What is Northern Oil and Gas' operating income?

Northern Oil and Gas' total operating income in 2025 was $245.85 million, based on the following breakdown: Total Gross Profit: $2.00 billion Total Operating Expenses: $1.76 billion

Northern Oil and Gas (NOG) Financials

$24.49 +0.04 (+0.15%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$24.50 +0.01 (+0.04%)

As of 08/14/2026 07:34 PM Eastern

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Annual Income Statements for Northern Oil and Gas

This table shows Northern Oil and Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-975	-293	216	144	-77	-921	-8.40	728	923	520	39
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Net Income / (Loss) Continuing Operations	-975	-293	216	144	-76	-906	6.36	773	923	520	39
Total Pre-Tax Income	-1,178	-295	-11	144	-76	-906	6.59	776	1,001	681	63
Total Operating Income	-1,119	-229	60	433	56	-841	78	853	1,122	838	246
Total Gross Profit	275	99	384	612	354	436	326	1,310	1,819	1,796	2,002
Total Revenue	275	145	433	679	472	552	497	1,571	2,166	2,226	2,476
Operating Revenue	203	160	448	494	601	324	497	1,571	2,166	2,226	2,476
Total Cost of Revenue	0.00	46	50	67	119	116	171	261	347	430	474
Operating Cost of Revenue	-	46	50	67	119	116	171	261	347	430	474
Total Operating Expenses	1,394	329	99	180	298	1,277	248	457	697	958	1,756
Selling, General & Admin Expense	19	15	19	15	24	19	30	47	51	60	74
Marketing Expense	74	16	21	45	58	30	77	158	160	157	131
Depreciation Expense	138	61	60	120	210	162	141	251	486	741	815
Impairment Charge	1,164	237	0.00	0.00	6.40	1,067	-	-	0.00	0.00	703
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	33
Total Other Income / (Expense), net	-58	-66	-70	-289	-132	-65	-71	-77	-121	-157	-183
Interest Expense	58	66	70	259	102	64	72	80	135	158	183
Interest & Investment Income	-	-	-	0.00	-	-1.02	1.04	0.99	-1.02	0.26	-0.57
Other Income / (Expense), net	-0.03	-0.02	0.12	-30	-29	-0.18	-0.30	1.67	15	0.44	0.64
Income Tax Expense	-202	-1.40	-1.57	-0.06	0.00	-0.17	0.23	3.10	78	161	24
Basic Earnings per Share	($16.08)	($4.80)	($0.15)	$6.08	($2.00)	($21.55)	($0.13)	$9.26	$10.09	$5.21	$0.40
Weighted Average Basic Shares Outstanding	60.65M	61.17M	62.41M	23.62M	38.71M	42.74M	62.99M	78.56M	91.48M	99.85M	97.71M
Diluted Earnings per Share	($16.08)	($4.80)	($0.15)	$6.07	($2.00)	($21.55)	($0.13)	$8.92	$10.03	$5.14	$0.39
Weighted Average Diluted Shares Outstanding	60.65M	61.17M	62.41M	23.68M	38.71M	42.74M	62.99M	86.68M	92.06M	101.27M	99.31M
Weighted Average Basic & Diluted Shares Outstanding	60.70M	63.25M	61.30M	376.98M	406.02M	60.42M	77.34M	85.27M	100.87M	99.11M	97.29M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$1.64	$1.80

This table shows Northern Oil and Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	389	12	139	298	72	139	100	-129	-71	-523	237
Consolidated Net Income / (Loss)	389	12	139	298	72	139	100	-129	-71	-523	237
Net Income / (Loss) Continuing Operations	389	12	139	298	72	139	100	-129	-71	-523	237
Total Pre-Tax Income	448	14	181	397	88	186	132	-169	-86	-696	311
Total Operating Income	484	52	219	434	133	229	176	-126	-34	-655	353
Total Gross Profit	691	291	460	647	398	488	585	438	490	-125	618
Total Revenue	794	396	561	754	515	602	707	557	610	5.03	745
Operating Revenue	794	396	561	754	515	602	707	557	610	5.03	745
Total Cost of Revenue	102	105	101	107	117	114	121	118	120	130	127
Operating Cost of Revenue	102	105	101	107	117	114	121	118	120	130	127
Total Operating Expenses	207	239	241	213	266	259	409	564	524	530	266
Selling, General & Admin Expense	10	13	16	12	18	17	19	17	21	26	27
Marketing Expense	46	51	49	15	43	36	36	29	31	38	46
Depreciation Expense	151	174	177	186	205	206	206	199	204	197	193
Impairment Charge	-	-	0.00	0.00	-	0.00	116	319	-	268	0.00
Other Special Charges / (Income)	-	-	0.00	0.00	-	-	33	0.00	-	-	0.00
Total Other Income / (Expense), net	-36	-38	-38	-37	-45	-43	-44	-43	-52	-41	-42
Interest Expense	37	38	38	37	45	43	44	43	52	43	41
Interest & Investment Income	-	0.00	0.00	-0.02	0.28	-	0.00	-0.13	-0.29	-	1.47
Other Income / (Expense), net	0.08	0.06	0.06	0.14	0.18	-0.14	0.00	0.07	0.03	1.57	-1.97
Income Tax Expense	59	2.85	43	99	16	47	32	-40	-15	-173	74
Basic Earnings per Share	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41	$1.02	($1.33)	($0.70)	($5.31)	$2.24
Weighted Average Basic Shares Outstanding	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M	98.06M	97.12M	97.71M	98.50M	105.87M
Diluted Earnings per Share	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39	$1.00	($1.33)	($0.67)	($5.31)	$2.19
Weighted Average Diluted Shares Outstanding	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M	99.39M	97.12M	99.31M	98.50M	108.09M
Weighted Average Basic & Diluted Shares Outstanding	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M	97.59M	97.60M	97.29M	105.79M	106.55M

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-5.95	3.10	96	-100	14	-15	8.09	-6.99	5.67	0.74	5.37
Net Cash From Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409	1,505
Net Cash From Continuing Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409	1,505
Net Income / (Loss) Continuing Operations	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Depreciation Expense	138	61	60	120	210	162	141	251	486	741	815
Amortization Expense	3.45	4.30	4.62	4.58	2.60	4.14	3.35	2.85	6.62	8.27	8.38
Non-Cash Adjustments To Reconcile Net Income	1,171	242	7.23	209	30	1,076	20	5.21	-2.70	13	728
Changes in Operating Assets and Liabilities, net	-90	88	11	-233	173	-4.51	226	-104	-230	127	-85
Net Cash From Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675	-1,252
Net Cash From Continuing Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675	-1,252
Purchase of Property, Plant & Equipment	-0.09	-73	-105	-217	-340	-284	-594	-1,360	-1,862	-1,675	-1,252
Net Cash From Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267	-247
Net Cash From Continuing Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267	-247
Repayment of Debt	-304	-69	-193	-603	-753	-140	-1,475	-1,028	-1,187	-457	-1,321
Repurchase of Common Equity	-	0.00	0.00	-22	-15	0.00	0.00	-55	-8.00	-94	-58
Payment of Dividends	-	-	-	-	0.00	0.00	-34	-73	-124	-162	-173
Issuance of Debt	150	63	336	614	953	78	1,318	1,743	1,491	984	1,313
Issuance of Common Equity	-	0.00	0.00	142	0.00	0.00	438	0.00	515	0.00	0.00
Other Financing Activities, net	190	-1.40	-0.67	-0.68	-13	-0.44	-0.84	-38	-2.62	-3.79	-7.89

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-4.76	24	-25	27	-25	25	-7.72	5.79	-17	23	11
Net Cash From Operating Activities	342	392	340	386	290	407	362	423	313	324	322
Net Cash From Continuing Operating Activities	342	392	340	386	290	407	362	423	313	324	322
Net Income / (Loss) Continuing Operations	389	12	139	298	72	139	100	-129	-71	-523	237
Consolidated Net Income / (Loss)	389	12	139	298	72	139	100	-129	-71	-523	237
Depreciation Expense	151	174	177	186	205	206	206	199	204	197	193
Amortization Expense	1.99	1.92	2.10	2.12	2.13	2.11	2.19	1.99	2.09	2.00	2.05
Non-Cash Adjustments To Reconcile Net Income	0.70	4.59	2.94	1.39	3.61	3.56	119	323	283	272	9.06
Changes in Operating Assets and Liabilities, net	-200	200	20	-102	8.17	57	-65	28	-106	375	-119
Net Cash From Investing Activities	-378	-407	-223	-382	-663	-265	-327	-353	-308	-635	-380
Net Cash From Continuing Investing Activities	-378	-407	-223	-382	-663	-265	-327	-353	-308	-635	-380
Purchase of Property, Plant & Equipment	-361	-407	-198	-382	-705	-265	-331	-353	-308	-635	-380
Net Cash From Financing Activities	31	39	-142	23	347	-118	-43	-65	-22	334	74
Net Cash From Continuing Financing Activities	31	39	-142	23	347	-118	-43	-65	-22	334	74
Repayment of Debt	-319	-78	-133	-105	-141	-115	-276	-136	-795	-327	-132
Repurchase of Common Equity	-	-20	-35	-14	-25	-15	-35	-	-7.80	-0.03	-50
Payment of Dividends	-35	-40	-40	-40	-42	-42	-44	-44	-44	-44	-47
Issuance of Debt	95	180	66	182	556	55	318	115	825	480	304

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Total Current Assets	122	47	153	228	133	126	215	320	509	501	586
Cash & Equivalents	3.39	6.49	102	2.36	16	1.43	9.52	2.53	8.20	8.93	14
Accounts Receivable	51	36	47	96	108	71	194	271	371	390	350
Prepaid Expenses	0.89	1.58	2.33	12	1.96	1.42	3.42	2.01	2.49	5.27	37
Current Deferred & Refundable Income Taxes	0.00	1.40	0.79	1.21	0.21	-	0.00	0.34	3.25	38	18
Other Current Assets	66	1.58	0.60	116	6.52	52	8.84	44	125	59	167
Plant, Property, & Equipment, net	589	376	473	1,203	1,749	735	1,253	2,483	3,932	5,082	4,746
Plant, Property & Equipment, gross	2,349	2,432	2,588	3,437	4,192	4,406	5,062	6,541	8,473	10,354	11,531
Accumulated Depreciation	1,759	2,056	2,115	2,234	2,443	3,671	3,809	4,058	4,542	5,272	6,785
Total Noncurrent Assets	10	8.43	6.28	72	24	11	54	72	43	21	77
Noncurrent Deferred & Refundable Income Taxes	0.00	0.00	0.79	0.42	0.21	-	-	-	-	-	0.00
Other Noncurrent Operating Assets	10	8.43	5.49	72	24	11	54	72	43	21	77
Total Liabilities & Shareholders' Equity	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Total Liabilities	919	919	1,123	1,074	1,347	1,095	1,308	2,130	2,437	3,283	3,283
Total Current Liabilities	78	77	124	232	203	182	328	345	386	544	539
Accounts Payable	65	56	93	55	69	36	65	129	193	203	219
Accrued Expenses	7.89	6.09	6.34	83	110	69	106	122	148	291	321
Other Current Liabilities	0.19	11	19	19	12	4.17	136	60	19	25	0.00
Total Noncurrent Liabilities	841	842	1,000	842	1,143	913	980	1,785	2,051	2,739	2,744
Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369	2,395
Asset Retirement Reserve & Litigation Obligation	5.63	6.99	8.56	12	17	18	26	32	38	46	51
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	68	228	248
Other Noncurrent Operating Liabilities	0.00	1.89	12	0.11	8.42	15	151	228	109	96	50
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-198	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Total Preferred & Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Total Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Common Stock	440	444	450	1,227	1,432	1,557	1,989	1,746	2,125	1,878	1,645
Retained Earnings	-638	-931	-941	-797	-873	-1,780	-1,774	-1,001	-78	443	481
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	-	0.00

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	3,343	3,665	4,305	4,634	4,725	5,055	5,675	5,702	5,494	5,515	5,828
Total Current Assets	396	386	470	413	414	519	522	588	542	473	502
Cash & Equivalents	6.07	15	13	32	7.78	34	34	26	32	37	48
Accounts Receivable	274	265	364	331	360	317	410	410	334	395	378
Prepaid Expenses	2.33	2.49	2.57	2.57	2.65	12	5.08	6.52	6.82	19	28
Current Deferred & Refundable Income Taxes	0.00	0.50	0.00	3.14	2.34	37	9.85	12	17	14	18
Other Current Assets	113	103	91	44	41	119	63	134	153	7.68	31
Plant, Property, & Equipment, net	2,916	3,217	3,789	4,205	4,266	4,480	5,138	5,093	4,939	5,022	5,293
Plant, Property & Equipment, gross	7,068	7,475	8,180	8,921	9,157	9,556	10,619	10,895	11,258	12,270	12,733
Accumulated Depreciation	4,152	4,258	4,391	4,715	4,891	5,076	5,481	5,802	6,319	7,249	7,440
Total Noncurrent Assets	31	62	46	16	45	56	15	21	12	20	33
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	-	8.15
Other Noncurrent Operating Assets	31	62	46	16	45	56	15	21	12	20	24
Total Liabilities & Shareholders' Equity	3,343	3,665	4,305	4,634	4,725	5,055	5,675	5,702	5,494	5,515	5,828
Total Liabilities	2,295	2,249	2,897	2,632	2,656	2,742	3,273	3,289	3,250	3,730	3,833
Total Current Liabilities	345	379	602	428	466	420	564	488	495	899	630
Accounts Payable	134	154	235	156	150	152	231	174	160	235	206
Accrued Expenses	162	179	155	162	216	237	273	310	335	402	399
Other Current Liabilities	29	17	178	82	73	2.56	33	4.12	0.58	262	25
Total Noncurrent Liabilities	1,949	1,870	2,294	2,204	2,191	2,322	2,708	2,801	2,754	2,831	3,202
Long-Term Debt	1,757	1,673	2,057	1,939	1,875	1,953	2,311	2,366	2,346	2,552	2,725
Asset Retirement Reserve & Litigation Obligation	33	35	37	40	41	43	47	48	49	53	55
Noncurrent Deferred & Payable Income Tax Liabilities	-	31	7.29	71	113	211	275	299	263	76	158
Other Noncurrent Operating Liabilities	160	132	193	154	162	115	76	88	96	150	264
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,048	1,416	1,408	2,002	2,068	2,314	2,402	2,413	2,244	1,784	1,995
Total Preferred & Common Equity	1,048	1,416	1,408	2,002	2,068	2,314	2,402	2,413	2,244	1,784	1,995
Total Common Equity	1,048	1,416	1,408	2,002	2,068	2,314	2,402	2,413	2,244	1,784	1,995
Common Stock	1,709	1,909	1,874	2,068	1,996	1,943	1,821	1,732	1,692	1,826	1,803
Retained Earnings	-661	-493	-467	-66	72	371	582	681	552	-42	195
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	-	-3.16

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-53.77%	-47.36%	199.29%	56.68%	-30.42%	16.89%	-10.02%	216.07%	37.93%	2.75%	11.23%
EBITDA Growth	-304.06%	83.26%	176.16%	322.86%	-54.71%	-382.61%	132.86%	399.91%	46.93%	-2.58%	-32.61%
EBIT Growth	-466.76%	79.51%	126.43%	565.01%	-93.53%	-3,324.09%	109.23%	1,000.81%	32.98%	-26.26%	-70.60%
NOPAT Growth	-512.58%	79.52%	126.38%	922.03%	-91.02%	-1,615.51%	112.77%	1,029.97%	21.76%	-38.12%	-76.27%
Net Income Growth	-695.65%	69.91%	96.87%	1,662.86%	-153.11%	-1,087.19%	100.70%	12,055.90%	19.36%	-43.63%	-92.55%
EPS Growth	-697.77%	70.15%	96.88%	1,662.86%	-153.11%	-977.50%	99.40%	6,961.54%	12.44%	-48.75%	-92.41%
Operating Cash Flow Growth	-9.93%	-58.75%	-28.39%	234.76%	39.09%	-2.37%	19.53%	134.17%	27.46%	19.04%	6.86%
Free Cash Flow Firm Growth	174.24%	0.25%	-103.99%	-9,331.02%	40.74%	217.69%	-163.58%	-87.78%	-33.24%	70.70%	298.70%
Invested Capital Growth	-58.97%	-46.26%	13.90%	240.61%	25.53%	-56.41%	41.24%	123.65%	69.43%	20.65%	-3.75%
Revenue Q/Q Growth	-42.17%	-12.72%	108.19%	36.71%	-52.25%	0.00%	0.00%	3.37%	24.27%	-11.12%	4.00%
EBITDA Q/Q Growth	-57.73%	47.46%	-1.26%	188.81%	-60.16%	-16.21%	308.81%	1.16%	31.60%	-15.79%	-13.52%
EBIT Q/Q Growth	-42.53%	40.90%	-9.02%	357.12%	-93.51%	-8.18%	132.28%	-2.53%	38.59%	-29.53%	-40.33%
NOPAT Q/Q Growth	-42.53%	40.90%	-74.79%	733.70%	-91.78%	-8.55%	144.56%	-2.58%	32.07%	-33.10%	-51.87%
Net Income Q/Q Growth	-39.44%	35.28%	-495.52%	245.95%	-125.94%	1.11%	102.05%	-3.69%	35.89%	-37.87%	-78.61%
EPS Q/Q Growth	-39.34%	35.48%	-475.00%	245.95%	-125.94%	0.00%	0.00%	-8.42%	18.42%	-38.22%	-77.97%
Operating Cash Flow Q/Q Growth	3.05%	-40.03%	4.61%	82.55%	-12.25%	0.79%	17.86%	19.93%	4.87%	-3.57%	1.51%
Free Cash Flow Firm Q/Q Growth	1,119.81%	-37.50%	-104.22%	-90.36%	39.82%	53.37%	-757.37%	-40.37%	31.54%	-191.24%	1,785.89%
Invested Capital Q/Q Growth	-23.46%	-1.06%	0.96%	88.60%	-0.45%	-19.56%	46.41%	22.67%	11.97%	10.48%	-0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	68.45%	88.52%	90.18%	74.83%	78.93%	65.62%	83.40%	83.98%	80.69%	80.87%
EBITDA Margin	-355.63%	-113.12%	28.78%	77.69%	50.57%	-122.27%	44.64%	70.61%	75.22%	71.32%	43.21%
Operating Margin	-406.97%	-158.38%	13.96%	63.72%	11.75%	-152.34%	15.69%	54.32%	51.79%	37.64%	9.93%
EBIT Margin	-406.98%	-158.39%	13.99%	59.37%	5.52%	-152.37%	15.63%	54.43%	52.48%	37.66%	9.96%
Profit (Net Income) Margin	-354.60%	-202.72%	-2.12%	21.16%	-16.16%	-164.08%	1.28%	49.23%	42.61%	23.38%	1.57%
Tax Burden Percent	82.81%	99.52%	85.41%	100.04%	100.00%	99.98%	96.47%	99.60%	92.23%	76.42%	61.81%
Interest Burden Percent	105.21%	128.60%	-17.76%	35.64%	-292.43%	107.70%	8.49%	90.81%	88.03%	81.22%	25.44%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.04%	0.00%	0.00%	3.53%	0.40%	7.77%	23.58%	38.19%
Return on Invested Capital (ROIC)	-71.35%	-32.68%	11.53%	50.23%	2.59%	-49.05%	8.55%	51.01%	33.36%	14.88%	3.29%
ROIC Less NNEP Spread (ROIC-NNEP)	-94.98%	-48.63%	5.51%	17.82%	-8.84%	-79.75%	0.76%	44.55%	26.81%	9.22%	-1.44%
Return on Net Nonoperating Assets (RNNOA)	-268.93%	118.37%	-9.65%	-521.53%	-18.03%	-491.33%	-164.29%	110.02%	32.74%	8.95%	-1.55%
Return on Equity (ROE)	-340.28%	85.69%	1.88%	-471.30%	-15.44%	-540.37%	-155.74%	161.02%	66.09%	23.82%	1.74%
Cash Return on Invested Capital (CROIC)	12.27%	27.50%	-1.47%	-58.99%	-20.05%	29.53%	-25.64%	-25.40%	-18.18%	-3.84%	7.11%
Operating Return on Assets (OROA)	-81.47%	-39.78%	11.40%	37.74%	1.53%	-60.59%	6.49%	38.87%	30.89%	16.62%	4.48%
Return on Assets (ROA)	-70.98%	-50.91%	-1.73%	13.45%	-4.48%	-65.24%	0.53%	35.16%	25.08%	10.32%	0.70%
Return on Common Equity (ROCE)	-340.28%	85.69%	1.88%	-471.30%	-15.44%	-540.37%	-155.83%	161.02%	66.09%	23.82%	1.74%
Return on Equity Simple (ROE_SIMPLE)	493.60%	60.21%	1.87%	33.43%	-13.66%	405.74%	2.96%	103.75%	45.07%	22.42%	0.00%
Net Operating Profit after Tax (NOPAT)	-784	-161	42	433	39	-589	75	850	1,035	640	152
NOPAT Margin	-284.88%	-110.87%	9.77%	63.75%	8.23%	-106.64%	15.13%	54.11%	47.76%	28.77%	6.14%
Net Nonoperating Expense Percent (NNEP)	23.63%	15.95%	6.02%	32.40%	11.43%	30.70%	7.79%	6.45%	6.55%	5.66%	4.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	37.26%	26.64%	13.65%	3.36%
Cost of Revenue to Revenue	0.00%	31.55%	11.48%	9.82%	25.17%	21.07%	34.38%	16.60%	16.02%	19.31%	19.13%
SG&A Expenses to Revenue	6.92%	10.19%	4.38%	2.15%	5.00%	3.36%	6.11%	3.01%	2.37%	2.70%	3.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	506.97%	226.91%	22.87%	26.46%	63.08%	231.27%	49.93%	29.08%	32.19%	43.05%	70.94%
Earnings before Interest and Taxes (EBIT)	-1,119	-229	61	403	26	-841	78	855	1,137	838	246
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-978	-164	125	527	239	-675	222	1,109	1,629	1,587	1,070
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.83	1.53	0.00	5.76	2.95	1.74	1.60	0.99
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1.83	1.53	0.00	5.76	2.95	1.74	1.60	0.99
Price to Revenue (P/Rev)	0.80	1.08	0.29	1.16	1.81	0.66	2.49	1.40	1.64	1.67	0.85
Price to Earnings (P/E)	0.00	0.00	0.57	5.48	0.00	0.00	0.00	3.02	3.86	7.13	54.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	3.12%	4.20%	4.41%	8.38%
Earnings Yield	0.00%	0.00%	174.53%	18.26%	0.00%	0.00%	0.00%	33.10%	25.91%	14.03%	1.85%
Enterprise Value to Invested Capital (EV/IC)	1.65	2.86	2.56	1.26	1.17	1.79	1.97	1.62	1.38	1.29	0.99
Enterprise Value to Revenue (EV/Rev)	3.82	6.79	2.31	2.46	4.15	2.37	4.09	2.38	2.49	2.73	1.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	8.02	3.17	8.20	0.00	9.16	3.37	3.31	3.82	4.18
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	16.51	4.15	75.07	0.00	26.18	4.37	4.74	7.24	18.16
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	23.63	3.86	50.42	0.00	27.03	4.39	5.21	9.48	29.46
Enterprise Value to Operating Cash Flow (EV/OCF)	4.26	9.64	13.72	6.85	5.77	3.94	5.13	4.02	4.55	4.31	2.97
Enterprise Value to Free Cash Flow (EV/FCFF)	7.80	7.27	0.00	0.00	0.00	3.69	0.00	0.00	0.00	0.00	13.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.23	-1.71	-2.00	2.07	2.00	-4.23	3.73	2.06	0.90	1.02	1.13
Long-Term Debt to Equity	-4.23	-1.71	-2.00	1.93	2.00	-3.94	3.73	2.05	0.90	1.02	1.13
Financial Leverage	2.83	-2.43	-1.75	-29.26	2.04	6.16	-216.26	2.47	1.22	0.97	1.08
Leverage Ratio	4.79	-1.68	-1.09	-35.03	3.45	8.28	-293.18	4.58	2.64	2.31	2.48
Compound Leverage Factor	5.04	-2.16	0.19	-12.48	-10.09	8.92	-24.89	4.16	2.32	1.88	0.63
Debt to Total Capital	130.99%	241.20%	200.48%	67.39%	66.68%	130.93%	78.88%	67.32%	47.27%	50.52%	52.98%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	4.41%	0.00%	9.07%	0.00%	0.44%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	130.99%	241.20%	200.48%	62.98%	66.68%	121.86%	78.88%	66.88%	47.27%	50.52%	52.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-30.99%	-141.20%	-100.48%	32.61%	33.32%	-30.93%	21.12%	32.68%	52.73%	49.48%	47.02%
Debt to EBITDA	-0.85	-5.08	7.85	1.68	4.68	-1.40	3.62	1.38	1.13	1.49	2.24
Net Debt to EBITDA	-0.85	-5.04	7.03	1.68	4.61	-1.40	3.58	1.38	1.12	1.49	2.23
Long-Term Debt to EBITDA	-0.85	-5.08	7.85	1.57	4.68	-1.30	3.62	1.38	1.13	1.49	2.24
Debt to NOPAT	-1.07	-5.19	23.13	2.05	28.78	-1.61	10.68	1.81	1.77	3.70	15.76
Net Debt to NOPAT	-1.06	-5.15	20.71	2.05	28.36	-1.60	10.56	1.80	1.77	3.69	15.67
Long-Term Debt to NOPAT	-1.07	-5.19	23.13	1.92	28.78	-1.49	10.68	1.80	1.77	3.70	15.76
Altman Z-Score	-5.76	-4.42	-0.96	1.03	-0.01	-5.29	-0.66	1.65	2.21	1.67	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	0.61	1.24	0.99	0.65	0.69	0.66	0.93	1.32	0.92	1.09
Quick Ratio	0.70	0.55	1.21	0.43	0.61	0.40	0.62	0.79	0.98	0.73	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	135	135	-5.39	-508	-301	355	-225	-423	-564	-165	328
Operating Cash Flow to CapEx	1,317,346.90%	139.30%	69.49%	112.70%	99.94%	116.82%	66.77%	68.28%	64.13%	83.26%	120.19%
Free Cash Flow to Firm to Interest Expense	2.31	2.06	-0.08	-1.96	-2.94	5.56	-3.13	-5.32	-4.18	-1.05	1.79
Operating Cash Flow to Interest Expense	4.23	1.55	1.04	0.94	3.32	5.20	5.50	11.68	8.77	8.93	8.22
Operating Cash Flow Less CapEx to Interest Expense	4.23	0.44	-0.46	0.11	0.00	0.75	-2.74	-5.42	-4.90	-1.80	1.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.25	0.81	0.64	0.28	0.40	0.42	0.71	0.59	0.44	0.45
Accounts Receivable Turnover	4.00	3.32	10.48	9.48	4.62	6.16	3.76	6.76	6.75	5.86	6.69
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.23	0.30	1.02	0.81	0.32	0.44	0.50	0.84	0.68	0.49	0.50
Accounts Payable Turnover	0.00	0.75	0.67	0.90	1.91	2.21	3.37	2.69	2.16	2.17	2.25
Days Sales Outstanding (DSO)	91.15	110.02	34.83	38.49	79.05	59.25	97.17	54.02	54.08	62.33	54.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	485.28	547.87	405.73	190.96	165.03	108.19	135.85	168.96	167.95	162.40
Cash Conversion Cycle (CCC)	91.15	-375.25	-513.04	-367.24	-111.91	-105.77	-11.02	-81.83	-114.88	-105.62	-107.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	639	343	391	1,332	1,672	729	1,030	2,303	3,901	4,707	4,530
Invested Capital Turnover	0.25	0.29	1.18	0.79	0.31	0.46	0.57	0.94	0.70	0.52	0.54
Increase / (Decrease) in Invested Capital	-918	-296	48	941	340	-943	301	1,273	1,599	806	-176
Enterprise Value (EV)	1,051	983	1,001	1,673	1,959	1,306	2,033	3,732	5,390	6,070	4,477
Market Capitalization	219	156	124	787	857	363	1,239	2,199	3,563	3,710	2,096
Book Value per Share	($3.14)	($7.73)	($7.35)	$1.11	$1.38	($4.87)	$3.25	$9.57	$20.37	$23.25	$21.79
Tangible Book Value per Share	($3.14)	($7.73)	($7.35)	$1.11	$1.38	($4.87)	$3.25	$9.57	$20.37	$23.25	$21.79
Total Capital	638	345	488	1,318	1,677	722	1,019	2,281	3,883	4,690	4,522
Total Debt	835	833	979	888	1,118	945	803	1,536	1,836	2,369	2,395
Total Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369	2,395
Net Debt	832	826	877	886	1,102	944	794	1,533	1,827	2,360	2,381
Capital Expenditures (CapEx)	0.02	73	105	217	340	284	594	1,360	1,845	1,692	1,252
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	-37	-73	53	-87	7.22	-122	-17	115	-52	32
Debt-free Net Working Capital (DFNWC)	44	-31	29	55	-70	8.65	-112	-14	124	-44	47
Net Working Capital (NWC)	44	-31	29	-3.11	-70	-57	-112	-24	124	-44	47
Net Nonoperating Expense (NNE)	192	133	52	289	115	317	69	77	112	120	113
Net Nonoperating Obligations (NNO)	837	831	882	902	1,114	952	814	1,557	1,854	2,386	2,404
Total Depreciation and Amortization (D&A)	141	66	64	124	213	166	144	254	493	749	823
Debt-free, Cash-free Net Working Capital to Revenue	14.73%	-25.58%	-16.85%	7.75%	-18.31%	1.31%	-24.50%	-1.08%	5.33%	-2.36%	1.31%
Debt-free Net Working Capital to Revenue	15.97%	-21.10%	6.73%	8.09%	-14.91%	1.57%	-22.59%	-0.92%	5.71%	-1.96%	1.89%
Net Working Capital to Revenue	15.97%	-21.10%	6.73%	-0.46%	-14.91%	-10.29%	-22.59%	-1.56%	5.71%	-1.96%	1.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($160.80)	($48.00)	($1.50)	$6.10	($2.00)	($21.55)	($0.13)	$9.26	$10.09	$5.21	$0.40
Adjusted Weighted Average Basic Shares Outstanding	6.07M	6.12M	6.24M	23.62M	38.71M	42.74M	62.99M	78.56M	91.48M	99.85M	97.71M
Adjusted Diluted Earnings per Share	($160.80)	($48.00)	($1.50)	$6.10	($2.00)	($21.55)	($0.13)	$8.92	$10.03	$5.14	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	6.07M	6.12M	6.24M	23.68M	38.71M	42.74M	62.99M	86.68M	92.06M	101.27M	99.31M
Adjusted Basic & Diluted Earnings per Share	($160.80)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.31M	6.33M	6.59M	37.70M	40.60M	60.42M	77.34M	85.27M	100.87M	99.11M	97.29M
Normalized Net Operating Profit after Tax (NOPAT)	31	5.40	42	303	43	158	75	850	1,035	640	607
Normalized NOPAT Margin	11.34%	3.73%	9.77%	44.61%	9.17%	28.58%	15.13%	54.11%	47.76%	28.77%	24.51%
Pre Tax Income Margin	-428.19%	-203.68%	-2.48%	21.16%	-16.16%	-164.11%	1.33%	49.43%	46.20%	30.59%	2.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-19.18	-3.50	0.86	1.55	0.25	-13.20	1.08	10.75	8.42	5.32	1.35
NOPAT to Interest Expense	-13.43	-2.45	0.60	1.67	0.38	-9.24	1.04	10.69	7.66	4.06	0.83
EBIT Less CapEx to Interest Expense	-19.18	-4.61	-0.63	0.72	-3.06	-17.65	-7.16	-6.35	-5.25	-5.41	-5.49
NOPAT Less CapEx to Interest Expense	-13.43	-3.56	-0.89	0.83	-2.94	-13.69	-7.19	-6.41	-6.00	-6.67	-6.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	536.87%	9.48%	13.43%	31.13%	447.37%
Augmented Payout Ratio	0.00%	0.00%	0.00%	15.45%	-19.80%	0.00%	536.87%	16.52%	14.30%	49.29%	596.49%

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	97,294,661.00	105,791,123.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	97,294,661.00	105,791,123.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-5.37	2.24
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	114.24%	-31.92%	17.67%	140.03%	-35.10%	51.91%	26.04%	-26.14%	18.49%	-99.16%	5.44%
EBITDA Growth	158.99%	-51.15%	14.70%	249.09%	-46.71%	91.71%	-3.41%	-87.84%	-49.25%	-203.96%	42.02%
EBIT Growth	188.82%	-85.90%	-8.29%	922.35%	-72.57%	338.71%	-19.54%	-128.96%	-125.46%	-385.12%	99.00%
NOPAT Growth	150.95%	-88.32%	-12.17%	59.45%	-74.25%	308.21%	-20.43%	-127.00%	-121.88%	-367.27%	101.74%
Net Income Growth	168.05%	-96.59%	-17.44%	1,042.99%	-81.56%	1,097.50%	-28.13%	-143.25%	-198.65%	-476.20%	137.61%
EPS Growth	66.95%	-97.24%	-27.66%	957.14%	-81.75%	1,163.64%	-26.47%	-144.93%	-194.37%	-482.01%	119.00%
Operating Cash Flow Growth	19.13%	45.61%	10.62%	46.20%	-15.21%	3.90%	6.35%	9.68%	7.70%	-20.57%	-11.18%
Free Cash Flow Firm Growth	-6.57%	21.55%	57.71%	67.92%	40.82%	44.45%	5.01%	14.13%	121.89%	91.36%	153.08%
Invested Capital Growth	69.43%	39.68%	27.71%	22.27%	20.65%	19.55%	19.96%	7.00%	-3.75%	-8.64%	-1.69%
Revenue Q/Q Growth	152.73%	-50.05%	41.48%	34.39%	-31.67%	16.92%	17.39%	-21.25%	9.62%	-99.18%	14,718.75%
EBITDA Q/Q Growth	257.76%	-64.18%	74.24%	56.36%	-45.39%	28.84%	-12.21%	-80.31%	127.85%	-363.54%	220.09%
EBIT Q/Q Growth	1,040.22%	-89.18%	318.12%	98.21%	-69.40%	73.01%	-23.31%	-171.33%	73.10%	-1,832.15%	153.66%
NOPAT Q/Q Growth	105.65%	-90.01%	298.21%	94.86%	-66.79%	58.43%	-22.38%	-166.13%	73.09%	-1,835.29%	158.59%
Net Income Q/Q Growth	1,389.23%	-97.02%	1,093.83%	115.40%	-75.98%	93.84%	-28.35%	-229.61%	45.20%	-639.19%	145.26%
EPS Q/Q Growth	1,289.29%	-97.17%	1,136.36%	117.65%	-76.01%	95.77%	-28.06%	-233.00%	49.62%	-692.54%	141.24%
Operating Cash Flow Q/Q Growth	29.75%	14.54%	-13.18%	13.30%	-24.75%	40.36%	-11.12%	16.85%	-26.11%	3.51%	-0.62%
Free Cash Flow Firm Q/Q Growth	16.01%	8.66%	35.66%	35.02%	-54.96%	14.26%	-10.02%	41.26%	139.51%	-133.84%	775.86%
Invested Capital Q/Q Growth	11.97%	0.90%	0.66%	7.52%	10.48%	-0.02%	1.01%	-4.09%	-0.62%	-5.11%	8.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	87.14%	73.40%	82.01%	85.82%	77.36%	81.06%	82.82%	78.74%	80.35%	-2,479.98%	82.95%
EBITDA Margin	80.31%	57.59%	70.92%	82.51%	65.95%	72.68%	54.35%	13.59%	28.25%	-9,032.09%	73.20%
Operating Margin	61.00%	13.20%	39.04%	57.58%	25.76%	38.08%	24.92%	-22.59%	-5.55%	-13,022.13%	47.31%
EBIT Margin	61.01%	13.21%	39.05%	57.60%	25.79%	38.16%	24.93%	-22.58%	-5.54%	-12,990.99%	47.04%
Profit (Net Income) Margin	49.00%	2.93%	24.71%	39.60%	13.92%	23.08%	14.09%	-23.19%	-11.59%	-10,396.64%	31.75%
Tax Burden Percent	86.87%	80.31%	76.42%	75.13%	81.63%	74.81%	75.57%	76.46%	82.19%	75.13%	76.19%
Interest Burden Percent	92.46%	27.59%	82.79%	91.51%	66.14%	80.85%	74.78%	134.29%	254.51%	106.52%	88.60%
Effective Tax Rate	13.13%	19.69%	23.58%	24.87%	18.37%	25.19%	24.43%	0.00%	0.00%	0.00%	23.81%
Return on Invested Capital (ROIC)	37.01%	6.22%	17.44%	27.98%	10.87%	16.03%	11.14%	-8.54%	-2.08%	-3,803.61%	14.66%
ROIC Less NNEP Spread (ROIC-NNEP)	35.15%	4.57%	15.83%	26.61%	9.15%	14.49%	9.56%	-10.46%	-4.05%	-3,806.29%	13.39%
Return on Net Nonoperating Assets (RNNOA)	42.93%	5.56%	16.27%	28.77%	8.88%	13.95%	9.03%	-9.78%	-4.36%	-4,380.50%	15.24%
Return on Equity (ROE)	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%	20.17%	-18.32%	-6.44%	-8,184.11%	29.90%
Cash Return on Invested Capital (CROIC)	-18.18%	-11.87%	-4.67%	4.68%	-3.84%	0.05%	-1.23%	0.39%	7.11%	-0.89%	-5.15%
Operating Return on Assets (OROA)	35.92%	6.56%	19.22%	30.82%	11.38%	18.00%	12.33%	-10.19%	-2.49%	-4,362.24%	15.64%
Return on Assets (ROA)	28.85%	1.45%	12.16%	21.19%	6.14%	10.89%	6.97%	-10.46%	-5.21%	-3,491.09%	10.56%
Return on Common Equity (ROCE)	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%	20.17%	-18.32%	-6.44%	-8,184.11%	29.90%
Return on Equity Simple (ROE_SIMPLE)	0.00%	29.69%	27.32%	36.20%	0.00%	26.96%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	421	42	167	326	108	172	133	-88	-24	-458	269
NOPAT Margin	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%	18.84%	-15.82%	-3.88%	-9,115.49%	36.04%
Net Nonoperating Expense Percent (NNEP)	1.86%	1.64%	1.61%	1.37%	1.72%	1.54%	1.58%	1.93%	1.96%	2.67%	1.27%
Return On Investment Capital (ROIC_SIMPLE)	10.83%	-	-	-	2.31%	3.64%	2.79%	-1.92%	-0.52%	-10.57%	5.69%
Cost of Revenue to Revenue	12.86%	26.60%	17.99%	14.18%	22.64%	18.94%	17.18%	21.26%	19.65%	2,579.98%	17.05%
SG&A Expenses to Revenue	1.30%	3.38%	2.81%	1.65%	3.59%	2.83%	2.71%	3.12%	3.38%	525.91%	3.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.14%	60.19%	42.97%	28.24%	51.61%	42.98%	57.90%	101.34%	85.90%	10,542.16%	35.64%
Earnings before Interest and Taxes (EBIT)	484	52	219	434	133	230	176	-126	-34	-653	351
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	637	228	398	622	340	438	384	76	172	-454	545
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.74	1.98	1.82	1.53	1.60	1.25	1.16	1.08	0.99	1.59	0.96
Price to Tangible Book Value (P/TBV)	1.74	1.98	1.82	1.53	1.60	1.25	1.16	1.08	0.99	1.59	0.96
Price to Revenue (P/Rev)	1.64	2.00	1.82	1.42	1.67	1.23	1.09	1.02	0.85	1.51	1.00
Price to Earnings (P/E)	3.86	6.66	6.65	4.24	7.13	4.63	4.60	13.36	54.06	0.00	0.00
Dividend Yield	4.20%	3.95%	4.25%	4.58%	4.41%	5.59%	6.14%	7.14%	8.38%	6.16%	9.92%
Earnings Yield	25.91%	15.01%	15.05%	23.61%	14.03%	21.62%	21.75%	7.49%	1.85%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.49	1.42	1.28	1.29	1.12	1.08	1.04	0.99	1.25	0.98
Enterprise Value to Revenue (EV/Rev)	2.49	2.96	2.72	2.18	2.73	2.17	1.99	1.99	1.81	2.85	2.40
Enterprise Value to EBITDA (EV/EBITDA)	3.31	4.22	3.90	2.90	3.82	2.93	2.88	3.83	4.18	30.01	13.52
Enterprise Value to EBIT (EV/EBIT)	4.74	7.17	7.05	4.59	7.24	5.19	5.28	11.46	18.16	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	5.21	8.18	8.09	5.71	9.48	6.84	6.97	14.99	29.46	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.55	4.49	4.20	3.74	4.31	3.70	3.55	3.19	2.97	3.77	3.33
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	30.18	0.00	2,714.06	0.00	271.97	13.64	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.97	0.91	0.84	1.02	0.96	0.98	1.05	1.13	1.43	1.37
Long-Term Debt to Equity	0.90	0.97	0.91	0.84	1.02	0.96	0.98	1.05	1.13	1.43	1.37
Financial Leverage	1.22	1.21	1.03	1.08	0.97	0.96	0.94	0.93	1.08	1.15	1.14
Leverage Ratio	2.64	2.62	2.41	2.52	2.31	2.34	2.33	2.31	2.48	2.67	2.62
Compound Leverage Factor	2.44	0.72	1.99	2.30	1.53	1.89	1.74	3.11	6.30	2.85	2.32
Debt to Total Capital	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%	49.51%	51.11%	52.98%	58.85%	57.73%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%	49.51%	51.11%	52.98%	58.85%	57.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.73%	50.80%	52.45%	54.22%	49.48%	50.97%	50.49%	48.89%	47.02%	41.15%	42.27%
Debt to EBITDA	1.13	1.39	1.30	1.04	1.49	1.29	1.33	1.90	2.24	14.29	8.02
Net Debt to EBITDA	1.12	1.37	1.30	1.02	1.49	1.27	1.31	1.87	2.23	14.08	7.88
Long-Term Debt to EBITDA	1.13	1.39	1.30	1.04	1.49	1.29	1.33	1.90	2.24	14.29	8.02
Debt to NOPAT	1.77	2.70	2.70	2.04	3.70	3.00	3.21	7.43	15.76	-5.71	-8.43
Net Debt to NOPAT	1.77	2.66	2.69	2.00	3.69	2.95	3.17	7.33	15.67	-5.63	-8.28
Long-Term Debt to NOPAT	1.77	2.70	2.70	2.04	3.70	3.00	3.21	7.43	15.76	-5.71	-8.43
Altman Z-Score	1.73	1.34	1.45	1.68	1.25	1.25	1.25	0.96	0.95	0.30	0.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.32	0.96	0.89	1.23	0.92	0.92	1.21	1.10	1.09	0.53	0.80
Quick Ratio	0.98	0.85	0.79	0.84	0.73	0.79	0.89	0.74	0.68	0.48	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,178	-1,076	-692	-450	-697	-598	-658	-386	153	-52	349
Operating Cash Flow to CapEx	94.82%	96.34%	172.22%	101.02%	41.16%	156.37%	109.32%	120.01%	101.48%	50.99%	84.68%
Free Cash Flow to Firm to Interest Expense	-32.27	-28.38	-18.37	-12.22	-15.41	-13.63	-14.80	-8.99	2.94	-1.21	8.42
Operating Cash Flow to Interest Expense	9.38	10.34	9.03	10.47	6.41	9.29	8.15	9.85	6.02	7.60	7.76
Operating Cash Flow Less CapEx to Interest Expense	-0.51	-0.39	3.79	0.11	-9.17	3.35	0.69	1.64	0.09	-7.30	-1.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.50	0.49	0.54	0.44	0.47	0.49	0.45	0.45	0.34	0.33
Accounts Receivable Turnover	6.75	6.54	6.61	7.36	5.86	6.57	6.70	7.31	6.69	4.67	4.87
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.68	0.56	0.55	0.61	0.49	0.52	0.55	0.51	0.50	0.37	0.37
Accounts Payable Turnover	2.16	2.58	2.57	2.14	2.17	2.26	2.83	3.01	2.25	2.10	2.60
Days Sales Outstanding (DSO)	54.08	55.80	55.22	49.59	62.33	55.60	54.51	49.90	54.52	78.19	75.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	168.96	141.62	142.02	170.33	167.95	161.17	128.86	121.33	162.40	173.73	140.16
Cash Conversion Cycle (CCC)	-114.88	-85.81	-86.80	-120.74	-105.62	-105.58	-74.35	-71.43	-107.88	-95.53	-65.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,901	3,936	3,962	4,260	4,707	4,706	4,753	4,559	4,530	4,299	4,673
Invested Capital Turnover	0.70	0.59	0.58	0.65	0.52	0.56	0.59	0.54	0.54	0.42	0.41
Increase / (Decrease) in Invested Capital	1,599	1,118	860	776	806	769	791	298	-176	-407	-81
Enterprise Value (EV)	5,390	5,867	5,623	5,466	6,070	5,273	5,138	4,735	4,477	5,358	4,597
Market Capitalization	3,563	3,961	3,756	3,547	3,710	2,996	2,798	2,420	2,096	2,844	1,920
Book Value per Share	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24	$24.45	$23.00	$21.79	$18.34	$18.86
Tangible Book Value per Share	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24	$24.45	$23.00	$21.79	$18.34	$18.86
Total Capital	3,883	3,941	3,943	4,267	4,690	4,713	4,779	4,590	4,522	4,336	4,720
Total Debt	1,836	1,939	1,875	1,953	2,369	2,311	2,366	2,346	2,395	2,552	2,725
Total Long-Term Debt	1,836	1,939	1,875	1,953	2,369	2,311	2,366	2,346	2,395	2,552	2,725
Net Debt	1,827	1,906	1,867	1,919	2,360	2,277	2,340	2,314	2,381	2,514	2,677
Capital Expenditures (CapEx)	361	407	198	382	705	261	331	353	308	635	380
Debt-free, Cash-free Net Working Capital (DFCFNWC)	115	-48	-60	64	-52	-76	74	15	32	-464	-176
Debt-free Net Working Capital (DFNWC)	124	-15	-52	99	-44	-43	100	47	47	-426	-128
Net Working Capital (NWC)	124	-15	-52	99	-44	-43	100	47	47	-426	-128
Net Nonoperating Expense (NNE)	32	30	29	28	37	33	34	41	47	64	32
Net Nonoperating Obligations (NNO)	1,854	1,934	1,894	1,947	2,386	2,304	2,340	2,314	2,404	2,514	2,677
Total Depreciation and Amortization (D&A)	153	176	179	188	207	208	208	201	206	199	195
Debt-free, Cash-free Net Working Capital to Revenue	5.33%	-2.41%	-2.89%	2.57%	-2.36%	-3.14%	2.88%	0.65%	1.31%	-24.67%	-9.18%
Debt-free Net Working Capital to Revenue	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%	3.89%	1.98%	1.89%	-22.70%	-6.70%
Net Working Capital to Revenue	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%	3.89%	1.98%	1.89%	-22.70%	-6.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41	$1.02	($1.33)	($0.70)	($5.31)	$2.24
Adjusted Weighted Average Basic Shares Outstanding	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M	98.06M	97.12M	97.71M	98.50M	105.87M
Adjusted Diluted Earnings per Share	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39	$1.00	($1.33)	($0.67)	($5.31)	$2.19
Adjusted Weighted Average Diluted Shares Outstanding	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M	99.39M	97.12M	99.31M	98.50M	108.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M	97.59M	97.60M	97.29M	105.79M	106.55M
Normalized Net Operating Profit after Tax (NOPAT)	421	42	167	326	108	172	245	135	-24	-271	269
Normalized NOPAT Margin	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%	34.73%	24.26%	-3.88%	-5,381.29%	36.04%
Pre Tax Income Margin	56.41%	3.65%	32.33%	52.71%	17.06%	30.86%	18.64%	-30.33%	-14.10%	-13,838.08%	41.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.26	1.38	5.81	11.78	2.93	5.24	3.97	-2.92	-0.65	-15.34	8.46
NOPAT to Interest Expense	11.52	1.11	4.44	8.85	2.39	3.91	3.00	-2.05	-0.46	-10.76	6.48
EBIT Less CapEx to Interest Expense	3.37	-9.35	0.57	1.42	-12.65	-0.70	-3.49	-11.13	-6.58	-30.23	-0.71
NOPAT Less CapEx to Interest Expense	1.63	-9.63	-0.81	-1.52	-13.19	-2.03	-4.46	-10.25	-6.39	-25.66	-2.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	13.43%	23.32%	26.52%	18.56%	31.13%	25.26%	27.54%	94.64%	447.37%	-28.27%	-36.88%
Augmented Payout Ratio	14.30%	26.68%	36.23%	26.84%	49.29%	39.08%	42.27%	136.13%	596.49%	-35.14%	-48.86%

Financials Breakdown Chart

Key Financial Trends

Northern Oil & Gas (NYSE: NOG) showed a mixed but still cash-generative quarter in Q1 2026, with strong operating cash flow offset by a very large accounting loss and continued leverage.

Operating cash flow remained strong: NOG generated $323.6 million in cash from operations in Q1 2026, up from $312.6 million in Q4 2025 and $307.8 million in Q3 2025.
Free cash flow stayed supported by recurring operations: Even after $634.7 million of capital spending, the company’s operating engine remained solid enough to support ongoing investment and dividends.
Revenue held up sequentially: Q1 2026 revenue was $5.0 million, but this appears heavily distorted by the latest filing data and is not comparable to the much larger historical revenue figures shown in prior periods.
Liquidity improved modestly: Cash and equivalents rose to $37.0 million from $31.6 million at Q3 2025 and $25.9 million at Q2 2025.
Equity increased versus late 2025: Total common equity was $1.78 billion at Q1 2026, up from $2.24 billion at Q3 2025 and below the $2.41 billion at Q2 2025, indicating some recent erosion but still a substantial equity base.
Debt is still meaningful: Long-term debt stood at $2.55 billion, only modestly higher than $2.35 billion at Q3 2025, so leverage remains an important part of the story.
Asset base is still dominated by oil and gas properties: Net PP&E was $5.0 billion, showing a capital-intensive business model that depends on commodity prices and ongoing drilling returns.
Dividend continues: NOG paid $44.5 million in dividends in Q1 2026, or $0.45 per share, which is shareholder-friendly but also consumes cash.
Share count remained fairly stable: Weighted average basic shares were 98.5 million in Q1 2026, close to recent quarters, so dilution was not a major quarterly issue.
Reported net loss widened sharply: NOG posted a $522.8 million net loss in Q1 2026 versus a $70.7 million loss in Q4 2025 and a $129.1 million loss in Q3 2025.
Impairment charges were very large: The quarter included a $268.3 million impairment charge, which heavily pressured earnings and points to weaker asset values or reserve economics.
Operating income was deeply negative on the income statement: The company reported an operating loss of $654.9 million in Q1 2026, a major deterioration from the profitable quarters earlier in 2025.
Interest expense remained high: Interest expense was $42.6 million in Q1 2026, adding pressure to already weak bottom-line results.
Working capital was not especially strong: Current liabilities were $899.4 million versus current assets of $472.9 million, leaving a negative current ratio and limited short-term balance sheet cushion.

Bottom line: NOG continues to generate solid operating cash flow, which is the key positive for investors, but the Q1 2026 income statement was hit by a massive impairment and steep operating loss. For retail investors, the main questions are whether oil and gas prices stay supportive, whether impairment-type charges normalize, and whether the company can keep paying dividends while managing debt and capital spending.

08/16/26 01:02 AM ETAI Generated. May Contain Errors.

Northern Oil and Gas Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Northern Oil and Gas' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Northern Oil and Gas' net income appears to be on an upward trend, with a most recent value of $38.76 million in 2025, falling from -$975.35 million in 2015. The previous period was $520.31 million in 2024. View Northern Oil and Gas' forecast to see where analysts expect Northern Oil and Gas to go next.

Northern Oil and Gas' total operating income in 2025 was $245.85 million, based on the following breakdown:

Total Gross Profit: $2.00 billion
Total Operating Expenses: $1.76 billion

Over the last 10 years, Northern Oil and Gas' total revenue changed from $275.06 million in 2015 to $2.48 billion in 2025, a change of 800.1%.

Northern Oil and Gas' total liabilities were at $3.28 billion at the end of 2025, a 0.0% decrease from 2024, and a 257.2% increase since 2015.

In the past 10 years, Northern Oil and Gas' cash and equivalents has ranged from $1.43 million in 2020 to $102.18 million in 2017, and is currently $14.30 million as of their latest financial filing in 2025.

Over the last 10 years, Northern Oil and Gas' book value per share changed from -3.14 in 2015 to 21.79 in 2025, a change of -794.2%.

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Financial statements for NYSE:NOG last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Northern Oil and Gas (NOG) Financials

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Northern Oil and Gas (NOG) Financials

Annual Income Statements for Northern Oil and Gas

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