NOG Announces Third Quarter 2026 Results
NORTHERN OIL & GAS, INC. (NOG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NOG Announces Third Quarter 2026 Results Raises 2026 Production Guidance HIGHLIGHTS • Record quarterly production of 156,239 Boe per day (48% oil), a 19% increase from the third quarter of 2025 and a 7.3% increase from the second quarter of 2026 • Record natural gas
How this was made
The 30-second read
Why it matters
The company raised its 2026 production guidance and highlighted strong free cash flow, debt reduction, and a $500M senior note issuance, all of which are new and material.
Market read
The earnings release and guidance raise provide fresh, material information that can move the stock and influence sector sentiment.
What to watch
Potential exposure to commodity price volatility and higher operating costs could offset cash flow gains.
NOG Announces Third Quarter 2026 Results Raises 2026 Production Guidance
Record production, natural gas volumes and Adjusted EBITDA, 19% year-over-year production growth, $148.6 million of Free Cash Flow and higher full-year production guidance were partly offset by a GAAP net loss driven by a $308.0 million non-cash unrealized derivative loss.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 oil and gas salesGAAP | $697.7M | – | – |
| Q3 2026 total revenuesGAAP | $345.9M | – | – |
| Q3 2026 gain (loss) on commodity derivatives, netGAAP | −$359.4M | – | – |
| Q3 2026 other revenuesGAAP | $7.66M | – | – |
| Q3 2026 production expensesGAAP | $143.5M | – | – |
| Q3 2026 production taxesGAAP | $48.31M | – | – |
| Q3 2026 general and administrative expensesGAAP | $18.00M | – | – |
| Q3 2026 depletion, depreciation, amortization and accretionGAAP | $207.9M | – | – |
| Q3 2026 total operating expensesGAAP | $422.8M | – | – |
| Q3 2026 income (loss) from operationsGAAP | −$76.86M | – | – |
| Q3 2026 interest expense, netGAAP | −$43.74M | – | – |
| Q3 2026 income tax expense (benefit)GAAP | −$13.66M | – | – |
| Q3 2026 net income (loss)GAAP | $111.8M | – | – |
| Q3 2026 net income (loss) per common share, dilutedGAAP | $1.06 per diluted share | – | – |
| Q3 2026 adjusted net incomenon-GAAP | $142.2M | – | – |
| Q3 2026 adjusted net income per adjusted diluted sharenon-GAAP | $1.32 per adjusted diluted share | – | – |
| Q3 2026 Adjusted EBITDAnon-GAAP | $444.5M | 11% increase | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $397.7M | – | – |
| Q3 2026 free cash flownon-GAAP | $148.6M | – | 25.0% |
| Q3 2026 capital expendituresother | $247.3M | – | – |
| Q3 2026 total productionother | 156,239 Boe per day | 7.3% increase | 19% |
| Q3 2026 oil productionother | 74,837 Bbls per day | – | 3% |
| Q3 2026 natural gas productionother | 488,391 Mcf per day | 5.2% increase | 39% |
| Q3 2026 oil mixother | 48% | – | – |
| Q3 2026 unhedged net realized oil priceother | $82.83 per Bbl | – | 36% |
| Q3 2026 unhedged net realized gas priceother | $2.84 per Mcf | – | 13% |
| Q3 2026 oil net of settled oil derivativesother | 72.32 per Bbl | – | 10% |
| Q3 2026 natural gas and NGLs net of settled derivativesother | 3.31 per Mcf | – | 2% |
| Q3 2026 realized price on a Boe basis excluding settled commodity derivativesother | 48.54 | – | 20% |
| Q3 2026 realized price on a Boe basis including settled commodity derivativesother | 44.96 | – | — % |
| Q3 2026 production expenses per Boeother | $9.98 per Boe | – | 2% |
| Q3 2026 production taxes per Boeother | 3.36 | – | 41% |
| Q3 2026 general and administrative expenses per Boeother | 1.25 | – | 7% |
| Q3 2026 depletion, depreciation, amortization and accretion per Boeother | 14.47 | – | (12) % |
| Q3 2026 adjusted cash G&A costsnon-GAAP | $12.6M | – | – |
| Q3 2026 adjusted cash G&A costs per Boenon-GAAP | $0.88 per Boe | down $0.06 per Boe | – |
| Nine months ended September 30, 2026 oil and gas salesGAAP | $1.91B | – | – |
| Nine months ended September 30, 2026 total revenuesGAAP | $1.10B | – | – |
| Nine months ended September 30, 2026 income (loss) from operationsGAAP | −$379.2M | – | – |
| Nine months ended September 30, 2026 net income (loss)GAAP | −$398.0M | – | – |
| Nine months ended September 30, 2026 net income (loss) per common share, dilutedGAAP | $ (3.85) | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Revised FY 2026 Guidance outlook
- NoteAnnual Production (2-stream, Boe per day): 147,000 - 150,000
- NoteAnnual Oil Production (Bbls per day): 71,750 - 73,500
- NoteTotal Budgeted Capital Expenditures ($ in millions): $850 - $900
- NoteNet Total Wells Turned-in-Line: 74.0 - 76.0
- NoteLOE/Production Expenses (per Boe): $9.75 - $9.85
- NoteProduction Taxes (as a percentage of Oil & Gas Sales): 7.00% - 7.25%
- NoteOil Differential to NYMEX WTI (per Bbl): ($4.00 - $4.50)
- NoteGas Realization as a Percentage of NYMEX Henry Hub (per Mcf): 77.5% - 82.5%
- NoteDD&A Rate (per Boe): $15.00 - $15.50
- NoteGeneral and Administrative Expense (per Boe), Non-Cash: $0.25 - $0.30
- NoteGeneral and Administrative Expense (per Boe), Cash (excluding transaction costs on non-budgeted acquisitions): $0.85 - $0.90
Capital returns
- Repurchased 667,989 shares of common stock at an average price of $23.96, including commissions.
- In August 2026, the board declared a cash dividend of $0.45 per share, paid on October 30, 2026.
- In November 2026, the board declared a cash dividend of $0.45 per share, payable on January 29, 2027, to stockholders of record as of December 30, 2026.
- The Board of Directors authorized a $150.0 million increase to the common stock repurchase program in July 2026.
- Current total repurchase capacity was approximately $227.2 million as of September 30, 2026.
What drove it
- Record Q3 production of 156,239 Boe per day, with total production up 19% from the third quarter of 2025 and 7.3% from the second quarter of 2026.
- Record natural gas production of 488,391 Mcf per day, up 39% from the third quarter of 2025.
- Adjusted EBITDA increased 11% from the second quarter of 2026, driven primarily by increased production volumes.
- Appalachian volumes set another production record as completed West Virginia joint-development wells continued to outperform and Utica joint-development activity accelerated.
- Uinta Assets continued to outperform versus internal estimates on both legacy production and the 2026 development program.
- NOG added 23.9 net wells to production during the quarter, compared with 12.7 net wells in the second quarter, excluding major acquisitions.
- Normalized well costs on AFE elections improved 2.9% quarter over quarter to approximately $739 per lateral foot, compared with $761 in the second quarter of 2026.
- Oil prices were supported by an unhedged net realized oil price of $82.83 per Bbl, and the average differential to WTI was $2.84 compared with $3.03 in the second quarter of 2026.
Concerns
- GAAP net loss was $111.8 million, driven by non-cash mark-to-market losses on derivatives.
- The non-cash unrealized mark-to-market loss on derivatives was approximately $308.0 million, while realized hedge losses were $51.4 million.
- Production expenses per Boe were $9.98 per Boe, 2% higher than the third quarter of 2025, driven in part by higher processing costs.
- G&A costs were $1.25 per Boe, compared with $1.17 per Boe in the third quarter of 2025, primarily due to higher general corporate costs supporting growth initiatives.
- Production taxes were $48.3 million compared with $28.7 million in the third quarter of 2025, due to higher revenues from higher oil prices and record gas volumes.
- The company expects capital expenditures to trend toward the high end of the $850 - $900 guidance range based on current activity levels.
What to watch
- Execution against revised annual production guidance of 147,000 - 150,000 Boe per day while maintaining total budgeted capital expenditures guidance of $850 - $900.
- Fourth-quarter natural gas realizations and oil differentials following revised guidance of 77.5% - 82.5% of NYMEX Henry Hub and ($4.00 - $4.50) to NYMEX WTI.
- The impact of commodity derivatives, including open crude oil, natural gas and NGL derivative positions, on realized pricing and GAAP earnings.
- The pace of wells turned-in-line against annual guidance of 74.0 - 76.0 net total wells.
- Further debt reduction and leverage management following the $500 million 7.5% Senior Notes issuance and reported 1.47 times net debt to annualized Adjusted EBITDA.
- Repurchase activity under the approximately $227.2 million of remaining repurchase capacity as of September 30, 2026.
Balance sheet and cash flow
- Cash and cash equivalents were $ 26,420 (in thousands) as of September 30, 2026, compared with $ 14,299 (in thousands) as of December 31, 2025.
- Total liquidity was $1.6 billion as of September 30, 2026, consisting of $1,577.0 million of committed borrowing availability under the Revolving Credit Facility and $26.4 million of cash on hand.
- Long-term debt, net was $ 2,616,224 (in thousands) as of September 30, 2026, compared with $ 2,395,393 (in thousands) as of December 31, 2025.
- Net debt to annualized Adjusted EBITDA was 1.47 times at quarter-end.
- Issued $500 million of 7.5% Senior Notes due 2034 in August.
- The elected commitment and borrowing base remained unchanged at $1.8 billion and $1.975 billion, respectively, following the November borrowing-base redetermination.
- Cash flow from operations was $397.7 million, compared with $321.6 million in the second quarter of 2026.
- Free Cash Flow was $148.6 million, compared with $ 118,894 (in thousands) in the third quarter of 2025.
Analysis
NOG delivered record operating output in the third quarter. Total production averaged 156,239 Boe per day, up 19% from the third quarter of 2025 and 7.3% from the second quarter of 2026. Natural gas production reached a record 488,391 Mcf per day, up 39% year over year, while oil production averaged 74,837 Bbls per day and represented approximately 48% of total production. The company added 23.9 net wells to production, compared with 12.7 net wells in the second quarter, excluding major acquisitions. Management cited record Appalachian volumes and outperformance in the Uinta as operating contributors.
The operating growth supported $697.7 million of oil and gas sales, $444.5 million of Adjusted EBITDA and $148.6 million of Free Cash Flow. Adjusted EBITDA increased 11% from the second quarter, driven primarily by increased production volumes. Cash flow from operations was $397.7 million versus $321.6 million in the second quarter. The quarterly GAAP result remained a $111.8 million net loss, or $1.06 per diluted share, because NOG recorded approximately $308.0 million of non-cash unrealized mark-to-market derivative losses and $51.4 million of realized hedge losses.
Pricing and costs show both operational benefits and cost pressures. The unhedged net realized oil price was $82.83 per Bbl and the average differential to WTI was $2.84, compared with $3.03 in the second quarter. Unhedged net realized gas price was $2.84 per Mcf, representing a 98% realization compared with Henry Hub pricing. Production expenses were $9.98 per Boe, 2% higher year over year, while production taxes rose to $48.3 million from $28.7 million. Adjusted cash G&A was $0.88 per Boe, down $0.06 per Boe from the second quarter.
Capital allocation combined development spending, bolt-on activity, debt management and shareholder returns. Capital expenditures were $247.3 million excluding non-budgeted acquisitions and other, including $190.7 million of organic D&C capital and $56.5 million of Ground Game activity. The company completed 19 Ground Game transactions adding over 1,060 net acres and an additional 2.9 net wells. NOG repurchased 667,989 shares at an average price of $23.96, declared $0.45 per share dividends in August and November, and reported approximately $227.2 million of repurchase capacity as of September 30, 2026. Quarter-end net debt to annualized Adjusted EBITDA was 1.47 times.
NOG raised annual production guidance to 147,000 - 150,000 Boe per day from 143,000 - 148,000 while maintaining total budgeted capital expenditures guidance at $850 - $900. The revised outlook also increases gas-realization and oil-differential assumptions, reduces the production-tax range, and raises the cash G&A range. Management expects capital expenditures to trend toward the high end of the range. The key reported tension is the difference between record production and cash generation on one hand and substantial derivative-related volatility in GAAP revenue and earnings on the other.
Management, verbatim
With every region performing, we are raising full-year production guidance while holding our capital budget unchanged. Put simply, we expect to deliver more for the same capital.
Nick O’Grady, Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Segment revenue and segment profit were not reported.
- A prior-quarter figure for most income-statement metrics was not reported.
- A prior-quarter figure for Free Cash Flow was not reported.
- A prior-year figure for Q3 2026 capital expenditures excluding non-budgeted acquisitions and other was not reported.
- A quantitative revenue guidance figure was not reported.
- A quantitative gross-margin guidance figure was not reported.
- A quantitative tax-rate guidance figure was not reported.
- CFO commentary was not provided.
- A separate previous-release outlook document for formal actual-versus-prior-guidance comparison was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02 quarterly results release for Northern Oil & Gas, a NYSE‑listed energy producer.
Ticker impact
Northern Oil & Gas reported record Q3 production, raised 2026 production guidance to 147,000‑150,000 Boe/d and announced a $500M senior note issuance.
likely upward pressure as investors price in higher production and improved balance sheet
Guidance raise, record output, debt reduction and share repurchase indicate stronger fundamentals and may attract buying.
Market effects
U.S. oil & gas sector may see a lift as a peer demonstrates higher production and cash generation.
North American energy markets could tighten on increased supply expectations.
May influence global oil price sentiment given the sizable production increase.
Counterpoint
If oil prices soften, the production boost may not translate into earnings, limiting upside.
Key entities
- companyNorthern Oil & Gas, Inc.
U.S. listed oil and gas producer (NYSE: NOG).
- executiveNick O’Grady
Chief Executive Officer of Northern Oil & Gas.
