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Here are 1-2 brief analogies to describe Northern Oil & Gas (NOG):

• The Berkshire Hathaway of oil & gas wells.

• A real estate investment trust (REIT) for oil & gas wells.

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• Crude Oil: Northern Oil & Gas primarily produces and sells crude oil extracted from its non-operated properties.
• Natural Gas: The company also produces and sells natural gas extracted from its non-operated properties.
• Natural Gas Liquids (NGLs): NOG extracts and sells natural gas liquids as a byproduct of its operations.

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Northern Oil & Gas (NOG) primarily sells its crude oil and natural gas production to other companies, including marketers, gatherers, and refiners. It does not sell directly to individuals.

Based on its most recent annual report (10-K), its major customer is:

• Shell Trading (US) Company (a subsidiary of Shell plc, Symbol: SHEL)

For the year ended December 31, 2023, Shell Trading (US) Company accounted for approximately 29% of Northern Oil & Gas's crude oil sales. In prior years, Phillips 66 Company (Symbol: PSX) also constituted a major customer, though it was not explicitly disclosed as accounting for 10% or more of crude oil sales in the most recent reporting period.

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Nicholas O'Grady, Chief Executive Officer

Mr. O'Grady has served as Chief Executive Officer of Northern Oil & Gas since January 2020, joining the company in June 2018 as Chief Financial Officer and later holding the title of President from September 2019. He leads the NOG team in all aspects of the business, including acquisitions, investments, financial management, and business strategy. With nearly two decades of energy-related finance experience, Mr. O'Grady worked as both an investment banker and a principal investor prior to NOG. His career began in the Natural Resources investment banking group at Bank of America, and he subsequently worked at asset management firms such as Highbridge Capital Management. Immediately before joining NOG, he focused on energy-related equities, public credit, and private and direct investments at Hudson Bay Capital Management.

Chad Allen, Chief Financial Officer

Mr. Allen leads all accounting, financial, and public company-related functions as Chief Financial Officer. He previously served as Chief Accounting Officer since August 2016 and as Corporate Controller since joining Northern in August 2013. Mr. Allen also held the role of Interim Chief Financial Officer from January to May 2018. Before his tenure at Northern, Mr. Allen worked in the audit practice at Grant Thornton LLP from 2010 to 2013 and at McGladrey & Pullen, LLP from 2004 to 2010.

Adam Dirlam, President

Mr. Dirlam is responsible for leading Northern Oil & Gas's M&A and capital allocation efforts. He was promoted to President from his previous role as Chief Operating Officer, which he held since January 2020. Prior to that, he served as Executive Vice President - Land since May 2018 and has held various other roles within the company since 2009. Before joining Northern, Mr. Dirlam held several finance and accounting positions at Honeywell International.

James Evans, Chief Technical Officer

Mr. Evans oversees all engineering processes for Northern Oil & Gas, including property valuation, reserves, and production forecasting. He was named Chief Technical Officer in April 2023. Mr. Evans has a long history with NOG, having served in numerous progressive engineering roles since 2013, including Executive Vice President and Chief Engineer since February 2021 and Senior Vice President of Engineering since January 2020. His career began as a Reservoir Engineer with Cabot Oil & Gas, and he also worked for Cornerstone Natural Resources and Fidelity Exploration.

Erik Romslo, Chief Legal Officer and Secretary

Mr. Romslo is responsible for all legal, regulatory, and SEC-related matters and facilitates all Board functions for Northern Oil & Gas. He joined the company in October 2011 as General Counsel and Secretary and was promoted to Chief Legal Officer in January 2020. Before joining Northern, Mr. Romslo practiced law from 2005 to 2011 in the Corporate group at Faegre Drinker Biddle & Reath LLP (formerly Faegre & Benson LLP).

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The public company Northern Oil & Gas (NOG) faces several key risks inherent to the oil and gas industry and its business model. The most significant risks include:

1. Commodity Price Volatility: Northern Oil & Gas's primary source of revenue is the sale of oil, natural gas, and natural gas liquids (NGLs), making it highly susceptible to volatile commodity market prices. Fluctuations in these prices can cause significant variations in the company's earnings and cash flow, directly impacting its financial performance and ability to meet obligations. While derivative instruments are used to mitigate these effects, they can also limit potential gains if prices rise substantially.
2. High Debt Levels and Ability to Service Debt: The company carries a substantial debt load, which has been noted to outweigh its cash and receivables. A key risk is the potential inability to generate sufficient cash flow from operations to meet its debt obligations, particularly given the cyclical nature of the industry and the possibility of insufficient future cash flow. Any insufficiency could negatively impact the business and may require raising new equity capital at potentially unfavorable prices, leading to shareholder dilution.
3. Acquisition-Related Risks: Northern Oil & Gas's growth strategy relies significantly on acquisitions. This introduces risks such as challenges in integrating acquired properties, failing to achieve anticipated synergies, and the potential for acquisitions to negatively impact the company's cash position and increase its indebtedness. The success of future acquisitions and their ability to deliver expected synergies are critical to the company's bullish outlook.

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Accelerating Decarbonization of Electricity Generation: The rapid increase in the deployment of renewable energy sources (solar and wind) coupled with advancements in battery storage technology poses a clear emerging threat to Northern Oil & Gas's natural gas assets. As renewable energy becomes increasingly cost-competitive and reliable, it directly displaces demand for natural gas in electricity generation, which is a significant market for NOG's natural gas production.

Rapid Electrification of Transportation: The accelerating global shift towards electric vehicles (EVs), driven by technological improvements, decreasing costs, and supportive government policies, presents an emerging threat to the demand for crude oil products, particularly gasoline. As EV adoption rapidly expands, it could lead to a significant and sustained reduction in demand for refined petroleum products derived from Northern Oil & Gas's crude oil production.

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• Natural Gas: The U.S. natural gas market was valued at approximately USD 454.5 billion in 2024 and is projected to grow to about USD 577.9 billion by 2032.
• Crude Oil and Natural Gas (combined): A distinct market size for crude oil in the U.S. was not separately identified in the search results. However, the broader U.S. oil and gas market, which includes both crude oil and natural gas, was valued at USD 252.6 billion in 2024 and is estimated to reach USD 339.5 billion by 2033.

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Northern Oil & Gas (NOG) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, primarily centered around increasing production, strategic acquisitions, and optimizing its asset portfolio across various basins.

1. Increased Production Volumes: The company expects revenue growth to be driven by a rise in its overall production of oil and natural gas. This is supported by projections of adding a significant number of net wells and achieving strong performance from existing and newly completed wells. For instance, Northern Oil & Gas has increased its annual production guidance to a range of 132,500 to 134,000 barrels of oil equivalent (BOE) per day. Management also anticipates adding between 23 and 25 net wells in the fourth quarter, which is expected to contribute to strong sequential production growth.
2. Strategic Acquisitions and "Ground Game": A core part of NOG's strategy involves the continuous acquisition of non-operated minority working and mineral interests. The company actively pursues both larger mergers and acquisitions (M&A) and smaller, incremental "Ground Game" opportunities to replace and expand its inventory. Management commentary highlights a "broad and robust backlog of multi-base stuff" in the M&A pipeline, indicating a sustained focus on growing its asset base through strategic purchases. In February 2025, NOG signed an agreement to acquire 2,275 net acres in Upton County, TX, demonstrating its ongoing acquisition strategy.
3. Diversification Across Basins: Northern Oil & Gas is actively expanding and diversifying its operational footprint across multiple premier hydrocarbon-producing basins within the contiguous United States, including the Williston, Uinta, Permian, and Appalachian basins. This multi-basin approach provides the company with increased optionality, reduces concentration risk, and allows it to capitalize on various drilling opportunities, thereby contributing to sustained revenue generation.
4. Commodity Price Realizations: While NOG employs hedging strategies to mitigate volatility, its revenue remains directly tied to prevailing crude oil and natural gas commodity prices. Favorable commodity prices, particularly in basins with better pricing such as the Permian, can enhance the company's revenue per barrel of oil equivalent.

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Share Repurchases

• Northern Oil & Gas repurchased 2,535,391 shares in 2024 at a weighted average price of $37.27 per share, totaling approximately $94.5 million.
• In July 2024, the Board of Directors authorized a new $150 million share repurchase program.
• In March 2025, the Board increased the existing share repurchase authorization by $100 million, bringing the total authorized amount to $200 million.
• In Q2 2025, the company repurchased 1.1 million shares at an average price of $31.15 per share in conjunction with a convertible notes offering.

Share Issuance

• In November 2021, Northern Oil & Gas issued 9,500,000 shares of common stock in a public offering at $20.00 per share, with proceeds intended to fund Permian Basin acquisitions.
• In June 2025, NOG completed an offering of $200 million of additional 3.65% Convertible Senior Notes due 2029.
• In October 2025, the company issued $725 million of 7.875% Senior Notes due 2033, with proceeds used to repurchase approximately 97% ($684.9 million) of its 8.125% Senior Notes due 2028.

Outbound Investments

• In 2022, Northern Oil & Gas significantly expanded its Permian Basin position, including a $406.5 million acquisition of Veritas Energy's non-operated assets and a $131.6 million acquisition in the Northern Delaware Basin.
• In 2024, the company spent over $700 million on acquisitions, including a $511 million stake in Uinta Basin assets and a $205 million stake in Delaware Basin assets.
• In Q3 2025, NOG completed a $98.3 million acquisition of producing royalty and mineral interests, primarily in Utah, and $59.8 million in "ground game" acquisitions, adding approximately 2,500 net acres and 5.8 net wells.

Capital Expenditures

• Northern Oil & Gas initially guided 2025 capital expenditures to a range of $1.05 billion to $1.20 billion, with a focus on increasing drilling activity, particularly in natural gas, and allocating capital to workovers and refrac activity.
• In Q2 2025, NOG reduced its 2025 capital expenditure guidance to a range of $925 million to $1.05 billion, reflecting a more cautious approach and capital discipline amidst market volatility.
• For Q3 2025, capital expenditures (excluding non-budgeted acquisitions) totaled $272 million, with 49% allocated to the Permian, 25% to the Williston, 5% to the Uinta, and 21% to the Appalachian Basin, and full-year guidance was tightened to $950 million to $1.025 billion.