Northern Oil And Gas(DE:4LT1)
€22.49+0.25 (+1.12%)
DE:4LT1
Northern Oil And Gas earnings date
€22.49
At close:+0.25 (+1.12%)
Northern Oil And Gas (4LT1) Q3 2026 Earnings Report
1 Followers
DE:4LT1 Q3 2026 EPS Results
- Actual EPS
- EUR 1.19
- Consensus EPS
- EUR 0.98
- Beat/Miss
- Beat by +EUR 0.21
- One Year Ago EPS
- EUR 0.93
DE:4LT1 Q3 2026 Revenue Results
- Actual Revenue
- EUR 637.59M
- Expected Revenue
- EUR 558.34M
- Beat/Miss
- Beat by +EUR 79.25M
- YoY Revenue Growth
- +45.17%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
DE:4LT1 Upcoming Earnings
Northern Oil And Gas's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:4LT1 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Record production and adjusted EBITDA, improved realizations and margins, substantial free cash flow, lower leverage, strong liquidity, raised production guidance, successful ground-game activity, and favorable basin performance significantly outweighed challenges related to higher production expenses, seasonal activity patterns, uncertain 2027 planning, inflation, and currently unattractive large-scale M&A economics.
Company Guidance
For full-year 2026, NOG raised annual production guidance to 147 thousand BOE per day, updated guidance for production expenses, cash G&A, and production taxes, tightened its overall differential guidance, and raised gas realizations; the production expense guidance range of $9.75 to $9.85 implies a fourth quarter in line with the third. The capital budget remains $850 million to $900 million, with the company expecting to land toward the high end of that range. For 2027, it is too early to tell, with initiatives that could drive significant growth or follow a maintenance model; Uinta and Canadian operations are poised for growth, while Permian and Williston are steady as they go.
- Record Quarterly EBITDA and ProductionNOG set new quarterly records for adjusted EBITDA and total production. Adjusted EBITDA increased 11% sequentially and 15% year over year, while total production rose 7% from the second quarter and 19% year over year. Oil volumes increased 10% sequentially, and natural gas production reached another record, up 39% year over year.
- Improved Realizations and Cash MarginsTighter oil differentials came in below $3 per barrel, while gas realizations improved to 98% of Henry Hub from 90% in the second quarter. Permian gas realizations recovered to 85% of Henry Hub from 39% in the second quarter as Waha pressure eased. The improvement added approximately $12 million, or $0.85 per BOE, in the quarter, and cash margin increased sequentially to $30.74 per BOE.
- Strong Free Cash Flow GenerationFree cash flow increased 25% from the third quarter of last year despite funding a higher level of activity. NOG generated approximately $150 million of free cash flow in the quarter and $381 million on an LTM basis, up from $351 million at the end of the second quarter. The company also recorded its 27th consecutive quarter of positive free cash flow, exceeding $2.3 billion over that period.
- Capital Investment and Production Guidance RaisedThird-quarter budgeted capital expenditures were $247.3 million, including $190.7 million of organic drilling and completion spending and $56.5 million of ground-game activity. NOG raised its full-year 2026 production guidance to 147 thousand BOE per day based on record third-quarter volumes and strong well performance. The capital budget remains $850 million to $900 million, with spending expected toward the high end because of higher activity and continued ground-game success.
- Strengthened Balance Sheet and LiquidityNOG ended September with more than $1.6 billion of total liquidity. The company issued $500 million of 7.5% senior notes due 2034 and used the proceeds to reduce its revolver, which ended the quarter at $223 million. Total debt declined by more than $100 million, and net debt to LQA adjusted EBITDA fell below 1.5x, reaching the company's stated year-end goal one quarter early.
- Share Repurchases and Dividend CoverageNOG repurchased approximately 668 thousand shares during the quarter at an average price of $23.96, with approximately $227 million remaining under its authorization. The board declared a quarterly dividend of $0.45 per share, or approximately $48 million, paid on October 30. Third-quarter free cash flow exceeded the dividend payout by more than 3x.
- Strong Well Performance Across Key BasinsThe 2025 Appalachia joint development program delivered strong performance and returns well above underwriting, while jointly owned Ohio assets with Infinity are gaining momentum. The recently closed Duvernay position is ahead of initial expectations, with well productivity, drilling and completion costs, and operating expenses all outperforming. Permian volumes also rebounded as Waha takeaway constraints eased.
- Higher Activity and Lower Normalized Well CostsNOG turned in line 23.9 net wells during the quarter, nearly double the second-quarter level, and added 18.1 net wells to its drilling and completion list. Recent normalized AFE costs declined 3% quarter over quarter and more than 5% below the 2025 average as drilling efficiencies improved and lateral lengths increased.
- Successful Ground-Game ExecutionNOG closed 19 ground-game transactions during the quarter, bringing year-to-date activity to 15.4 net wells across more than 8.5 thousand net acres. Management said the company continues to expand and optimize its holdings in Canada, the Uinta, and Appalachia, with a line of sight to significantly growing its Canadian footprint.
- Large Opportunity Set for Future TransactionsNOG is evaluating approximately 14 asset packages across seven regions with an estimated total value of more than $15 billion. Management said the breadth of the opportunity set allows the company to be selective and focus on acquisitions, divestitures, and trades that offer compelling risk-adjusted returns and improve the overall portfolio.
- Uinta Assets Tracking PlanManagement said the Uinta represents approximately 8% of total production and that third-quarter performance and the outlook entering the fourth quarter were on track with expectations. NOG has completed approximately $150 million of additional Uinta acquisitions outside of its partner's properties and expects significant basin growth, including increased rig activity by the first quarter.
- Stable-to-Growing Portfolio ActivityManagement expects Uinta and Canadian operations to grow, while Permian and Williston activity remains steady. Appalachia is expected to be resilient because NOG's cost basis and breakeven levels are among the lowest in the industry. Overall activity across the portfolio was described as stable to increasing, with every region performing well.
- Capital Efficiency and Strategic OptionalityManagement said the company has multiple ways to improve the business and grow profit per share, including reducing share count, acquisitions, drilling activity, partnerships, trades, and divestitures. NOG intends to continue taking a returns-first approach while using its approximately $1.6 billion of liquidity and strengthened balance sheet to pursue opportunities.
- Planned Investor DayNOG plans to hold its first Investor Day in the coming months to provide the investment community with a deeper review of the business and its long-term strategy.
DE:4LT1 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 1.12- | 0.75 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.981.19 | 0.93 | 28.16% (+0.26) | |
| Aug 06, 2026 | 2026 (Q2) | 1.061.02 | 1.24 | -17.52% (-0.22) | |
| Apr 28, 2026 | 2026 (Q1) | 0.640.67 | 1.2 | -44.36% (-0.53) | |
| Feb 25, 2026 | 2025 (Q4) | 0.720.75 | 1 | -25.23% (-0.25) | |
| Nov 06, 2025 | 2025 (Q3) | 0.790.93 | 1.27 | -26.43% (-0.33) | |
| Jul 31, 2025 | 2025 (Q2) | 0.871.24 | 1.32 | -6.16% (-0.08) | |
| Apr 29, 2025 | 2025 (Q1) | 1.021.20 | 1.16 | 3.91% (+0.05) | |
| Feb 19, 2025 | 2024 (Q4) | 0.991.00 | 1.46 | -31.06% (-0.45) | |
| Nov 05, 2024 | 2024 (Q3) | 1.081.27 | 1.56 | -19.08% (-0.30) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
