Northern Oil & Gas (NOG) Operating Expenses (2011 - 2026)
Northern Oil & Gas (NOG) recorded Operating Expenses of $392.7 million in Q2 2026, down 26.0% from $530.64 million a year earlier and down 40.5% from the prior quarter.
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Analysis
Northern Oil & Gas (NOG) Operating Expenses (2011 - 2026) Analysis & Trends
On a TTM basis, Northern Oil & Gas' Operating Expenses came in at $2.38 billion as of Jun 30, 2026, up 48.2% year-over-year; for FY2025, it came in at $2.23 billion, up 60.7% from FY2024.
- Annual Operating Expenses has increased for four straight years, with a five-year compound annual growth rate of 9.9% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $1.39 billion in FY2024 (+32.9%), $1.04 billion in FY2023 (+45.6%), $717.34 million in FY2022 (+71.2%) and $418.94 million in FY2021 (-69.9%).
- The Q2 2026 figure is the lowest quarterly Operating Expenses since Q1 2025.
- On a year-over-year basis, Operating Expenses rose in seven of the last eight quarters, with growth averaging 42.2%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 113.5% in Q3 2025, against a decline of 60.7% in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at $659.91 million (Q1 2026), $644.02 million (Q4 2025) and $682.4 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Shell | 548.90 Bn | 459.45 Bn | 30.13 Bn | 3.19 Bn |
| 2 | Chevron | 407.58 Bn | 385.38 Bn | 33.45 Bn | 53.37 Bn |
| 3 | TotalEnergies SE | 199.37 Bn | 82.49 Bn | - | 46.44 Bn |
| 4 | Eni Spa | 174.90 Bn | 124.42 Bn | - | - |
| 5 | Conocophillips | 151.32 Bn | 124.03 Bn | 12.81 Bn | 2.43 Bn |
| 6 | Equinor Asa | 105.71 Bn | 51.77 Bn | - | -22.18 Bn |
| 7 | Phillips 66 | 101.18 Bn | 90.17 Bn | 8.38 Bn | 47.07 Bn |
| 8 | Canadian Natural Resources | 99.04 Bn | 95.99 Bn | - | 114.95 Mn |
| 9 | Suncor Energy | 82.08 Bn | 67.87 Bn | - | 17.00 Mn |
| 10 | Northern Oil & Gas | 2.47 Bn | 2.34 Bn | 618.15 Mn | 392.70 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 392.70 Mn |
| Mar 31, 2026 | 659.91 Mn |
| Dec 31, 2025 | 644.02 Mn |
| Sep 30, 2025 | 682.40 Mn |
| Jun 30, 2025 | 530.64 Mn |
| Mar 31, 2025 | 372.82 Mn |
| Dec 31, 2024 | 382.34 Mn |
| Sep 30, 2024 | 319.70 Mn |
| Jun 30, 2024 | 341.83 Mn |
| Mar 31, 2024 | 344.03 Mn |
| Dec 31, 2023 | 309.47 Mn |
| Sep 30, 2023 | 271.54 Mn |
| Jun 30, 2023 | 241.76 Mn |
| Mar 31, 2023 | 221.63 Mn |
| Dec 31, 2022 | 202.84 Mn |
| Sep 30, 2022 | 187.00 Mn |
| Jun 30, 2022 | 171.34 Mn |
| Mar 31, 2022 | 156.15 Mn |
| Dec 31, 2021 | 128.90 Mn |
| Sep 30, 2021 | 104.54 Mn |
API Access
Northern Oil & Gas Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=NOG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "NOG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=NOG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();