NOG Q2 2025 Earnings
Reported Jul 31, 2025 at 4:58 PM ET · SEC Source
Q2 25 EPS
$1.37
BEAT +43.61%
Est. $0.95
Q2 25 Revenue
$574.4M
BEAT +8.44%
Est. $529.7M
vs S&P Since Q2 25
-44.4%
TRAILING MARKET
NOG -26.5% vs S&P +17.9%
Market Reaction
Did NOG Beat Earnings? Q2 2025 Results
Northern Oil & Gas delivered a strong second-quarter earnings beat on Tuesday, posting adjusted EPS of $1.37 against a consensus estimate of $0.95, a 44.21% positive surprise, even as GAAP net income slid to $99.58 million from $138.56 million a year… Read more Northern Oil & Gas delivered a strong second-quarter earnings beat on Tuesday, posting adjusted EPS of $1.37 against a consensus estimate of $0.95, a 44.21% positive surprise, even as GAAP net income slid to $99.58 million from $138.56 million a year ago. The divergence between reported and adjusted results came down to a pair of one-time charges: a $115.58 million non-cash ceiling test impairment tied to lower average oil prices, and a $33.09 million legal settlement expense. Revenue of $574.37 million edged up 1.8% year-over-year, with production growth of 9% to 134,094 Boe per day helping offset a 24% year-over-year drop in unhedged realized oil prices to $58.37 per barrel. Adjusted EBITDA reached $440.42 million, a 7% increase from Q2 2024. Looking ahead, NOG trimmed its 2025 capital spending guidance by $125 to $150 million to a new range of $925 million to $1.05 billion, citing commodity market volatility, though management noted it retains flexibility to accelerate investment should oil prices recover.
Key Takeaways
- • Total production up 9% year-over-year to 134,094 Boe per day
- • Oil volumes up 10.5% year-over-year to 76,944 Bbls per day
- • Record Appalachian volumes of 123.5 MMcf per day
- • Uinta volumes up over 18.5% sequentially, second consecutive quarter of double-digit growth
- • Adjusted EBITDA of $440.4 million, up 7% year-over-year
- • Capital expenditures down 12% year-over-year while production remained robust
- • Normalized well costs declined to approximately $800 per lateral foot
- • Cash received on settled derivatives of $60.9 million vs $8.9 million in Q2 2024
- • Oil price differentials to WTI improved 8% from Q1 2025, driven by lower Uinta Basin differentials
NOG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“NOG's diverse and scaled platform delivered solid results, with strong free cash flow generation and continued growth from our Appalachian and Uinta Basin properties. The Ground Game continues to gain momentum, providing accretive opportunities that should benefit the Company through cycle, featuring both near term development and longer dated inventory rich opportunities. With a focus on creating shareholder value for the long-term, we anticipate incremental growth being focused on the strong backlog of inorganic opportunities available to us in the marketplace today.”
— Nick O'Grady, Q2 2025 Earnings Press Release
NOG Earnings Trends
NOG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NOG EPS Trend
Earnings per share: estimate vs actual
NOG Revenue Trend
Quarterly revenue: estimate vs actual
NOG Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.68 | $0.74 | +9.26% | $539.9M | +6.48% |
| Q4 25 BEAT FY | $0.77 | $0.83 | +7.58% | $610.2M | +17.44% |
| FY Full Year | — | $4.57 | — | $2.48B | — |
| Q3 25 BEAT | $0.87 | $1.03 | +18.28% | $556.6M | +6.19% |
| Q2 25 BEAT | $0.95 | $1.37 | +43.61% | $574.4M | +8.44% |