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Northern Oil and Gas (NOG) investor relations material
Northern Oil and Gas Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Q2 2025 delivered 9% year-over-year production growth to 134,094 Boe/d, with oil volumes up 10.5% and record Appalachian output, driven by acquisitions and new wells.
Adjusted EBITDA reached $440.4M, up 6.6% year-over-year, with strong operational execution and resilient business model despite lower commodity prices.
Free cash flow was $126.2M, marking 22 consecutive positive quarters, though down 5.7% year-over-year.
Net income for Q2 2025 was $99.6M, down from $138.6M in Q2 2024, due to lower realized prices and a $115.6M non-cash impairment charge.
Shareholder returns totaled $79.3M in Q2 through dividends and share repurchases, including a 12.5% YoY dividend increase.
Financial highlights
Q2 2025 revenues were $706.8M, up 26% year-over-year including a major legal settlement; excluding the settlement, sales declined 12% due to lower prices.
Oil and natural gas sales were $574.4M for the quarter; net income per diluted share was $1.00.
Lease operating expenses were $121.4M ($9.95/Boe), up 6% sequentially and 20% year-over-year.
Capital expenditures were $210M, down 11.5% year-over-year and 16% sequentially.
Non-cash impairment charge of $115.6M recorded due to lower oil prices.
Outlook and guidance
2025 capital spending guidance reduced to $925M–$1.05B, down $125–$150M, with a pivot from organic growth to acquisitions.
Production guidance for 2025 revised to 130,000–133,000 Boe/d and oil production to 74,000–76,000 Bbl/d.
Free cash flow expected to increase in 2025–2026 under the revised plan, with excess funds prioritized for revolver repayment, acquisitions, and buybacks.
Ongoing hedging program covers 68% of crude oil and 60% of natural gas production for 2025.
No federal cash tax liability anticipated through 2028.
What's driving the increase in LOE costs?
Explain the reduced 2025 capital spending.
What is the expected net cash from settlement?
Explain the shift to acquisition capital
M&A market drivers and NOG's role
Impact of deferred TILs on future production?
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Next Northern Oil and Gas earnings date
Q3 20257 Nov, 2025
Next Northern Oil and Gas earnings date
Q3 20257 Nov, 2025
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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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