Northern Oil and Gas, Inc. (NOG)

Northern Oil and Gas, headquartered in Minnetonka, Minnesota, is the largest non-operated E&P company in the United States. Led by CEO Nick O’Grady, the company’s strategy is "The Ground-Interest Specialist"—focusing on acquiring minority working interests in high-quality drilling blocks operated by majors in the Permian, Bakken, and Eagle Ford basins. Its core strategy centers on "Asset-Light Diversification" and "Cash Flow Optimization." NOG’s mission is to provide high returns to shareholders through disciplined acquisition. The company is currently a primary beneficiary of "Operator Consolidation," utilizing its unique non-op model to ride the capital efficiency of industry giants while returning significant capital to its own investors via dividends and buybacks.