Northern Oil and Gas (NOG) concentration risks

The company's only disclosed concentration is a geographic one: 42% of production was from the Permian Basin — a moderate-share structural exposure by disclosed size. The character is structural: the Permian Basin weighting reflects the deliberate allocation of the company's non-operated working interest strategy toward one of the most active and productive hydrocarbon basins in the U.S., not a dependency on any individual operator or counterparty that could unilaterally withdraw. While 42% represents the largest disclosed production concentration by region, the moderate share by disclosed size also implies that the remaining production comes from other basins, providing some geographic diversification within the overall portfolio. A basin-specific disruption — such as regulatory changes, infrastructure constraints, or a material decline in Permian-focused operator activity — would affect less than half of current production as disclosed, limiting but not eliminating the impact. No customer, supplier, counterparty, or named-operator concentrations are separately disclosed. The profile is narrow: a single geographic claim at a moderate share. For investors, the relevant variables are Permian Basin-specific operational conditions, takeaway capacity, and the pace of non-operated activity by the operators in whose wells the company holds working interests. The concentration is consistent with the non-operated model's tendency to focus capital where returns are highest, and it does not represent an unusual or undisclosed risk for a company with this investment approach.

For the engine’s reasoning on NOG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.