Northern Oil and Gas, Inc. (NOG) reported fourth‑quarter 2025 results that beat consensus revenue estimates and delivered a solid adjusted earnings performance. Q4 revenue reached $610.18 million, up from $545.5 million in the same quarter a year earlier, and exceeded analyst expectations of $522.3 million by $87.18 million. The company posted a GAAP net loss of $70.7 million, or $0.73 per diluted share, while adjusted net income climbed to $82.0 million, or $0.83 per adjusted diluted share, a beat of $0.05 per share over the $0.78 consensus estimate. Adjusted EBITDA for the quarter was $367 million, a modest increase from $366.5 million in Q4 2024.
Full‑year 2025 figures continued to show resilience. Total revenue was $2.1 billion, a 1% increase from the prior year, and GAAP net income was $38.8 million, or $0.39 per diluted share. Adjusted net income for the year reached $453.4 million, or $4.57 per adjusted diluted share, while adjusted EBITDA totaled $1.6 billion, up 1% from 2024. Production rose 9% year‑over‑year to 140,064 barrels of oil equivalent per day, driven by a 3% increase in oil output and an 11% jump in natural gas production. The company turned in 24.2 net wells in line during the quarter and maintained strong liquidity with $1.1 billion in total liquidity as of December 31, 2025.
"Despite a challenging commodity price environment, NOG delivered growth in Adjusted EBITDA and production while further strengthening our balance sheet," said CEO Nick O’Grady. He added, "Production increased 9% year over year, supported by increased investment in our natural gas portfolio and continued disciplined capital allocation." Regarding the 2026 outlook, O’Grady noted, "While we expect commodity price volatility to persist, our 2026 capital plan is designed to perform across a range of market conditions. Our diversified asset base provides meaningful upside exposure to changes in operator activity, while also ensuring that NOG is positioned to generate value in either a lower‑price or recovery scenario."
NOG reiterated its 2026 guidance, presenting a two‑scenario outlook. The low‑activity scenario projects production of 139,000–143,000 barrels of oil equivalent per day with capital expenditures of $850–$900 million, while the high‑activity scenario projects 144,000–148,000 barrels of oil equivalent per day and capital expenditures of $1.0–$1.1 billion. The guidance reflects management’s confidence in maintaining production growth and capital discipline amid volatile commodity prices.
Additional context highlights the company’s strategic moves: a February 2026 Joint Utica Acquisition for $464.6 million, a 40% stake acquisition in Ohio Utica Shale assets from Antero Resources, a $200 million expansion of its revolving credit facility raising the borrowing base to $1.975 billion, and a $725 million issuance of senior notes due 2033 to refinance 2028 notes. Shareholder returns were robust, with a $0.45 per share dividend for Q1 2026 and more than $230 million returned to shareholders in 2025 through dividends and share repurchases.
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