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A Leading Non-Operated E&P Franchise

NOG offers scale and diversification by commodity across four core basins in the United States and is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator.

NOG is focused on what it means to be accountable to the shareholder. Our unique model provides capital flexibility, discipline, and optionality allowing NOG to execute on an optimal strategy that grows total shareholder value over time.

We are closely aligned with our shareholders via our compensation program.  Our proven strategy and expert execution makes NOG a consistent generator of top tier ROCE in our industry. 

What we do

A flexible and moderated approach to upstream investment; we build high-quality, low break-even inventory through the investment in accretive minority interests in wells, drilling units or joint ventures. Our model offers capital discipline, cost control and downside protection through diversification and a diligent hedging policy.

The non-operator model

We do not drill wells or operate rigs.

Ability to control capital expenditures higher and lower.

We acquire fractional working interests in drilling units.

With less than 40 employees, we are a small company with industry-leading operational efficiencies.

How we do it

We apply modern portfolio theory in our investment approach to pursue optimal risk-adjusted returns. Diversification across geography, commodity, operators and deal structure or concentration provides us with a degree of optionality or flexibility in capital allocation unavailable to most operated E&P companies.

Our investment approach

We focus on investing in the best full-cycle opportunities to complement our portfolio

Invest with operators that embrace efficiency, safety and best environmental practices

Analysis of proprietary data and ability to back-test prior investments enhances our investment process

Active commodity hedging mitigates systematic risk and protects underwritten returns on capital employed

A Differentiated Upstream Investment Growth Platform

NOG continues to build scale as the largest dedicated public non-operated working interest company while efficiently leveraging G&A.

Transformational 5-Year Growth

Material increases driven by organic growth + accretive M&A

Chart of material increases driven by organic growth + accretive M&A
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Complemented by Peer-leading G&A Unit Costs

Reducing overhead unit cash G&A costs, despite being acquisitive, with ability to reduce further over the long-term

Reducing overhead unit cash G&A costs, despite being inquisitive, with ability to reduce further over the long term

As of December 31, 2023