NOGNORTHERN OIL & GAS, INC.

Crude Petroleum & Natural Gas

Revenue: $2.5B; 11% YoY
Operating margin: 9.9%; 74% YoY
EBITDA: $246M; 71% YoY
Market cap: $3.0B
Employees: —
Net debt / EBITDA: 10.9×; $2.7B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
39× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
15% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
10.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$975M	$2.0B	$2.2B	$2.2B	$2.5B	11%
Operating income	$78M	$853M	$1.1B	$838M	$246M	71%
Net income	$6M	$773M	$923M	$520M	$39M	93%
Operating cash flow	$396M	$928M	$1.2B	$1.4B	$1.5B	6.9%
Stock-based comp	$4M	$6M	$6M	$12M	$15M	28%
Buybacks	$0	$55M	$8M	$94M	$57M	40%
Dividends	$5M	$52M	$124M	$162M	$173M	7.1%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 14, 2023	TRT Holdings Inc	SC 13D/A	4.9%	Passive
Aug 4, 2023	TRT Holdings Inc	SC 13D/A	8.9%	Passive
Apr 13, 2023	ANGELO GORDON & CO., L.P.	SC 13D/A	4.8%	Passive
Feb 1, 2023	ANGELO GORDON & CO., L.P.	SC 13D/A	5.4%	Passive
Dec 14, 2022	ANGELO GORDON & CO., L.P.	SC 13D/A	6.4%	Passive
Nov 21, 2022	ANGELO GORDON & CO., L.P.	SC 13D/A	7.5%	Passive
Nov 16, 2022	ANGELO GORDON & CO., L.P.	SC 13D/A	8.7%	Passive
Nov 16, 2022	TRT Holdings Inc	SC 13D/A	9.7%	Active
Oct 25, 2022	ANGELO GORDON & CO., L.P.	SC 13D/A	8.5%	Passive
Aug 26, 2022	ANGELO GORDON & CO., L.P.	SC 13D/A	9.7%	Passive

Insider trading

Open-market buys, 12 mo: $1M · 3
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$6M	−$3M	297	243
FY2024	$8M	$9M	480	249
FY2023	$10M	$10M	458	251
FY2022	$3M	$5M	365	242
FY2021	$3M	$4M	237	167