NOGNORTHERN OIL & GAS, INC.
Crude Petroleum & Natural Gas
- Revenue
- $2.5B
- 11% YoY
- Operating margin
- 9.9%
- 74% YoY
- EBITDA
- $246M
- 71% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 10.9×
- $2.7B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear39× net incomeCash flow under 80% of net income
- Dilutive SBCClear1% of revenueOver 10% of revenue
- Payouts exceed cash flowClear15% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $975M | $2.0B | $2.2B | $2.2B | $2.5B | 11% |
| Operating income | $78M | $853M | $1.1B | $838M | $246M | 71% |
| Net income | $6M | $773M | $923M | $520M | $39M | 93% |
| Operating cash flow | $396M | $928M | $1.2B | $1.4B | $1.5B | 6.9% |
| Stock-based comp | $4M | $6M | $6M | $12M | $15M | 28% |
| Buybacks | $0 | $55M | $8M | $94M | $57M | 40% |
| Dividends | $5M | $52M | $124M | $162M | $173M | 7.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | −$3M | 297 | 243 |
| FY2024 | $8M | $9M | 480 | 249 |
| FY2023 | $10M | $10M | 458 | 251 |
| FY2022 | $3M | $5M | 365 | 242 |
| FY2021 | $3M | $4M | 237 | 167 |