Core Insights - Northern Oil and Gas, Inc. (NOG) reported fourth-quarter 2025 adjusted earnings per share of 83 cents, exceeding the Zacks Consensus Estimate of 71 cents, driven by strong production that surpassed expectations by 4.2% [1][11] - Despite the earnings beat, the bottom line declined from the previous year's adjusted profit of $1.40 due to lower commodity prices and a significant increase in operating expenses by 68.4% [1][8] Financial Performance - NOG's oil and gas sales for the quarter were $447.7 million, falling short of the Zacks Consensus Estimate of $511 million and down from $515 million year-over-year [2] - Total operating expenses rose to $644 million from $382.3 million in the prior year, primarily due to increased production and administrative costs [8] - The company reported free cash flow of $43.2 million for the quarter and had $14.3 million in cash and cash equivalents as of December 31, 2025 [12] Production and Sales - Fourth-quarter production increased by 6% year-over-year to 140,064 barrels of oil equivalent per day (Boe/d), exceeding internal estimates [5][11] - Oil volume decreased by 5% year-over-year to 74,703 Boe/d, while natural gas production increased by 24% to 392,163 thousand cubic feet per day [6] - The average sales price for crude oil was $59.09 per barrel, a 17% decrease from the previous year's $65.40, but above expectations [6] Shareholder Returns - The board declared a cash dividend of 45 cents per share, to be distributed on April 30, 2026, to shareholders on record as of March 30, 2026 [3] - In 2025, NOG returned over $230.4 million to shareholders through dividends and share buybacks, including $173.4 million in dividends and $57 million in buybacks [4][11] Capital Expenditures and Guidance - Capital expenditures for the fourth quarter were $270.2 million, with $192.5 million allocated to drilling and completion activities [9] - For 2026, NOG projects production levels between 139,000-143,000 Boe/d under low activity and 144,000-148,000 Boe/d under high activity scenarios [13] - Estimated capital expenditures for 2026 range from $850 million to $900 million in a low-activity case, potentially rising to $1-$1.1 billion in a high-activity scenario [14]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K NORTHERN OIL AND GAS, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 95-3848122 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

Northern Oil and Gas (NYSE:NOG) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsAdam Dirlam - PresidentChad Allen - CFOEvelyn Infurna - Vice President of Investor RelationsJim Evans - CTONick O'Grady - CEOScott Hanold - Managing Director of Energy ResearchConference Call ParticipantsCharles Meade - Equity Research AnalystNeal Dingmann - Research AnalystNoah Hungness - Equity Research AnalystOperatorGreetings, welcome to the NOG fourth quarter 2025 earnings conference call. At this ti ...

Northern Oil and Gas (NYSE:NOG) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsAdam Dirlam - PresidentChad Allen - CFOEvelyn Infurna - Vice President of Investor RelationsJim Evans - CTONick O'Grady - CEOScott Hanold - Managing Director of Energy ResearchConference Call ParticipantsCharles Meade - Equity Research AnalystNeal Dingmann - Research AnalystNoah Hungness - Equity Research AnalystOperatorGreetings, welcome to the NOG Fourth Quarter 2025 Earnings Conference Call. At this ti ...

Northern Oil and Gas (NYSE:NOG) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Speaker8Greetings, welcome to the NOG fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. As a reminder, this conference is ...

Q4 and Full Year 2025 Earnings Presentation February 25, 2026 Q2 2025 Earnings Presentation | 1 Contents Q4 2025 Earnings Presentation | 2 1. Financial Highlights 2. Operations & Investment Activity Updates 3. Guidance 4. NOG Value Proposition 5. Appendix 1. Financial Highlights Q2 2025 Earnings Presentation | 3 Q4 and Full Year 2025 Financial & Operating Highlights | Free Cash Flow1 | Annual Shareholder Returns | | --- | --- | | $43.2 MM | ~$230.4 MM | | Solid FCF despite pricing headwinds and record groun ...

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the "Company†or "NOG†) today announced the closing of its acquisition of non-operated properties in the core of the Ohio Utica Shale, and a revised, upsized reserves-based lending facility. UTICA SHALE ACQUISITION On February 23, 2026, NOG closed on its previously announced joint acquisition of interests in the Ohio Utica Shale Upstream and Midstream Assets from Antero Resources Corporation and Antero Midstream Corporation (. ...

Financial Performance - Unrealized mark-to-market gains on derivatives for Q4 were estimated at $84.0 – $88.0 million, while realized hedge gains were estimated at $70.0 – $72.0 million[3]. - The company expects a non-cash impairment charge of $260 – $270 million in Q4 2025 due to lower average oil prices[17]. - The preliminary unaudited financial information for Q4 2025 is based on estimates and subject to completion of financial closing procedures[20]. Hedging Activities - NOG has hedged over 45,000 barrels per day of oil for the first half of 2026 and over 40,000 barrels per day for the full year 2026[4]. - The company has hedged over 285 MMBtu per day of natural gas for the first half of 2026 and over 295 MMBtu per day for the full year 2026[4]. Acquisition and Development - In Q4 2025, NOG executed a record 33 ground game transactions, deploying approximately $77.0 million of acquisition and development capital, adding 1.2 net wells and over 6,000 net acres[15]. - In 2025, NOG deployed approximately $173.5 million across 84 ground game transactions, adding 12.8 net wells and over 12,000 acres[16]. - NOG's strategy focuses on acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins in the contiguous United States[18]. Forward-Looking Statements - Forward-looking statements regarding future results are subject to risks and uncertainties, including changes in crude oil and natural gas prices[22]. - NOG does not undertake any obligation to update forward-looking statements after the date they are made[23].

Group 1 - The company is scheduled to hold its Fourth Quarter 2025 Earnings Conference Call on February 26, 2026, at 8:00 a.m. Central Time [1] - Participants can join the call by dialing (800) 715-9871 for domestic calls or (646) 932-3411 for international calls [1] - The conference ID for the call is 4503139, and there will also be a webcast available for attendees [1]

Core Viewpoint - The discussion centers around the advantages of diversified upstream portfolios in the shale exploration and production (E&P) sector, contrasting with the benefits of being a pure play focused on a single basin [2]. Group 1: Diversified Business Models - Companies like Corterra, Devon, Ovintiv, and Northern Oil and Gas are highlighted for their diversified business models, which allow them to operate across multiple basins [1]. - The panel discussion emphasizes the need for the market to better recognize the value of operating in multiple basins, suggesting that diversification can mitigate risks associated with being concentrated in one area [2].