proved	11,442	10,307	8,429	6,493	5,035
Unproved	86	43	37	42	25
Less Accumulated Depletion and Impairment	−6,785	−5,272	—	—	—
Total	4,743	5,078	—	—	—
Other Property and Equipment, Net	3	4	—	—	—
Total Property and Equipment, Net	4,746	5,082	3,932	2,483	1,253
Derivative Instruments	3	10	11	13	2
Other Noncurrent Assets	74	11	15	16	12
Total Assets	5,409	5,604	4,484	2,875	1,523
Accounts Payable	219	203	193	129	65
Accrued Liabilities	294	291	148	122	106
Accrued Interest	23	26	26	24	20
Derivative Instruments	0	20	17	58	134
Other Current Liabilities	4	5	2	2	—
Total Current Liabilities	539	544	386	345	328
Long-term Debt, Net	2,395	2,369	1,836	1,525	803
Derivative Instruments	48	94	106	226	148
Deferred Tax Liability	248	228	68	0	—
Asset Retirement Obligations	51	46	38	32	26
Other Noncurrent Liabilities	2	2	3	2	3
Total Liabilities	3,283	3,283	2,437	2,130	1,308
Commitments and Contingencies	—	—	—	—	—
Common Stock, par value $0.001; 270,000,000 authorized; 97,265,559 shares outstanding at 12/31/2025 270,000,000 authorized; 99,113,645 shares outstanding at 12/31/2024	499,000	501,000	503,000	487,000	479,000
Additional Paid-In Capital	1,645	1,877	2,125	—	—
Retained Earnings	481	443	−78	−1,001	−1,774
Total Stockholders Equity	2,126	2,320	2,048	745	215
Total Liabilities and Stockholders Equity	5,409	5,604	4,484	2,875	1,523

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Income	39	520	923	—	—
Amortization of Debt Issuance Costs	11	9	8	5	4
Amortization of Bond Premium on Long-term Debt	−2	−1	−1	−2	−413,000
Deferred Income Taxes	24	160	77	−571,000	233,000
Unrealized (Gain) Loss on Derivative Instruments	−179	21	−200	−41	311
Share-Based Compensation Expense	15	12	6	6	4
Other	−508,000	558,000	2	2	3
Accounts Receivable, Net	40	−17	−101	−75	−122
Prepaid and Other Expenses	−2	−1	−474,000	−720,000	−2
Accounts Payable and Accrued Liabilities	15	4	−6	−338,000	14
Accrued Interest	−3	−227,000	2	4	12
Settlement Difference for Asset Retirement Obligations	0	−4	0	0	—
Income Tax Receivable	20	−35	0	0	—
Net Cash Provided By Operating Activities	1,505	1,409	1,183	928	396
Acquisitions of and Capital Expenditures on Oil and Natural Gas Properties	−1,252	−1,675	−1,861	−1,355	−593
Purchases of Other Property and Equipment	−759,000	−128,000	−1	−5	−556,000
Net Cash Used For Investing Activities	−1,252	−1,675	−1,862	−1,403	−634
Advances on Revolving Credit Facility	388	984	998	1,260	554
Repayments on Revolving Credit Facility	−600	−455	−1,156	−996	−1,031
Purchase of Capped Call	−17	0	0	−36	0
Premium Received on Convertible Notes	11	0	0	—	—
Issuance of Convertible Notes	200	0	0	483	0
Issuance of Senior Notes due 2033	725	0	493	0	764
Repurchase of Senior Notes due 2028	−685	0	−18	−25	0
Debt Issuance Costs Paid	−26	−2	−12	−7	−18
Tender Premium Paid on Repurchase of Senior Notes due 2028	−10	0	0	—	—
Issuance of Common Stock	0	0	515	0	438
Common Stock Dividends Paid	−173	−162	−124	−52	−5
Repurchases of Common Stock	−57	−94	−8	−55	0
Excise Tax on Repurchases of Common Stock	−788,000	0	0	—	—
Restricted Stock Surrenders - Tax Obligations	−2	−4	−3	−2	−839,000
Net Cash Provided By (Used In) Financing Activities	−247	267	685	467	246
Net Increase in Cash and Cash Equivalents	5	738,000	6	−7	8

Filings

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