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Northern Oil and Gas, Inc. buys interests in oil and gas properties rather than operating wells itself. It evaluates proposed wells individually and funds its share of those it chooses to join, receiving a corresponding share of production. Oil sales bring in most of its revenue; natural gas and natural gas liquids provide additional sales.
Operating partners generally arrange transportation and sell that production to buyers on the company’s behalf. The company therefore depends on those partners to drill, produce, market the output and remit payments, while generally lacking control over their drilling schedules and budgets. It works with many operators, and no single operator supplies a dominant share of sales.
Cash generation depends on production volumes, oil and gas prices, development costs and access to transportation and processing. The company hedges part of its expected production to cushion price declines, but this can also limit gains when prices rise. Existing wells decline over time, so maintaining production requires developing or acquiring more reserves. Drilling permits and environmental and production rules also constrain what its operating partners can develop and produce.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Granite Ridge Resources and Northern Oil and Gas compete to buy minority stakes in wells that other companies drill and operate, earning their share of oil and gas sales across the Permian, Bakken and Appalachia. Watch Granite Ridge's well-investment returns for a comparison with Northern's choices as commodity prices and operators' spending change.
Chord Energy shares Northern Oil and Gas's exposure to Williston oil prices and transport costs: Chord operates wells there and sells to refiners and marketers, while Northern earns sales from its well interests. Watch Chord's regional oil-price discounts for clues to pricing pressure on Northern's Williston production.
Permian Resources and Northern Oil and Gas share Permian well economics and oil and gas prices, though Permian Resources operates Delaware Basin wells and sells production for itself and other owners while Northern holds non-operated interests. Its production sales offer a basin comparison for Northern, whose Permian interests supplied 42% of production in the fourth quarter of 2025.
SM Energy and Northern Oil and Gas both sell oil and gas from the Permian and Uinta and have used acquisitions to expand production. Watch SM Energy's Uinta contribution: a full year from assets bought in 2024 was the main reason its oil, gas and NGL production revenue rose 17% in 2025, a useful comparison for Northern's acquisition-led growth.
Devon Energy and Northern Oil and Gas share oil-price and drilling economics in the Permian and Williston, two of Northern's largest producing basins. Devon sells most oil and gas at market-sensitive prices, so its Delaware production and spending provide a comparison for Northern's Permian investments.
Diamondback Energy's operated Permian oil and gas wells face the same commodity prices and development economics as Northern Oil and Gas's non-operated interests there. Watch Diamondback's drilling costs and development pace, which it controls directly, against the well costs Northern weighs before committing capital.
Matador Resources' oil-rich Delaware production shares well economics and regional infrastructure conditions with Northern Oil and Gas's Permian interests. Matador also gathers, transports and processes production for itself and outside customers; its Delaware drilling and gas-processing updates offer context for the infrastructure conditions affecting Northern's sales prices.
Ovintiv and Northern Oil and Gas both sell Permian oil and gas within wider multi-basin portfolios, giving them shared exposure to local drilling economics and commodity prices. Watch Ovintiv's Permian operations rather than its company-wide results, which also include Anadarko and Canadian Montney production.
Crescent Energy and Northern Oil and Gas both buy producing oil and gas assets to grow sales and cash flow, making purchase economics and commodity prices important to both. Watch how much Crescent reinvests to sustain production from its lower-decline assets when comparing the cash-generating value of Northern's acquisitions.
EOG Resources and Northern Oil and Gas both earn money from U.S. oil and gas production and judge well investments against costs and commodity prices. EOG develops and markets its production; its well costs and investment payback offer a comparison for the returns Northern requires before joining a well.
Magnolia Oil & Gas and Northern Oil and Gas both weigh drilling spending against expected oil and gas returns, but Magnolia operates South Texas properties while Northern owns well interests in other U.S. basins. Watch Magnolia's cash left after drilling and completing wells as a comparison for how much production growth costs Northern.
Expand Energy and Northern Oil and Gas share Appalachian exposure to local natural-gas prices and transportation conditions. Expand arranges transport and pools production for sale to intermediaries, end markets and pipelines; watch its Appalachian gas selling prices for clues to the regional pricing facing Northern.
Range Resources' Marcellus gas and NGL production shares regional market conditions with Northern Oil and Gas's Appalachian interests. Range operates almost all its net production; watch its gas and NGL results as a regional comparison for Northern's revenue from those products.
CNX Resources develops Appalachian shale gas in the same regional market as Northern Oil and Gas, whose Appalachian interests supplied 21% of production in the fourth quarter of 2025. Watch CNX's Marcellus and Utica development costs and gas sales for a comparison with Northern's regional investment economics.
Range Resources Corp earningsRRC
Range Resources' report will show what gas and natural gas liquids are selling for in Appalachia, offering a regional market reference for Northern Oil & Gas's sales there.
Look at Range's gas and NGL sales, especially realized prices. Stronger prices would point to a more supportive Appalachian market and less regional price pressure on Northern Oil & Gas's related sales; weaker prices would point to greater pressure. The companies have different transport and sales arrangements, so Range is a market reference, not proof of Northern's own realized prices.
Fed Interest Rate Decision
For Northern Oil & Gas, the Fed’s policy rate—the benchmark that influences borrowing costs—matters because interest on debt that reprices and new borrowing can change how much cash remains for developing its oil and gas interests.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets its policy rate above expectations, borrowing costs can rise on debt that reprices and on new loans, leaving Northern Oil & Gas less cash for drilling and development.
If it comes in below expectations
If the Fed sets its policy rate below expectations, borrowing costs can ease on debt that reprices and on new loans, potentially leaving Northern Oil & Gas more cash for drilling and development.
CNX Resources Corporation earningsCNX
CNX Resources' report will put Appalachian gas sales alongside development costs, offering a regional investment-economics comparison for Northern Oil & Gas's interests there.
Read CNX's gas sales alongside its development costs. Sales that support costs would point to healthier well economics in Appalachia, a more favorable setting for Northern Oil & Gas's interests there; weaker sales or rising costs would suggest narrower returns and make operator investment and Northern's share of well costs more consequential. This is a regional comparison, not Northern's own cost data.
Diamondback Energy, Inc. earningsFANG
Diamondback Energy's report will show its Permian drilling costs and development pace, offering an investment-economics comparison for Northern Oil & Gas's interests there.
Read Diamondback's drilling costs alongside its development pace. Controlled costs with continued development would suggest Permian wells can still support investment, a more workable setting for Northern Oil & Gas's interests there; rising costs or slower development would mean returns have more difficulty covering investment and the bar for Northern's new well commitments may be higher. Diamondback operates its own wells, so its costs are not Northern's costs.
Chord Energy Corporation earningsCHRD
Chord Energy's report will show the discount on Williston oil versus market prices, offering a clue to transport and regional pricing pressure on Northern Oil & Gas's sales there.
Watch Chord's Williston oil discount to market prices. A narrower discount would mean less drag from regional transport or market constraints and potentially less price pressure on Northern Oil & Gas's oil sales there; a wider discount would mean more. The companies have different sales arrangements, so Chord's discount is a regional clue, not Northern's own realized price.
Permian Resources Corporation earningsPR
Permian Resources' report will show oil and gas sales from the Delaware Basin, a regional market reference for Northern Oil & Gas's substantial Permian interests.
Look at Permian Resources' Delaware oil and gas sales and realized prices. Stronger sales or prices would point to a more supportive basin market and potentially less pressure on Northern Oil & Gas's Permian sales; weaker results would point to greater regional pressure. Permian Resources operates Delaware wells while Northern holds non-operated interests, and their wells, transport and sales arrangements differ, so this is a market comparison, not Northern's own sales data.
Northern Oil and Gas, Inc. earningsThis company
Northern Oil & Gas earns money by selling its share of oil and gas production, and this report will show whether added output is bringing in more cash despite prices and hedging.
Read production alongside realized sales prices after settled derivatives and operating cash flow. Rising production with stronger prices and cash flow would show that new wells and acquired properties are turning into cash; rising production with weaker prices or cash flow would mean price pressure or costs are absorbing the gains. Fair-value changes on unsettled derivatives also enter revenue, but are not cash received from current oil and gas sales, so separate them from sales when reading revenue.
Granite Ridge Resources, Inc. earningsGRNT
Granite Ridge Resources and Northern Oil & Gas both invest in wells run by other companies, so Granite Ridge's investment returns will show whether this minority-interest model remains attractive under commodity prices and operator spending.
Read Granite Ridge's well-investment returns alongside commodity prices and operator development spending. Stronger returns would show that investing in wells run by others can still pay under this non-operated model, supporting the economics of Northern Oil & Gas's similar interests; weaker returns would suggest prices or changes in operator investment are squeezing the returns available. The companies have different portfolios, so Granite Ridge is a comparison for the model, not Northern's own returns.
