Earnings Releases·Nov 5, 2026, 4:14 PM ET

Northern Oil and Gas — Third Quarter 2026 Earnings Summary

Adjusted Net Income rose 40% year-over-year to $142.2 million ($1.32/share) and Adjusted EBITDA reached a record $444.5 million, up 11% sequentially and 15% year-over-year, while Free Cash Flow increased 25% to $148.6 million.
The company raised 2026 annual production guidance to 147,000–150,000 Boepd following a record quarterly output of 156,239 Boepd, though LOE guidance was adjusted upward to $9.75–$9.85 per Boe.
Capital allocation included the retirement of over $100 million in debt, the issuance of $500 million in 7.5% Senior Notes, a $150 million increase to the stock repurchase program, and the declaration of $0.45 per share dividends.
Management highlighted record production growth driven by the Appalachian and Uinta assets, with normalized well costs improving 2.9% quarter-over-quarter to $739 per lateral foot.