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Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. Northern Oil and Gas, Inc. was founded in 2006 and is headquartered in Minnetonka, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.1B | $1.0B | $39M | $253M | 1.8% | -3.2% | -92.6% |
| 2024 | $2.2B | $1.6B | $520M | $-266M | 22.4% | 13.5% | -43.6% |
| 2023 | $1.9B | $1.6B | $923M | $-679M | 45.1% | -4.0% | 19.4% |
| 2022 | $2.0B | $1.1B | $773M | $-431M | 103.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,985.80 | 1,907.01 | 2,163.76 | 2,095.06 |
| Cost Of Revenue | - | 670.14 | 993.15 | 1,327.78 | 1,419.86 |
| Gross Profit | - | 1,315.66 | 913.86 | 835.98 | 675.20 |
| Operating Expense | - | 47.20 | 51.25 | 60.11 | 74.18 |
| Operating Income | - | 1,268.46 | 862.61 | 775.86 | 601.02 |
| EBITDA | - | 1,107.94 | 1,622.43 | 1,579.44 | 1,049.94 |
| EBIT | - | 856.67 | 1,136.41 | 838.53 | 235.08 |
| Pretax Income | - | 776.34 | 1,000.74 | 680.82 | 62.70 |
| Tax Provision | - | 3.10 | 77.77 | 160.51 | 23.94 |
| Net Income | - | 773.24 | 922.97 | 520.31 | 38.76 |
| Net Income Common Stockholders | - | 727.70 | 922.97 | 520.31 | 38.76 |
| Total Expenses | - | 717.34 | 1,044.40 | 1,387.90 | 1,494.04 |
| Interest Expense | - | 80.33 | 135.66 | 157.72 | 172.38 |
| Selling General And Administration | - | 47.20 | 46.80 | 50.46 | 61.33 |
| Normalized EBITDA | - | 1,519.54 | 1,353.43 | 1,517.20 | 1,416.52 |
| Normalized Income | - | 1,183.19 | 674.95 | 472.76 | 265.30 |
| Market Cap | 2,825.31 | 2,825.31 | 2,825.31 | 2,825.31 | 2,825.31 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Northern Oil and Gas, Inc.this co. | NOG | - | 72.89↑ premium | 1.33 | 1.8% | 4.96 |
| Comstock Resources, Inc. | CRK | $5.0B | 11.84 | 1.88 | 15.9% | 5.73 |
| Tidewater Inc. | TDW | $4.4B | 13.11 | 3.21 | 24.5% | 10.26 |
| International Seaways, Inc. | INSW | $3.9B | 12.71 | 1.95 | 15.3% | 8.52 |
| Cactus, Inc. | WHD | $3.9B |
| - |
| - |
| - |
| - |
| - |
| - |
| 23.74 |
| 3.21 |
| 13.5% |
| 11.78 |
| SM Energy Company | SM | $3.3B | 10.65 | 1.43 | 13.5% | 4.18 |
| Par Pacific Holdings, Inc. | PARR | $3.3B | 8.60 | 2.10 | 24.4% | 6.02 |
| CVR Energy, Inc. | CVI | $3.1B | 117.36 | 4.34 | 3.7% | 7.51 |
| Crescent Energy Company | CRGY | $3.1B | 31.41 | 0.81 | 2.6% | 5.92 |
| Peer Median | - | 12.91 | 2.02 | 14.4% | 6.76 | |