Northern Oil and Gas (NOG) Q3 2026 earnings summary

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.