Northern O & G Stock Price, News & Analysis

Northern Oil and Gas, Inc. (NYSE: NOG) is an energy company focused on crude oil and natural gas within the United States. According to company disclosures and recent press releases, NOG describes itself as a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins within the contiguous United States. The company’s activities are aligned with the crude petroleum and natural gas extraction industry.

NOG’s business model centers on owning interests in oil and gas properties while other operators manage day-to-day drilling and production. Company communications highlight that these interests are concentrated in several key U.S. basins. As summarized in third quarter 2025 results and other updates, NOG’s portfolio includes positions in the Williston Basin, the Permian Basin, the Uinta Basin and the Appalachian Basin. Production from these areas includes both oil and natural gas volumes, with the company reporting oil and natural gas sales from multiple basins.

Recent company updates emphasize NOG’s focus on acquiring additional working and mineral interests and expanding its inventory of future development locations. In its third quarter 2025 update, NOG described a series of “ground game” transactions across the Williston, Permian, Uinta and Appalachian basins, adding net acres and net wells through multiple acquisitions and trades. The company also reported a bolt-on acquisition of royalty and mineral interests in the Uinta Basin, noting that substantially all of those assets lie under its existing Uinta footprint.

In addition to organic and bolt-on acquisitions, NOG has pursued larger-scale transactions. An 8-K filed on December 8, 2025, and a related press release describe definitive purchase and sale agreements with Antero entities and Infinity Natural Resources for upstream and midstream assets in the Utica shale of eastern Ohio. Under these agreements, NOG agreed to acquire an undivided 49% interest in upstream oil and gas properties and associated gathering, compression, transportation and water systems, with Infinity Natural Resources holding the remaining 51% and serving as operator. Company commentary on this transaction highlights exposure to dry gas, rich gas and condensate production, as well as a significant inventory of identified undeveloped locations and integrated midstream infrastructure.

Company press releases and filings also show that NOG actively manages its financial structure and liquidity to support its acquisition and development strategy. In September and October 2025, NOG announced and documented a private offering of 7.875% senior notes due 2033, an associated tender offer for its 8.125% senior notes due 2028, and the issuance of the new 2033 notes under an indenture. An 8-K dated October 1, 2025, details the terms of these 2033 notes, including interest, maturity, optional redemption provisions, covenants and events of default. The company reported using proceeds from the 2033 notes to fund the tender offer and retire a substantial portion of the 2028 notes.

On November 5, 2025, NOG entered into a Fourth Amended and Restated Credit Agreement governing a reserves-based revolving credit facility. As described in the related 8-K, this facility includes an elected commitment amount of $1.6 billion and an initial borrowing base of $1.8 billion, with semiannual redeterminations tied to proved reserves. The facility includes financial covenants, such as a maximum ratio of total net debt to EBITDAX and a minimum current ratio, and is secured by mortgages on a significant portion of the value of proved reserves and a first priority security interest in substantially all of the company’s assets.

NOG’s operating updates provide additional insight into its scale and activity levels. In its third quarter 2025 results press release, the company reported total production volumes, the proportion of oil in its production mix, record Appalachian natural gas volumes, and the number of net wells added to production during the quarter. The same release discussed capital expenditures on drilling and completion activities, ground game acquisitions, and the distribution of capital spending across the Permian, Williston, Uinta and Appalachian basins. NOG also highlighted its use of financial derivatives to hedge portions of expected oil and natural gas production, with detailed hedge tables showing volumes and pricing for swaps, collars and basis hedges over multiple years.

Dividend payments and shareholder returns are another recurring theme in company communications. In multiple releases, including a November 5, 2025 dividend announcement and the third quarter 2025 results, NOG reported quarterly cash dividends on its common stock and summarized total capital returned to shareholders through dividends and share repurchases over the year-to-date period. These disclosures indicate an ongoing policy of returning capital to stockholders alongside reinvestment in acquisitions and development.

NOG’s securities are registered under Section 12(b) of the Securities Exchange Act of 1934, and its common stock, with a par value of $0.001 per share, trades on the New York Stock Exchange under the symbol NOG, as reflected in multiple Form 8-K cover pages. The company is incorporated in Delaware and lists its principal offices in Minnetonka, Minnesota in SEC filings. Through its combination of non-operated working interests, mineral and royalty positions, acquisitions in multiple basins and associated financial arrangements, NOG presents itself as a real asset platform focused on U.S. hydrocarbon production.

Business strategy and operations

Based on the company’s own descriptions in press releases and SEC filings, NOG’s primary strategy is to acquire and invest in non-operated minority working and mineral interests in what it characterizes as premier hydrocarbon producing basins in the contiguous United States. This approach allows NOG to participate in drilling and production economics while relying on operating partners to manage field operations.

The company’s disclosures reference activity in four main basins: the Williston Basin, the Permian Basin, the Uinta Basin and the Appalachian Basin. In its third quarter 2025 update, NOG noted that it completed numerous ground game transactions across these basins, adding net acres and net wells and executing trades to high-grade its acreage position. The same update described a joint development agreement in the Williston Basin and highlighted better-than-expected well performance across all four basins.

The Utica transaction described in the December 8, 2025 press release and 8-K adds another significant area of focus in eastern Ohio. The upstream assets include net acres and identified undeveloped locations, while the midstream assets consist of gathering pipelines, compression and water systems. Company commentary characterizes these assets as having the potential for long-term development with exposure to various gas and condensate production streams and emphasizes that Infinity Natural Resources will operate substantially all of the assets under cooperation and joint development agreements.

Capital structure, liquidity and risk management

NOG’s filings and press releases provide detail on how the company finances its activities and manages risk. The reserves-based revolving credit facility described in the November 10, 2025 8-K ties borrowing capacity to the value of proved reserves, with semiannual redeterminations and financial covenants. The 7.875% senior notes due 2033, documented in the October 1, 2025 8-K, add long-term fixed-rate debt with defined redemption and covenant terms.

Hedging is a recurring element of NOG’s risk management. Multiple releases, including the third quarter 2025 results, the October 21, 2025 business update and the December 17, 2025 hedge profile update, describe the company’s policy of using financial derivative instruments to lock in future commodity prices on portions of expected oil and natural gas production. The company publishes detailed tables of open crude oil, natural gas and basis derivative contracts, including swaps and collars, with specified volumes, prices and contract periods.

Through these disclosures, NOG presents a picture of an energy company that combines non-operated interests in multiple basins, active acquisition and development of working and mineral interests, integrated upstream and midstream investments in certain areas, and a capital structure supported by a revolving credit facility, senior notes and a hedging program.