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Northern Oil And Gas (NOG)
NYSE:NOG
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.74Last Year’s EPS
1.33Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call reflects a constructive operational and financial position—production and adjusted EBITDA grew, free cash flow was strong, liquidity was enhanced, and the company executed a record ground game and a strategically significant Utica/Antero acquisition. These positives are juxtaposed with notable near-term headwinds: large non-cash impairments driven by lower oil prices, weaker commodity realizations (especially gas realizations in Q4), some YoY oil production decline, and uncertainty around operator-driven activity and timing. Management conveyed confidence in dividend sustainability and a strategy built to capture upside as the cycle recovers. Taken together, the company appears well-positioned to navigate the downturn and capture future upside, though near-term volatility and accounting impairments remain notable risks.Company Guidance
Adjusted EBITDA and Free Cash Flow Strength
Adjusted EBITDA for fiscal 2025 was $1.63 billion (Q4 adjusted EBITDA $367 million). Free cash flow for the year was $424 million (Q4 free cash flow $43 million), demonstrating strong cash generation despite commodity headwinds.
Production Growth and Record Gas Volumes
Q4 average daily production was 140,000 BOE/day (up 7% sequentially and up 6% year-over-year). Full-year average production was 135,000 BOE/day (up 9% versus 2024). Appalachian JV gas production set a record for the third consecutive quarter at 392 MMcf/day in Q4 (up 11% sequentially and up 24% YoY).
Successful Ground Game and Acreage Expansion
NOG grew its organic footprint by over 12,000 net acres in 2025 and finished the year with ~12,300+ acres and 12.8 net wells. Q4 was a record quarter for ground game with over 6,000 net acres and 1.2 net wells across 33 transactions; the company evaluated over 700 opportunities during the year.
Strategic Utica/Antero Acquisition and Appalachian Scale-Up
Closed an integrated upstream and midstream Utica acquisition (joint with Infinity) that increases Appalachian footprint ~45% pro forma to ~90,000 net acres and adds over 100 identified gross locations on the Antero asset, providing additional development optionality.
Liquidity and Balance Sheet Actions
Extended revolver maturity from June 2027 to November 2030, upsized borrowing base to $1.975 billion and increased elected commitment to $1.8 billion. Issued $725 million notes at 7.875% and retired most 2028 notes; company reports over $1 billion of liquidity post-Utica close.
Operational Cost and Efficiency Improvements
Normalized lateral lengths around 13,000 feet and normalized well costs down nearly 5% quarter-over-quarter. Q4 lease operating expense (LOE) per BOE improved to $9.30 (down 5% vs Q3 and down 3% vs Q4 2024).
Capital Allocation and Discipline
Total CapEx for 2025 excluding non-budgeted acquisitions was $1.0 billion (including $174 million of ground game). Q4 CapEx excluding non-budgeted acquisitions was $270 million with ~44% to the Permian, 26% Williston, 8% Uinta and 22% Appalachian; ~ $193 million was organic development capital.
Dividend Positioning and Hedge Performance
Management emphasized dividend sustainability, stating the dividend is structured to be sustained in a significantly weaker environment. Adjusted EBITDA was up ~1% year-over-year despite oil prices averaging ~14% lower in 2025, credited to hedging and disciplined capital allocation.
NOG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NOG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $26.48 | ― | ― |
Nov 06, 2025 | $20.06 | $21.16 | +5.51% |
Jul 31, 2025 | $27.13 | $24.12 | -11.12% |
Apr 29, 2025 | $23.49 | $23.05 | -1.86% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Northern Oil And Gas (NOG) report earnings?
Northern Oil And Gas (NOG) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is Northern Oil And Gas (NOG) earnings time?
Northern Oil And Gas (NOG) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NOG EPS forecast?
NOG EPS forecast for the fiscal quarter 2026 (Q1) is 0.74.