NOG Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

Northern Oil and Gas closed out Q4 2025 with a mixed set of results, posting adjusted earnings of $0.83 per diluted share and revenue of $610.18 million, up 11.1% year over year, but falling short of Wall Street's consensus EPS estimate of $0.96 by 1… Read more Northern Oil and Gas closed out Q4 2025 with a mixed set of results, posting adjusted earnings of $0.83 per diluted share and revenue of $610.18 million, up 11.1% year over year, but falling short of Wall Street's consensus EPS estimate of $0.96 by 13.14%. The shortfall was driven primarily by a punishing commodity price environment: WTI averaged just $59.14 per barrel during the quarter, while widening Williston Basin takeaway constraints pressured oil differentials and weak NGL prices weighed on natural gas realizations, pushing oil and gas sales down to $447.72 million from $545.47 million a year ago. A non-cash impairment charge of $268.50 million on the company's full cost pool of oil and gas assets further clouded the headline GAAP figures, resulting in a net loss of $70.73 million for the quarter. On the operational side, production grew 6% year over year to 140,064 Boe per day, with record natural gas volumes up 24%. Looking ahead, NOG's dual-scenario 2026 guidance targets production of 139,000 to 148,000 Boe per day, with capital expenditures ranging from $850 million to $1.10 billion depending on commodity price conditions.