Nov 5, 2026, 4:14 PM ETEnergy

Northern Oil and Gas — Third Quarter 2026 Earnings Summary

NOGNORTHERN OIL & GAS INC

Financial Performance

Oil and natural gas sales totaled $697.7 million for the quarter.
GAAP net loss was $111.8 million ($1.06 per diluted share), driven by non-cash mark-to-market losses on derivatives.
Adjusted Net Income was $142.2 million ($1.32 per adjusted diluted share), up from $101.8 million in the third quarter of 2025.
Adjusted EBITDA reached a record $444.5 million, an 11% increase from the second quarter of 2026 and up from $387.1 million in the third quarter of 2025.
Cash flow from operations was $397.7 million, compared to $321.6 million in the second quarter of 2026.
Free Cash Flow generated was $148.6 million, a 25.0% increase from the third quarter of 2025.
Lease operating expenses were $143.5 million ($9.98 per Boe), 2% higher per unit than the third quarter of 2025.
Production taxes were $48.3 million, compared to $28.7 million in the third quarter of 2025.
General and administrative costs were $18.0 million ($1.25 per Boe), compared to $1.17 per Boe in the third quarter of 2025.
Adjusted cash G&A was $12.6 million ($0.88 per Boe), down $0.06 per Boe from the second quarter of 2026.
Net debt-to-annualized Adjusted EBITDA ratio was 1.47 times, down from previous levels.

Raised 2026 annual production guidance to 147,000–150,000 Boepd, up from the previous range of 143,000–148,000 Boepd.
Maintained 2026 total budgeted capital expenditures guidance at $850–$900 million.
Adjusted 2026 LOE/Production Expenses guidance to $9.75–$9.85 per Boe (previously $9.70–$9.80).
Adjusted 2026 Production Taxes guidance to 7.00%–7.25% of Oil & Gas Sales (previously 7.5%–8.0%).
Adjusted 2026 Oil Differential guidance to ($4.00)–($4.50) per Bbl (previously ($5.00)–($5.40)).
Adjusted 2026 Gas Realization guidance to 77.5%–82.5% of NYMEX Henry Hub (previously 70.0%–75.0%).
Adjusted 2026 Cash G&A guidance to $0.85–$0.90 per Boe (previously $0.83–$0.86).
Expects capital expenditures to trend toward the high-end of the range based on current activity levels.

Record quarterly production of 156,239 Boe per day, a 19% increase from the third quarter of 2025 and a 7.3% increase from the second quarter of 2026.
Record natural gas production of 488,391 Mcf per day, a 39% increase from the third quarter of 2025 and a 5.2% increase from the second quarter of 2026.
Oil production averaged 74,837 Bbls per day, representing 48% of total production.
Appalachian volumes set a new production record, with joint development programs in West Virginia outperforming and Utica activity accelerating.
Uinta Assets continued to outperform internal estimates on legacy production and the 2026 development program.
Completed 19 Ground Game transactions adding over 1,060 net acres and 2.9 net wells for $56.5 million.
Added 23.9 net wells to production during the quarter, compared to 12.7 in the second quarter of 2026.
Year-to-date additions totaled 53.7 net wells.
Net producing wells at period end were 1,391.2, an 18% increase from the prior year.

Unhedged net realized oil price was $82.83 per Bbl, a 36% increase from $61.08 in the third quarter of 2025.
Unhedged net realized gas price was $2.84 per Mcf, a 13% increase from $2.52 in the third quarter of 2025.
Average differential to WTI prices was $2.84, improving 27% from the third quarter of 2025.
Natural gas realizations improved meaningfully year-to-date as Waha pricing normalized.
NGL realizations continue to show strength.
The company is the largest publicly traded dedicated non-operator in the United States.

Recorded a non-cash unrealized mark-to-market loss on derivatives of approximately $308.0 million.
Realized hedge losses were $51.4 million as gains on natural gas hedges were offset by losses on crude oil hedges.
Forward-looking statements are subject to risks including changes in crude oil and natural gas prices, infrastructure constraints, economic conditions, supply chain disruptions, and regulatory changes.
Specific risks include the potential impact of the Dakota Access Pipeline shutdown, legal disputes, and the effects of the Convertible Notes due 2029.

CEO Nick O'Grady stated the third quarter was a record, noting that assets are self-funding growth and generating substantial excess cash.
Management highlighted cutting total debt by more than $100 million and achieving a net debt-to-EBITDA ratio below 1.5x a quarter ahead of the year-end goal.
Management expressed confidence that shares trade at a deep discount to asset value, viewing this as an opportunity rather than a setback.
The company described itself as "run by investors, for investors" with the intent to keep delivering record results.
Management noted that with every region performing, they are raising guidance while holding the capital budget unchanged.

Issued $500 million of 7.5% Senior Notes due in 2034 in an oversubscribed offering.
Retired over $100 million of total debt.
Repurchased 667,989 shares of common stock at an average price of $23.96.
Board authorized a $150.0 million increase to the stock repurchase program in July 2026, bringing total capacity to approximately $227.2 million as of September 30, 2026.
Declared a cash dividend of $0.45 per share in August 2026 (paid October 30, 2026) and another $0.45 per share in November 2026 (payable January 29, 2027).
Total liquidity was $1.6 billion as of September 30, 2026, consisting of $1.577 billion in borrowing availability and $26.4 million in cash.
Weighted average debt maturity is 5.3 years, with the earliest maturity not until 2029.
Completed semi-annual borrowing base redetermination in November, keeping the elected commitment at $1.8 billion and borrowing base at $1.975 billion.
Normalized well costs improved 2.9% quarter-over-quarter to approximately $739 per lateral foot.
Capital expenditure breakdown: Williston Basin (33%), Permian (31%), Appalachian (16%), Duvernay (11%), and Uinta (9%).