Northern Oil & Gas Inc

Latest Results (18.05.2026):

Northern Oil & Gas Inc — fourth quarter of 2025: NOG reported Q4 2025 results showing production growth, strong Adjusted EBITDA and operating cash flow, a fourth‑quarter GAAP net loss driven by a full‑cost ceiling impairment, active capital deployment and subsequent strategic liquidity and acquisition actions in early 2026.

Production

Q4 2025 production averaged 140,064 Boe/d (53.3% oil), up 6% year‑over‑year; oil averaged ~74,703 Bbl/d and natural gas set a record at 392,163 Mcf/d (up 24% YoY).

Revenue and GAAP/Adjusted Earnings

Oil & gas sales in Q4 were $447.7 million (vs. $545.5M a year earlier). Q4 GAAP net loss was $70.7 million (‑$0.73/diluted share); Adjusted Net Income was $82.0 million ($0.83 per adjusted diluted share).

Adjusted EBITDA and Cash Flow

Q4 Adjusted EBITDA was $366.5 million. GAAP cash flow from operations was $312.6 million (or $316.6M excluding working capital changes); Free Cash Flow (non‑GAAP) for Q4 was $43.2 million.

Capital Spending and Acquisitions

Q4 capital expenditures (excl. non‑budgeted acquisitions) were $270.2 million: $192.5M organic D&C and $77.7M acquisition spending (including ground game). NOG closed a joint Ohio Utica acquisition in Feb 2026 with a $464.6M cash closing payment (40% stake).

Liquidity and Debt Actions

As of 12/31/2025 total liquidity was ~$1.1 billion (cash $14.3M, restricted cash $58.8M, $478.0M drawn on revolver). In Oct 2025 NOG issued $725M of 7.875% Senior Notes due 2033 and repurchased most 2028 notes; in Feb 2026 the revolver borrowing base was increased by $200M (to $1.975B, elected commitment $1.8B) and the company announced full redemption of remaining 2028 notes (Redemption Date Mar 4, 2026).

Non‑cash Impairment / Accounting

Under the full‑cost ceiling test, NOG recorded a non‑cash impairment of $268.5 million in Q4 2025 (total impairment for 2025 reported at $702.7M); this is non‑cash and does not affect operating cash flow.

Shareholder Returns

NOG paid a $0.45/share dividend in January 2026 and declared $0.45/share for Q1 2026 (payable April 30, 2026). In Q4 the company repurchased 326,301 shares at a $21.47 average; total 2025 repurchases were 1,948,996 shares. Total 2025 returns to shareholders exceeded $230.4M (dividends $173.4M + repurchases $57.0M).

2026 Guidance

NOG provided dual scenarios (low vs. high activity). Annual production guidance: 139,000–143,000 Boe/d (low) or 144,000–148,000 Boe/d (high). 2026 capex guidance: $850–$900M (low) or $1,000–$1,100M (high); other unit cost and tax guidance ranges were published.

Proved Reserves (PV‑10)

Proved reserves as of 12/31/2025 were reported at 384,068 MBoe (71% PDP / 74% proved developed) with a pre‑tax PV‑10 of approximately $4.53 billion (SEC pricing).