Northern Oil and Gas, Inc. (NOG) Balance Sheet
NOG balance sheet, 2025
December 31, 2025 · U.S. dollars$5.41B assets = $3.28B liabilities + $2.13B equity
Both columns are drawn to the same scale: what NOG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NOG financial health
Descriptive bands, not a rating. Fiscal 2025.
NOG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $431.5M2016 | $5.41B2025 | +32.4%/yr | |
| Total liabilities | $919.0M2016 | $3.28B2025 | +15.2%/yr | |
| Shareholders’ equity | −$487.4M2016 | $2.13B2025 | — | |
| Cash & short-term investments | $6.5M2016 | $14.3M2025 | +9.2%/yr | |
| Total debt | $1.67B2016 | $2.40B2025 | +4.1%/yr | |
| Net cash (debt) | −$1.66B2016 | −$2.38B2025 | −$722.3M | |
| Working capital | −$30.5M2016 | $46.7M2025 | +$77.3M | |
| Book value per share | $18.162018 | $21.412025 | +2.4%/yr | |
| Current ratio | 0.612016 | 1.092025 | +0.48 | |
| Debt / equity | 1.972018 | 1.132025 | −0.85 | |
| Shares outstanding | 23.7M2018 | 99.3M2025 | +22.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NOG assets
NOG liabilities and equity
NOG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NOG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $14.3M | $8.9M | $8.2M | $2.5M | $9.5M | $1.4M | $16.1M | $2.4M | $102.2M | $6.5M |
| Cash & equivalents | $14.3M | $8.9M | $8.2M | $2.5M | $9.5M | $1.4M | $16.1M | $2.4M | $102.2M | $6.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $4,517 |
| Receivables | $368.0M | $427.7M | $373.8M | $271.7M | $193.6M | $71.0M | $108.5M | $97.6M | $47.6M | $37.2M |
| Inventory | $0 | $0 | $1 | $44.3M | $8.8M | $51.8M | $6.5M | $116.1M | $604,977 | $1.6M |
| Other current assets | $203.7M | $64.1M | $127.4M | $2.0M | $3.4M | $1.4M | $2.0M | $12.4M | $2.3M | $1.6M |
| Total current assets | $586.0M | $500.7M | $509.4M | $320.5M | $215.3M | $125.6M | $133.0M | $228.4M | $152.8M | $46.9M |
| Property, plant & equipment (net) | $3.2M | $5.08B | $3.93B | $2.48B | $1.25B | $735.2M | $1.75B | $1.20B | $473.2M | $376.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.82B | $20.9M | $43.3M | $71.8M | $54.2M | $11.3M | $23.8M | $72.5M | $6.3M | $8.4M |
| Total assets | $5.41B | $5.60B | $4.48B | $2.88B | $1.52B | $872.1M | $1.91B | $1.50B | $632.3M | $431.5M |
| Liabilities | ||||||||||
| Accounts payable | $218.6M | $202.9M | $192.7M | $128.6M | $65.5M | $35.8M | $69.4M | $135.5M | $93.2M | $56.1M |
| Short-term debt | $0 | $0 | $0 | $0 | $189,000 | $65.0M | $0 | $18.2M | $979.3M | $832.6M |
| Deferred revenue | — | — | — | — | −$189,000 | $77.0M | — | −$18.2M | — | — |
| Total current liabilities | $539.3M | $544.3M | $385.8M | $345.0M | $327.6M | $182.5M | $203.5M | $231.5M | $123.6M | $77.4M |
| Long-term debt | $2.40B | $2.37B | $1.84B | $1.53B | $803.4M | $879.8M | $1.12B | $830.2M | $979.3M | $832.6M |
| Other long-term liabilities | $348.3M | $369.8M | $215.3M | $259.5M | $176.7M | $33.1M | $25.2M | $12.1M | $20.2M | $8.9M |
| Total liabilities | $3.28B | $3.28B | $2.44B | $2.13B | $1.31B | $1.10B | $1.35B | $1.07B | $1.12B | $919.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $499,000 | $501,000 | $503,000 | $487,000 | $479,000 | $448,000 | $406,000 | $378,333 | $66,792 | $63,260 |
| Retained earnings (deficit) | $481.3M | $442.5M | −$77.8M | −$1.00B | −$1.77B | −$1.78B | −$873.2M | −$796.9M | −$940.6M | −$931.4M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $1,000 | $0 | $0 | −$2.23B | −$2.11B | −$2.06B |
| Total shareholders' equity | $2.13B | $2.32B | $2.05B | $745.3M | $215.1M | −$223.3M | $558.6M | $429.9M | −$490.8M | −$487.4M |
| Key figures | ||||||||||
| Total debt | $2.40B | $2.37B | $1.84B | $1.53B | $803.6M | $944.8M | $1.12B | $848.4M | $1.96B | $1.67B |
| Net cash (debt) | −$2.38B | −$2.36B | −$1.83B | −$1.52B | −$794.1M | −$943.4M | −$1.10B | −$846.0M | −$1.86B | −$1.66B |
| Working capital | $46.7M | −$43.5M | $123.6M | −$24.5M | −$112.2M | −$56.8M | −$70.4M | −$3.1M | $29.2M | −$30.5M |
| Tangible book value | $2.13B | $2.32B | $2.05B | $745.3M | $215.1M | −$223.3M | $558.6M | $429.9M | −$490.8M | −$487.4M |
| Book value per share | $21.41 | $22.91 | $22.24 | $8.60 | $3.42 | −$5.22 | $14.43 | $18.16 | — | — |
| Shares outstanding | 99.3M | 101.3M | 92.1M | 86.7M | 63.0M | 42.7M | 38.7M | 23.7M | — | — |
| Current ratio | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.99 | 1.24 | 0.61 |
| Quick ratio | 0.71 | 0.80 | 0.99 | 0.79 | 0.62 | 0.40 | 0.61 | 0.43 | 1.21 | 0.56 |
| Debt / equity | 1.13 | 1.02 | 0.90 | 2.05 | 3.74 | — | 2.00 | 1.97 | — | — |
| Equity / assets | 39.3% | 41.4% | 45.7% | 25.9% | 14.1% | −25.6% | 29.3% | 28.6% | −77.6% | −113.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $47.6M | $37.0M | $14.3M | $31.6M | $25.9M | $33.6M | $8.9M | $34.4M | $7.8M | $32.5M | $8.2M | $13.0M |
| Cash & equivalents | $47.6M | $37.0M | $14.3M | $31.6M | $25.9M | $33.6M | $8.9M | $34.4M | $7.8M | $32.5M | $8.2M | $13.0M |
| Receivables | $395.6M | $409.2M | $368.0M | $350.6M | $422.1M | $419.5M | $427.7M | $353.5M | $362.0M | $334.3M | $373.8M | $363.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $1 | −$456.7M |
| Other current assets | $58.9M | $26.7M | $203.7M | $160.2M | $140.4M | $68.6M | $64.1M | $131.1M | $43.9M | $46.1M | $127.4M | $549.8M |
| Total current assets | $502.1M | $472.9M | $586.0M | $542.5M | $588.4M | $521.6M | $500.7M | $518.9M | $413.7M | $412.8M | $509.4M | $469.6M |
| Property, plant & equipment (net) | $2.4M | $2.8M | $3.2M | $4.94B | $5.09B | $5.14B | $5.08B | $4.48B | $4.27B | $4.21B | $3.93B | $3.79B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $5.32B | $5.04B | $4.82B | $12.4M | $21.0M | $15.4M | $20.9M | $56.4M | $44.7M | $15.5M | $43.3M | $46.4M |
| Total assets | $5.83B | $5.51B | $5.41B | $5.49B | $5.70B | $5.67B | $5.60B | $5.06B | $4.72B | $4.63B | $4.48B | $4.30B |
| Liabilities | ||||||||||||
| Accounts payable | $206.3M | $234.9M | $218.6M | $160.3M | $173.9M | $230.9M | $202.9M | $152.5M | $150.1M | $156.2M | $192.7M | $235.1M |
| Short-term debt | — | — | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | $0 |
| Total current liabilities | $630.5M | $899.4M | $539.3M | $495.3M | $488.2M | $564.3M | $544.3M | $420.3M | $465.6M | $428.0M | $385.8M | $602.5M |
| Long-term debt | $2.72B | $2.55B | $2.40B | $2.35B | $2.37B | $2.31B | $2.37B | $1.95B | $1.87B | $1.94B | $1.84B | $2.06B |
| Other long-term liabilities | $477.2M | $279.5M | $348.3M | $408.6M | $435.3M | $397.7M | $369.8M | $368.4M | $315.9M | $265.1M | $215.3M | $237.0M |
| Total liabilities | $3.83B | $3.73B | $3.28B | $3.25B | $3.29B | $3.27B | $3.28B | $2.74B | $2.66B | $2.63B | $2.44B | $2.90B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $509,000 | $508,000 | $499,000 | $500,000 | $500,000 | $501,000 | $501,000 | $502,000 | $502,000 | $503,000 | $503,000 | $495,000 |
| Retained earnings (deficit) | $195.1M | −$41.6M | $481.3M | $552.0M | $681.1M | $581.5M | $442.5M | $370.8M | $72.4M | −$66.2M | −$77.8M | −$466.6M |
| Accumulated other comprehensive income | −$3.2M | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $2.00B | $1.78B | $2.13B | $2.24B | $2.41B | $2.40B | $2.32B | $2.31B | $2.07B | $2.00B | $2.05B | $1.41B |
| Key figures | ||||||||||||
| Total debt | $2.72B | $2.55B | $2.40B | $2.35B | $2.37B | $2.31B | $2.37B | $1.95B | $1.87B | $1.94B | $1.84B | $2.06B |
| Net cash (debt) | −$2.68B | −$2.51B | −$2.38B | −$2.31B | −$2.34B | −$2.28B | −$2.36B | −$1.92B | −$1.87B | −$1.91B | −$1.83B | −$2.04B |
| Working capital | −$128.4M | −$426.5M | $46.7M | $47.1M | $100.2M | −$42.7M | −$43.5M | $98.6M | −$51.9M | −$15.2M | $123.6M | −$132.9M |
| Tangible book value | $2.00B | $1.78B | $2.13B | $2.24B | $2.41B | $2.40B | $2.32B | $2.31B | $2.07B | $2.00B | $2.05B | $1.41B |
| Book value per share | $18.46 | $18.12 | $21.41 | $23.11 | $24.28 | $24.02 | $22.91 | $22.97 | $20.28 | $19.70 | $20.51 | $15.02 |
| Shares outstanding | 108.1M | 98.5M | 99.3M | 97.1M | 99.4M | 100.0M | 101.3M | 100.7M | 102.0M | 101.6M | 99.8M | 93.7M |
| Current ratio | 0.80 | 0.53 | 1.09 | 1.10 | 1.21 | 0.92 | 0.92 | 1.23 | 0.89 | 0.96 | 1.32 | 0.78 |
| Quick ratio | 0.70 | 0.50 | 0.71 | 0.77 | 0.92 | 0.80 | 0.80 | 0.92 | 0.79 | 0.86 | 0.99 | 0.62 |
| Debt / equity | 1.37 | 1.43 | 1.13 | 1.05 | 0.98 | 0.96 | 1.02 | 0.84 | 0.91 | 0.97 | 0.90 | 1.46 |
| Equity / assets | 34.2% | 32.4% | 39.3% | 40.9% | 42.3% | 42.3% | 41.4% | 45.8% | 43.8% | 43.2% | 45.7% | 32.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
NOG financial position
At the end of fiscal 2025 (December 31, 2025), Northern Oil and Gas had total assets of $5.4 billion (down 3.5% from a year earlier), total liabilities of $3.3 billion and shareholders' equity of $2.1 billion. It held $14.3 million in cash and short-term investments against $2.4 billion of debt, net debt of $2.4 billion. Its current ratio was 1.09. In the latest quarter (ended June 30, 2026) total assets were $5.8 billion and equity $2.0 billion.
Related: NOG income statement, NOG cash flow statement, NOG key metrics. See the NOG stock overview for the latest quote and news.
NOG balance sheet FAQ
What are Northern Oil and Gas's total assets?
Northern Oil and Gas reported total assets of $5.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.6 billion a year earlier.
How much debt does Northern Oil and Gas have?
Northern Oil and Gas had $2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.13.
How much cash does Northern Oil and Gas have?
Northern Oil and Gas held $14.3 million in cash and short-term investments at the end of fiscal 2025; with $2.4 billion of debt that is net debt of $2.4 billion.
What is Northern Oil and Gas's book value?
Northern Oil and Gas's shareholders' equity (book value) was $2.1 billion at the end of fiscal 2025, or $21.41 per share.
What is Northern Oil and Gas's current ratio?
Northern Oil and Gas had current assets of $586.0 million and current liabilities of $539.3 million, a current ratio of 1.09 (it can cover its short-term obligations).