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Dollar General: The Rural Retailer Playbook
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Northern Oil and Gas
Northern Oil and Gas (NOG) investor relations material
Northern Oil and Gas Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Adjusted EBITDA rose 1% year-over-year to $1.63 billion, demonstrating resilience despite a 14% drop in average oil prices and a 2% lower share count.
Q4 2025 production reached 140,100 Boe/d (53% oil), up 6% year-over-year and 7% sequentially, with record natural gas output up 24% year-over-year.
Net debt declined modestly year-over-year, with a net debt to LTM Adjusted EBITDA ratio at 1.4x, and liquidity increased to over $1.1 billion post-Utica acquisition.
Closed over $464.6 million in acquisitions, including the Utica JV, expanding the organic footprint by over 12,000 acres in 2025 and adding significant upstream and midstream assets.
Paid $230.4 million in shareholder returns for 2025, including $173.4 million in dividends and $57.0 million in share repurchases, with the dividend designed to be sustainable and expected to grow through cycles.
Financial highlights
Q4 average daily production was 140,000 Boe/d, up 7% sequentially and 6% year-over-year; full-year average was 135,000 Boe/d, up 9% from 2024.
Q4 Adjusted EBITDA was $366.5 million; Free Cash Flow was $43.2 million; full-year Adjusted EBITDA was $1.63 billion and Free Cash Flow was $424 million.
Q4 Adjusted net income was $82 million ($0.83/share), excluding a $270 million non-cash impairment; full-year Adjusted net income was $453 million ($4.57/share).
Net debt/Adjusted EBITDA was 1.4x at year-end; year-end liquidity was $1.1 billion.
Q4 oil price averaged $54.09/Bbl (unhedged), a $5.05 differential to WTI; gas price was $2.35/Mcf, about 58% of Henry Hub.
Outlook and guidance
2026 production guidance: 139,000–148,000 Boe/d, with oil at 68,000–76,000 Bbl/d; CapEx expected between $850–$1,100 million depending on activity level.
Guidance includes low and high activity scenarios, reflecting commodity price uncertainty and potential for deferred high-value development.
Production expenses per Boe expected at $9.45–$10.10; oil price differential to WTI at ($5.50)–($6.50) per Bbl.
Initial CapEx cadence weighted 65% to 1H 2026; wells turned-in-line projected at 67.5–87.0 for 2026.
Activity in 2026 expected to be split: Permian 40%, Appalachia 25%, Williston 25%, Uinta 10%.
Ground game shift: How will it drive coiled spring?
What stress test ensures dividend sustainability?
What drives public vs. private operator activity?
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Next Northern Oil and Gas earnings date
Q1 202629 Apr, 2026
Northern Oil and Gas
Next Northern Oil and Gas earnings date
Q1 202629 Apr, 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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