Northern Oil & Gas (NOG) Q4 2025 Earnings
How Did NOG Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −8.32%.
Did NOG Beat Earnings? Q4 2025 Results
Yes. Northern Oil & Gas reported Q4 2025 earnings of $0.83 a share on Feb 25, 2026, beating the $0.77 consensus estimate by 7.6%. Revenue was $610.2M against a $519.6M estimate.
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.
- Production increased 6% year-over-year to 140,064 Boe per day in Q4 2025
- Record natural gas production of 392,163 Mcf per day, up 24% year-over-year
- 24.2 net wells turned in line in Q4, highest quarterly total of 2025
- Weaker oil pricing offset volume gains, with WTI averaging $59.14/Bbl in Q4
- Widened oil differentials in the Williston due to constrained takeaway capacity
- Lower NGL prices and extremely low Waha Hub natural gas pricing pressured gas realizations
- Non-cash ceiling test impairment of $268.5 million driven by lower average oil prices
- Commodity derivative hedging generated $72.9 million in settled cash gains in Q4
“Despite a challenging commodity price environment, NOG delivered growth in Adjusted EBITDA and production while further strengthening our balance sheet. Production increased 9% year over year, supported by increased investment in our natural gas portfolio and continued disciplined capital allocation. We expanded our asset base through approximately $340.0 million of value‑accretive acquisitions, including a record level of Ground Game activity in 2025, and our recently closed marquee Joint Ohio Utica transaction will add substantial scale to our Appalachian position. In tandem with a rigorous business development focus, we also strengthened our balance sheet by extending maturities and enhancing our liquidity.”
Northern Oil & Gas CEO, on the earnings call
What Was Northern Oil & Gas's Outlook in Q4 2025?
NOG provided 2026 annual guidance with dual scenarios reflecting commodity price uncertainty. Low activity scenario: production of 139,000–143,000 Boe/d (68,000–72,000 Bbls/d oil), total capital expenditures of $850–$900 million, and 67.5–71.5 net wells turned in line. High activity scenario: production of 144,000–148,000 Boe/d (72,000–76,000 Bbls/d oil), total capital expenditures of $1,000–$1,100 million, and 83.0–87.0 net wells turned in line. Operating expenses guided at $9.45–$10.10 per Boe, production taxes at 7%–8% of oil & gas sales, oil differential of ($5.50)–($6.50) per Bbl to NYMEX WTI, natural gas realization at 75%–85% of NYMEX Henry Hub, and DD&A of $15.00–$16.00 per Boe. The company expects commodity price volatility to persist but believes its diversified asset base is positioned to generate value across price scenarios.
NOG YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $610.2M | $549.2M | +11.1% |
Figures from SEC filings and company reports. Not investment advice.