)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Northern Oil and Gas
Northern Oil and Gas (NOG) investor relations material
Northern Oil and Gas Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary6 Nov, 2026
Executive summary
Record Q3 production averaged 156,239 Boe/d, up 19% YoY; Adjusted EBITDA was $444.5M and Free Cash Flow was $148.6M.
GAAP net loss was $111.8M; oil and gas sales excluding derivatives rose to $697.7M, while derivative losses weighed on reported revenue and earnings.
FY2026 production guidance rose to 147,000–150,000 Boe/d; capital budget remained $850M–$900M, with spending expected toward the high end.
Total debt declined by more than $100M; net debt to LQA Adjusted EBITDA was 1.47x at quarter-end.
Financial highlights
Adjusted EBITDA was $444.5M, up 11% QoQ and from $387.1M in Q3 2025; cash flow from operations was $397.7M.
Free Cash Flow was $148.6M, up 25% YoY from $118.9M; Q3 marked the 27th consecutive positive-FCF quarter.
Oil and gas sales excluding commodity derivatives were $697.7M vs. $482.2M YoY; total GAAP revenue was $345.9M, including a net commodity derivative loss of $359.5M.
Adjusted Net Income was $142.2M, or $1.32 per adjusted diluted share, versus $101.8M and $1.03 in Q3 2025.
Q3 budgeted capex was $247.3M: $190.7M for organic drilling and completion and $56.5M for Ground Game activity.
Outlook and guidance
FY2026 production guidance increased to 147,000–150,000 Boe/d from 143,000–148,000; oil guidance is 71,750–73,500 Bbl/d.
FY2026 capital budget remains $850M–$900M, with spending expected toward the upper end; net wells turned-in-line guidance remains 74–76.
Production expense guidance was updated to $9.75–$9.85/Boe; cash G&A guidance is $0.85–$0.90/Boe.
Gas realization guidance increased to 77.5%–82.5% of Henry Hub; oil differential guidance improved to $4.00–$4.50/Bbl.
2027 capital and activity plans remained under evaluation amid price volatility and pending initiatives.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from Northern Oil and Gas
- Scalable non-op model, disciplined acquisitions, and strong FCF drive growth and shareholder returns.NOG
Investor presentation - Q2 2026 delivered record gas output, $236.6M net income, and major acquisitions.NOGQ2 2026
- Acquisition of a 25% Duvernay stake adds decades of low-cost, premium light oil inventory.NOGInvestor presentation
- All proposals were approved, with final results to be filed with the SEC.NOGAGM 2026
- Record production and strong liquidity offset by $522.8M net loss from non-cash charges.NOGQ1 2026
- Annual meeting to vote on directors, auditor, and executive pay, with strong governance and ESG focus.NOGProxy filing
- Votes on directors, auditor ratification, and executive pay set for virtual annual meeting.NOGProxy filing
- Production and EBITDA rose, reserves expanded, and liquidity improved amid volatile prices.NOGQ4 2025
- Record free cash flow, 19% production growth, and major acquisitions drove strong Q3 results.NOGQ3 2024
Next Northern Oil and Gas earnings date
Q4 202625 Feb, 2027
Northern Oil and Gas
Next Northern Oil and Gas earnings date
Q4 202625 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
Northern Oil and Gas Inc is an independent energy company focused on non-operated interests in oil and gas properties. The company acquires and manages minority positions in drilling projects primarily in the Williston, Permian, and Appalachian basins. The company is headquartered in Minnetonka, Minnesota, and its shares are listed on the NYSE.