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Northern Oil and Gas (NOG) investor relations material
Northern Oil and Gas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 production averaged 131,054–131,100 Boe per day, up 8% year-over-year, with oil volumes at 72,000–72,348 Bbl per day and gas volumes up 15% year-over-year and 3% sequentially.
Adjusted EBITDA was $387.1 million, down 6% year-over-year, with free cash flow at $118.9 million; net loss of $129.1 million was driven by a $318.7 million non-cash impairment charge.
Capital allocation remained disciplined, with $272 million in CapEx, robust M&A activity, and $98.3 million spent on a Uinta royalty and mineral interest acquisition.
Liquidity was strong at $1.2 billion, supported by $725 million in new notes due 2033, extension of the revolving credit facility to 2030, and no major maturities until 2029.
Stable quarterly dividends of $0.45 per share were paid and declared, with continued focus on shareholder returns.
Financial highlights
Q3 2025 revenue was $537.6–$556.6 million, with oil and gas sales at $482.2 million and total production of 12,057.2 Mboe.
Adjusted EBITDA was $387.1 million; free cash flow was $118.9 million; net loss per share was $1.33, with adjusted net income per diluted share at $1.03.
Oil production was 72,000–72,348 Bbl per day, with realized oil price at $61.08 per Bbl; gas volumes reached record levels, with realized price at $2.52 per Mcf.
Lease operating costs were $118.3 million ($9.81 per Boe); production taxes were $28.7 million.
Net debt to LTM Adjusted EBITDA ratio was 1.4x; total liquidity at quarter-end was $1.2 billion.
Outlook and guidance
2025 annual production guidance raised to 132,500–134,000 Boe per day, with oil production guidance at 75,000–76,500 Bbl per day.
Capital expenditure guidance tightened to $950–$1,025 million; production expenses expected at $9.40–$9.75 per Boe; production taxes at 7.0%–8.0% of sales.
Sequential production growth expected in Q4 2025, with 23–25 net wells to be added.
2026 activity expected to remain stable, with material gas growth anticipated regardless of oil price environment; spending outlook remains flexible.
Ongoing hedging program covers 77% of crude oil and 60% of natural gas production for 2025.
Assess impairment charge's balance sheet impact
How do declining well costs impact ground game strategy?
How do debt and hedging changes enhance stability?
Describe current M&A deal flow and structures
How does liquidity support countercyclical investments?
Drivers of AFE cost reduction and future outlook
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Next Northern Oil and Gas earnings date
Q4 202520 Feb, 2026
Next Northern Oil and Gas earnings date
Q4 202520 Feb, 2026
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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.
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