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Dec 31, 2025
Northern Oil and Gas Q4 2025 Earnings Report
Northern Oil and Gas Q4 2025 Earnings Report
Key Takeaways
Northern Oil and Gas delivered record natural gas production and solid adjusted EBITDA despite a challenging commodity price environment. The company focused on balance sheet strengthening through debt refinancing and continued its acquisition strategy with the marquee Joint Ohio Utica transaction.
Total production increased 6% year-over-year to 140,064 Boe per day, driven by record natural gas output.
The company recorded a non-cash impairment charge of $268.5 million due to lower average oil prices under the full cost method.
NOG successfully extended its weighted average debt maturity to 5.4 years through a $725 million senior notes offering.
Free Cash Flow for the quarter was $43.2 million, with $230.4 million returned to shareholders via dividends and buybacks during the full year.
Revenue by Segment
Forward Guidance
NOG provided a range-based 2026 guidance to account for commodity price volatility, reflecting both low and high activity scenarios.
Positive Outlook
- Annual production expected to reach up to 148,000 Boe per day in high activity scenario.
- Oil production projected to grow up to 76,000 Bbls per day.
- Significant scale added through the Joint Utica Acquisition.
- Improved borrowing costs on the amended revolving credit facility.
- Diversified asset base provides upside exposure to operator activity.
Challenges Ahead
- Anticipated persistence of commodity price volatility.
- Oil differentials expected to remain between -$5.50 and -$6.50 per Bbl.
- Natural gas realizations projected at 75% - 85% of NYMEX Henry Hub.
- Production expenses forecasted to be as high as $10.10 per Boe in low activity scenario.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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