Northern Oil & Gas (NOG) Return on Capital Employed [ROCE] (2011 - 2026)
Northern Oil & Gas' Return on Capital Employed [ROCE] was -9.16% in Q2 2026, down 27.86 percentage points from 18.69% a year earlier but up 4.83 percentage points from the prior quarter.
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Analysis
Northern Oil & Gas (NOG) Return on Capital Employed [ROCE] (2011 - 2026) Analysis & Trends
For FY2025, Return on Capital Employed [ROCE] at Northern Oil & Gas came in at 4.95%, down 13.67 percentage points from FY2024.
- Return on Capital Employed [ROCE] has now declined for three consecutive years, though with a five-year change of +74.69 percentage points (FY2020 to FY2025).
- In earlier years, Return on Capital Employed [ROCE] was 18.62% in FY2024 (-15.44 pp), 34.06% in FY2023 (-11.96 pp), 46.02% in FY2022 (+37.06 pp) and 8.96% in FY2021 (+78.70 pp).
- Quarterly Return on Capital Employed [ROCE] has moved between -29.66% (Q3 2021) and 50.76% (Q1 2023) over five years.
- Compared with a year earlier, Return on Capital Employed [ROCE] has declined for five straight quarters, with an average year-over-year change of -12.56 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Capital Employed [ROCE] over five years was Q1 2022 (a gain of 176.83 percentage points); the worst was Q1 2026 (a drop of 33.99 percentage points).
- Per Business Quant data, NOG's Return on Capital Employed [ROCE] in the three quarters before Q2 2026 was -13.99% (Q1 2026), 5.00% (Q4 2025) and 8.08% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 674.90 Bn | 638.12 Bn | - | 12.28% |
| 2 | Shell | 547.48 Bn | 458.03 Bn | 30.13 Bn | 19.08% |
| 3 | Chevron | 408.53 Bn | 386.32 Bn | 33.45 Bn | -29.93% |
| 4 | TotalEnergies SE | 186.30 Bn | 69.43 Bn | - | - |
| 5 | Eni Spa | 172.32 Bn | 121.84 Bn | - | 5.20% |
| 6 | Conocophillips | 152.28 Bn | 124.99 Bn | 12.81 Bn | 28.17% |
| 7 | Equinor Asa | 106.44 Bn | 52.50 Bn | - | - |
| 8 | Phillips 66 | 105.58 Bn | 94.57 Bn | 8.38 Bn | -190.97% |
| 9 | Canadian Natural Resources | 100.85 Bn | 97.81 Bn | - | - |
| 10 | Northern Oil & Gas | 2.54 Bn | 2.41 Bn | 618.15 Mn | -9.16% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -9.16% |
| Mar 31, 2026 | -13.99% |
| Dec 31, 2025 | 5.00% |
| Sep 30, 2025 | 8.08% |
| Jun 30, 2025 | 18.69% |
| Mar 31, 2025 | 20.00% |
| Dec 31, 2024 | 17.51% |
| Sep 30, 2024 | 26.61% |
| Jun 30, 2024 | 18.93% |
| Mar 31, 2024 | 19.69% |
| Dec 31, 2023 | 27.99% |
| Sep 30, 2023 | 23.81% |
| Jun 30, 2023 | 43.76% |
| Mar 31, 2023 | 50.76% |
| Dec 31, 2022 | 36.64% |
| Sep 30, 2022 | 44.92% |
| Jun 30, 2022 | 20.26% |
| Mar 31, 2022 | -4.07% |
| Dec 31, 2021 | 7.38% |
| Sep 30, 2021 | -29.66% |
API Access
Northern Oil & Gas Return on Capital Employed [ROCE] 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=return-on-capital-employed-%5Broce%5D&ticker=NOG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "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=return-on-capital-employed-%5Broce%5D&ticker=NOG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();