NOG
Northern Oil and Gas, Inc.21.69
-0.91-4.03%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A clarifies deferrals, FCF sensitivity.
Q&A unpacked deferred activity, spotlighting 13 net elected Permian-heavy wells awaiting higher oil for optimal economics, creating right-way risk. Half of 2026 activity is underpinned by governance pacts, with ground game CapEx at $150-200M bridging low/high scenarios that swing FCF by $100-150M. Every $5 oil rise adds $130-150M FCF. Analysts pressed on scenario tracking and operator timing; management pledged updates despite private operator lags. Deferrals build coiled spring. Investors eye activity realization as prices firm.
Key Stats
Market Cap
2.12BP/E (TTM)
11.92Basic EPS (TTM)
1.82Dividend Yield
0.08%Recent Filings
10-K
FY2025 results
Northern Oil and Gas grew FY2025 production 9% y/y to 135 MBoe/d, with Q4 accelerating to 140 MBoe/d (6% y/y growth from Q4 2024) fueled by acquisitions across Permian (42% of Q4 output), Williston (30%), Appalachia (21%), and Uinta (7%) basins. Proved reserves edged up 1% to 384 MMBoe (74% developed), yet Q4 momentum shone through 80.7 net development wells added. Cash from operations hit $1.5B while repurchasing $57M in stock and hiking dividends 10% y/y. Q4 drove the year. Volatility in oil prices looms large.
8-K
NOG Q4 results, Utica close
Northern Oil and Gas reported Q4 2025 production up 6% to 140,064 Boe/d (53% oil), with record gas at 392,163 Mcf/d despite lower prices driving a $70.7M net loss and $268.5M non-cash impairment. Closed $464.6M Joint Utica acquisition in February 2026, boosting Appalachia scale while expanding credit facility to $1.975B borrowing base. Issued 2026 guidance for 139k-148k Boe/d across scenarios. Balance sheet strengthened.
8-K
Closes Ohio Utica acquisitions
Northern Oil and Gas closed its joint Antero Acquisitions on February 23, 2026, taking a 40% stake in Ohio Utica upstream and midstream assets for $480M total cash. Shares shifted from 49/51 to 40/60 with partner INR. Borrowing base rose to $1.975B; commitments hit $1.8B. Deal adds non-op assets, boosts liquidity.
8-K
Q4 impairment, hedges, ground game
Northern Oil and Gas disclosed Q4 2025 preliminary results on February 10, 2026, booking a non-cash impairment of $260–$270 million from lower oil prices under full-cost accounting, with no cash flow hit. Hedge gains hit $84–$88 million unrealized and $70–$72 million realized. Ground game delivered 33 deals, deploying $77 million for 1.2 net wells and 6,000 acres. Hedges lock in 45,000 bbl/d oil for H1 2026.
8-K
NOG's $588M Utica stake
Northern Oil and Gas joined Infinity Natural Resources to buy Ohio Utica upstream and midstream assets from Antero for $1.2B cash total, taking a 49% undivided interest for $588M—$392M upstream, $196M midstream. Effective July 1, 2025; closing eyed Q1 2026 with $58.8M escrow deposit. Infinity operates; projects 65 MMcfe/d net gas-heavy output in 2026. Non-op working interest bolsters cash flows.
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