NRISOTCCrude Petroleum & Natural GasUS GAAP · USD

Norris Industries, Inc.

Norris Industries, Inc. is a U.S.-based oil and gas exploration and production company focused on producing crude oil, natural gas, and natural gas liquids from its working interests in oil and gas properties. The company sells its production through spot and contract arrangements to wholesalers, pipelines, end-users, and marketers.

Revenue0.3m USD
−13.1 %y/y
Operating profit (EBIT)-0.5m USD
−18.9 %y/y
EBIT margin-190.3%
−51.2 ppy/y
Net income-0.7m USD
−10.0 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1.5-1.0-0.50.00.51.0m USD2021: 0.28 m USD2021: EBIT -1.0 m USD20212022: 0.45 m USD2022: EBIT -0.39 m USD20222023: 0.53 m USD2023: EBIT -0.39 m USD20232024: 0.33 m USD2024: EBIT -0.52 m USD20242025: 0.33 m USD2025: EBIT -0.46 m USD20252026: 0.29 m USD2026: EBIT -0.54 m USD20260.29-0.54
RevenueOperating profit (EBIT)

Business

Share of revenue
Crude oil45 %

Production and sale of crude oil from the company's oil and gas properties.

Natural gas35 %

Production and sale of natural gas to pipelines, end-users, and marketers.

Natural gas liquids15 %

Sale of NGL volumes recovered from production and processing streams.

Exploration and production activities5 %

Upstream operations tied to drilling, development, and production of reserves.

Customers

Norris sells oil primarily to wholesalers and other intermediaries that resell to end-use customers. Natural gas is sold to interstate and intrastate pipelines, local distribution companies, end-users, and natural-gas marketers, while NGLs are sold to various end-users. Customer demand is tied to commodity offtake, pipeline access, and regional market pricing.

Oil wholesalers and intermediaries

Buy crude oil volumes for resale into broader downstream markets.

Natural gas pipelines

Purchase gas production for transport and delivery into market hubs.

Local distribution companies

Buy natural gas for utility distribution to residential and commercial users.

Natural-gas marketers and end-users

Buy gas and NGLs for trading, aggregation, or direct consumption.

Strategy

Norris's business model depends on maintaining production from its oil and gas properties and converting that output into cash through spot and contract sales. Key priorities are sustaining production, managing drilling and operating risks, and securing funding to support ongoing operations and reserve development.

Sustain production from existing propertiesShort term

Upstream output is the core source of revenue and cash generation.

Secure funding for operations and developmentShort term

The company needs capital to continue operations and pursue its business plan.

Manage operating and supply-chain disruptionsMedium term

Production and sales depend on drillers, operators, buyers, and transport infrastructure.

Geography

The company is based in the United States and its operations are tied to U.S. oil and gas properties and domestic midstream infrastructure. Its revenue exposure is therefore concentrated in U.S. commodity markets, with pricing and realizations influenced by regional pipeline access, transport costs, and local differentials.

Risks

Norris faces the typical risks of a small upstream producer: commodity price volatility, operational hazards in drilling and transportation, and dependence on external funding. Its limited operating history and exposure to supply-chain and market disruptions make execution risk especially important.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Funding dependence1Limited operating history2Commodity price volatility3Operational and transportation hazards4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Funding dependenceImpact: CriticalLikelihood: High

    The company may need outside capital to cover operating needs and continue as a going concern.

    Exposure: Liquidity and dilution

  2. Limited operating historyImpact: HighLikelihood: High

    The company has a short track record, so future production and funding outcomes are uncertain.

    Exposure: Business viability and investor confidence

  3. Commodity price volatilityImpact: HighLikelihood: High

    Revenue is tied to oil, gas, and NGL prices, which can move sharply with market conditions.

    Exposure: Realized sales and cash generation

  4. Operational and transportation hazardsImpact: HighLikelihood: Medium

    Exploration, drilling, production, and transport all carry physical and environmental risks.

    Exposure: Production continuity and asset integrity

  5. Supply-chain disruptionImpact: Medium

    Disruptions affecting drillers, operators, and buyers can impair production and sales.

    Exposure: Operating continuity

Accounting

Judgemental items
Revenue recognition for oil, gas, and NGL sales

Revenue is recorded when control transfers, usually at delivery points, which affects timing and comparability.

Impact: Monthly delivery timing and contract terms can shift reported revenue between periods.

Asset retirement obligations

Future plugging and abandonment costs are estimated and accreted over time.

Impact: Changes in estimates can materially affect liabilities and expense recognition.

Depletion, depreciation, and accretion

Upstream accounting relies on reserve and production assumptions to allocate costs.

Impact: Reserve revisions can change expense levels and carrying values.

Uncertain tax positions

Tax benefits are recognized only when positions are more likely than not to be sustained.

Impact: Tax expense and liabilities can change with audit outcomes or statute expirations.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026