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Edge28 Nov 2025
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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
Third quarter 2025 production averaged 131,054–131,100 Boe per day, up 8% year-over-year, with oil comprising 55% of production 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 of $118.9 million; net loss was $129.1 million due to a $318.7 million non-cash impairment charge.
Capital allocation remained disciplined, with significant acquisitions in Uinta and Midland Permian and continued shareholder returns via dividends and repurchases.
Liquidity at quarter-end was $1.2 billion, supported by a renewed revolving credit facility and extended debt maturities.
Legal settlement of $81.7 million was received, offset by $33.1 million in related legal expenses.
Financial highlights
Q3 2025 revenue was $537.6–$556.6 million, with oil and gas sales of $482.2 million and total production of 12,057.2 Mboe.
Oil production averaged 72,000–72,348 Bbl/day, up 2% year-over-year; gas production hit a record 352 MMcf/day.
Average realized oil price was $61.08 per Bbl, and gas/NGLs averaged $2.52 per Mcf.
Lease operating costs were $118.3 million ($9.81 per Boe); production expenses increased 11% year-over-year.
Net loss per share was $1.33; adjusted net income per diluted share was $1.03.
Outlook and guidance
2025 annual production guidance raised to 132,500–134,000 Boe/day, with oil at 75,000–76,500 Bbl/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.
Ongoing hedging program covers 77% of crude oil and 60% of natural gas production for 2025.
2026 spending outlook remains flexible, dependent on commodity prices and returns.
Assess impairment charge's balance sheet impact
How do declining well costs impact ground game strategy?
How do debt and hedging changes enhance stability?
How does NOG's funding strategy adapt to diverse M&A?
Future drivers for well cost reductions?
Observed impact of longer laterals on declines?
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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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