This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Northern Oil and Gas, Inc. is an independent upstream energy company that acquires non-operated working interests in oil and gas properties across the United States. Unlike conventional E&P operators, NOG does not drill or operate wells directly; instead it holds minority working interests alongside operating partners. Per the company's FY2024 10-K, total revenues were $2,226 million, a 13% increase from 2023 driven by a 26% increase in production volumes. Full-year production averaged 124,108 BOE/d across approximately 10,868 producing wells with an average working interest of 10.2%. Production is diversified across the Permian Basin (48%), Williston Basin (34%), Appalachian Basin (12%), and Uinta Basin (6%). Despite the non-operated model, the company's entire revenue base derives from upstream fossil fuel production.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.