Northern Oil & Gas, Inc. (NYSE: NOG)

Northern Oil & Gas, Inc. is an independent energy company engaged as a non operator in the acquisition exploration development and production of oil and natural gas properties in the United States primarily in the Williston Basin the Permian Basin the Appalachian Basin and the Uinta Basin. The company focuses on non operated minority working and mineral interests. As of December 31 2025 it held approximately 301,797 net acres and had interests in 11,702 gross wells which correspond to about 1,195 net wells. Average daily production was about 1,195.4 MBoe per day and proved reserves totaled approximately 384,068 MBoe. The company’s strategy is to invest in non operated interests alongside experienced operators to create value through acquisitions and participation in a large number of wells.

The company generates revenue from the sale of oil and natural gas produced from its properties. It relies on its operating partners to market and sell the production to a variety of purchasers at prevailing market prices under short term contracts. Oil sales are typically tied to spot market prices while natural gas sales are based on first of the month index prices or daily spot prices. To manage commodity price volatility the company maintains an active hedging program targeting a hedge ratio of 65% or more of its anticipated next eighteen month production.

The company operates through a single reportable segment.

• Oil and Natural Gas Exploration and Production: This segment engages in the acquisition exploration development and production of oil and natural gas properties as a non operator focusing on non operated minority working and mineral interests. It participates in wells alongside numerous operators across multiple basins and retains the flexibility to evaluate each drilling opportunity on a case by case basis. The segment’s activities include acquiring leasehold interests and pursuing value enhancing additions to its asset base.

Northern Oil & Gas, Inc. competes with numerous other oil and natural gas exploration and production companies many of which have greater financial and operational resources. As a non operator the company diversifies its risk by participating in a large number of wells with multiple operators across several basins. No single operator accounted for more than 11% of the company’s fourth quarter 2025 oil and natural gas sales. The company’s flexibility to choose well by well participation allows it to adjust capital expenditures and avoid certain exploratory and infrastructure costs. Additionally the company employs a hedging strategy to manage commodity price volatility and maintains a focus on a strong balance sheet with a leverage target of approximately 1.0x debt to adjusted EBITDA. Over recent years the company has expanded its footprint beyond the Williston Basin into the Permian Basin the Appalachian Basin and the Uinta Basin through acquisitions and partnership arrangements.

The company sells its oil and natural gas production to various purchasers including refineries utilities and energy traders through its operating partners. Specific customer names are not disclosed in the filing. Sales are generally made under short term contracts tied to prevailing spot or index prices. The company’s reliance on multiple operators for marketing and sales reduces the dependence on any single purchaser and provides access to a broad range of market outlets.