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NOG Announces First Quarter 2026 ResultsApril 28, 2026 4:10 PM
Business Wire
FIRST QUARTER HIGHLIGHTS
Total quarterly production of 148,303 Boe per day (50% oil), a 10% increase from the first quarter of 2025
Record natural gas production of 448,444 Mcf per day, a 33% increase from the first quarter of 2025
GAAP net loss of $522.8 million, Adjusted EBITDA of $342.5 million, and Adjusted Net Income of $74.7 million. See “Non-GAAP Financial Measures” below
Cash flow from operations of $323.6 million. Excluding changes in net working capital, cash flow from operations was $297.2 million
Generated $30.4 million of Free Cash Flow. See “Non-GAAP Financial Measures” below
Capital expenditures of $270.1 million, excluding non-budgeted acquisitions and other
Closed Joint Ohio Utica acquisition of upstream and midstream assets in February 2026 with an adjusted ownership split of 40% for $464.6 million including the previously paid $58.8 million deposit.
Completed 41 ground game transactions adding over 5,100 net acres and an additional 6.14 net wells for $43.6 million, inclusive of associated development costs
Completed common stock offering of 8.3 million shares of common stock in March 2026, generating net proceeds of $227.9 million
Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or “Company”) today announced the Company’s first quarter results.
MANAGEMENT COMMENTS
"The current geopolitical environment is creating a dynamic environment for our business, and NOG is well-positioned to navigate it. We are seeing improved field level price realizations — particularly in the Williston — while strong hedging keeps us insulated from the seasonal weakness in natural gas prices. It is the longer-dated strip, however, that matters most, and improvements in 2027 and 2028 forward prices give us confidence in the durability of activity, M&A market liquidity, and our ability to compete for high-quality assets. Despite the current volatility, operator activity has remained relatively unchanged since the prior quarter, but we will continue to monitor operator plans and activity in the coming quarters,” commented Nick O’Grady, Chief Executive Officer.
“Q1 was a banner quarter for our Ground Game, closing 41 transactions while keeping capital disciplined. Our leasing program — having added over 70 net locations in the past year — is building an underappreciated runway of future value that will continue to differentiate NOG from peers. With a strong balance sheet and robust free cash flow, we see the potential for meaningful growth ahead,” added Adam Dirlam, President.
FIRST QUARTER FINANCIAL RESULTS
Oil and natural gas sales for the first quarter were $539.9 million. First quarter GAAP net loss was $522.8 million or $5.31 loss per basic and diluted share driven by a non-cash unrealized mark-to-market loss on derivatives of approximately $521.4 million and a non-cash impairment charge of $268.3 million. First quarter Adjusted Net Income was $74.7 million or $0.74 per adjusted diluted share. Adjusted EBITDA in the first quarter was $342.5 million, a 21% decrease from the first quarter of 2025, reflecting a 19% decrease in realized price on a Boe basis including settled commodity derivatives and the impact of a changing commodity mix. See “Non-GAAP Financial Measures” below.
PRODUCTION
First quarter 2026 production averaged 148,303 Boe per day, a 6% increase from the fourth quarter of 2025. Oil represented approximately 50% of total production in the first quarter at an average of 73,567 Bbls per day. NOG added 17.1 net wells to production during the first quarter, compared to 24.2 net wells added to production in the fourth quarter of 2025. The first quarter marked a lower point for well additions, in line with forecast, with the expectation of an acceleration of TILs through the balance of 2026. Well performance continues to be strong across all of NOG’s basins. Appalachian volumes set another production record as our Appalachian joint development program continues to consistently deliver TILs according to plan.
PRICING
During the first quarter, NOG’s unhedged net realized oil price was $66.32 per Bbl. The Company’s average differential to WTI prices was $5.85, a 1% increase from the first quarter of 2025. NOG’s unhedged net realized gas price in the first quarter was $2.50 per Mcf, representing a 72% realization compared with Henry Hub pricing. Natural gas realizations continue to be pressured due to lack of takeaway capacity in the Permian Basin.
HEDGING
In the first quarter, the Company recorded a non-cash unrealized mark-to-market loss on derivatives of approximately $521.4 million, driven by changes to the value of the Company’s derivatives portfolio. Realized hedge losses were $17.6 million as gains on the Company’s natural gas hedges were more than offset by losses on the Company’s crude oil hedges.
OPERATING COSTS
Lease operating costs were $129.7 million in the first quarter of 2026, or $9.72 per Boe, higher by 4% on a per unit basis compared to the first quarter of 2025. Production taxes were $38.3 million in the first quarter of 2026, compared to $36.1 million in the first quarter of 2025. First quarter general and administrative (“G&A”) costs totaled $23.2 million or $1.74 per Boe, as compared to $1.19 per Boe in the first quarter of 2025. The increase primarily reflects the $6.7 million of transaction costs associated with the Company’s Ohio Utica joint acquisition which closed in February. NOG’s adjusted cash G&A costs, which excludes non-cash share-based compensation and acquisition cost amounts of $3.7 million and $6.7 million, respectively, totaled $12.8 million or $0.96 per Boe in the first quarter, up $0.09 per Boe compared to the first quarter of 2025.
CAPITAL EXPENDITURES AND ACQUISITIONS
Capital expenditures for the first quarter were $270.1 million (excluding non-budgeted acquisitions and other). This was comprised of $226.5 million of total drilling and completion (“D&C”) capital on organic assets, and $43.6 million of Ground Game activity, inclusive of associated development costs. Normalized well costs on the Company’s AFE elections declined sequentially, averaging approximately $749 per lateral foot in the first quarter, as compared to $833 in the first quarter of 2025. NOG’s Permian Basin spending was 31% of the capital expenditures for the first quarter, the Appalachian was 28%, the Williston was 24% and the Uinta was 17%.
LIQUIDITY AND CAPITAL RESOURCES
NOG had total liquidity of $1.2 billion as of March 31, 2026, consisting of $1.1 billion of committed borrowing availability under its Revolving Credit Facility and $37.0 million cash on hand.
In March 2026, the Company completed an underwritten public offering of its common stock issuing 8,288,289 shares and raising $227.9 million in net proceeds. Funds raised in the offering were applied to the outstanding borrowings on the Company’s revolving credit facility.
OTHER MATTERS
NOG accounts for its assets under the Full Cost method, as opposed to the Successful Efforts method, which does not perform historical price-based asset tests. Driven by lower average oil prices, the Company recorded a non-cash ceiling test impairment charge of $268.3 million, in the first quarter of 2026, on its oil and gas assets. This non-cash charge will have no impact on cash flows of the Company.
SHAREHOLDER RETURNS
In February 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend is payable on April 30, 2026, to stockholders of record as of the close of business on March 30, 2026.
FIRST QUARTER 2026 RESULTS
The following tables set forth selected operating and financial data for the periods indicated.
Three Months Ended March 31,
2026
2025
% Change
Net Production:
Oil (MBbl)
6,621
7,081
(6
)%
Natural Gas (MMcf)
40,360
30,394
33
%
Total (MBoe)
13,347
12,146
10
%
Average Daily Production:
Oil (Bbl)
73,567
78,675
(6
)%
Natural Gas (Mcf)
448,444
337,706
33
%
Total (Boe)
148,303
134,959
10
%
Average Sales Prices:
Oil (per Bbl)
$
66.32
$
64.92
2
%
Effect of Gain (Loss) on Settled Oil Derivatives on Average Price (per Bbl)
(4.32
)
1.55
Oil Net of Settled Oil Derivatives (per Bbl)
62.00
66.47
(7
)%
Natural Gas and NGLs (per Mcf)
2.50
3.86
(35
)%
Effect of Gain on Settled Natural Gas Derivatives on Average Price (per Mcf)
0.27
0.04
Natural Gas and NGLs Net of Settled Natural Gas and NGL Derivatives (per Mcf)
2.77
3.90
(29
)%
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives
40.45
47.50
(15
)%
Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe)
(1.32
)
0.99
Realized Price on a Boe Basis Including Settled Commodity Derivatives
39.13
48.49
(19
)%
Costs and Expenses (per Boe):
Production Expenses
$
9.72
$
9.39
4
%
Production Taxes
2.87
2.97
(3
)%
General and Administrative Expenses
1.74
1.19
46
%
Depletion, Depreciation, Amortization and Accretion
14.77
16.93
(13
)%
Net Producing Wells at Period End
1,303.9
1,133.9
15
%
HEDGING UPDATE
NOG hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following table summarizes NOG’s open crude oil commodity derivative contracts scheduled to settle after March 31, 2026.
Crude Oil Commodity Derivative Swaps(1)
Crude Oil Commodity Derivative Collars
Contract Period
Volume (Bbls/Day)
Weighted Average Price
($/Bbl)
Collar Sub-Floor Volume (Bbls/Day)
Collar Floor Volume (Bbls/Day)
Collar Ceiling Volume (Bbls/Day)
Weighted Average
Sub-Floor Price
($/Bbl)
Weighted Average Floor Price
($/Bbl)
Weighted Average Ceiling Price
($/Bbl)
2026(1)
Q2
23,719
$
66.82
1,412
20,011
27,504
$
48.54
$
62.91
$
70.59
Q3
20,745
67.78
2,250
19,187
26,680
47.22
62.34
70.46
Q4
18,745
67.87
2,250
19,187
26,680
47.22
62.34
70.46
2027(1)
Q1
7,250
$
69.01
2,500
6,750
6,750
$
45.00
$
61.14
$
68.72
Q2
7,250
69.01
2,500
6,750
6,750
45.00
61.14
68.72
Q3
5,000
69.94
421
3,842
3,842
45.00
63.04
73.91
Q4
5,000
69.94
—
3,000
3,000
—
64.03
76.37
(1)
Includes derivative contracts entered into as of April 20, 2026. This table does not include volumes subject to swaptions and call options, which are crude oil derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG’s counterparties. This table also does not include basis swaps.
The following table summarizes NOG’s open natural gas commodity derivative contracts scheduled to settle after March 31, 2026.
Natural Gas Commodity Derivative Swaps(1)
Natural Gas Commodity Derivative Collars
Contract Period
Volume (MMBTU/Day)
Weighted Average Price ($/MMBTU)
Collar Floor Volume (MMBTU/Day)
Collar Ceiling Volume (MMBTU/Day)
Weighted Average Floor Price
($/MMBTU)
Weighted Average Ceiling Price
($/MMBTU)
2026(1)
Q2
101,099
$
4.00
152,140
152,140
$
3.42
$
4.93
Q3
116,685
4.02
150,486
150,486
3.45
4.89
Q4
135,054
4.16
150,105
150,105
3.47
5.06
2027(1)
Q1
89,056
$
4.01
77,389
77,389
$
3.46
$
4.79
Q2
90,989
4.00
65,714
65,714
3.45
4.43
Q3
90,000
4.00
65,000
65,000
3.45
4.43
Q4
71,413
3.96
46,467
46,467
3.45
4.41
2028(1)
Q1
28,077
$
3.83
9,890
9,890
$
3.50
$
4.17
Q2
20,220
3.83
10,110
10,110
3.50
4.17
Q3
20,000
3.83
10,000
10,000
3.50
4.17
Q4
16,630
3.85
10,000
10,000
3.50
4.07
2029(1)
Q1
9,889
9,889
$
3.50
$
3.88
Q2
10,110
10,110
3.50
3.88
Q3
10,000
10,000
3.50
3.88
Q4
6,630
6,630
3.50
3.88
(1)
Includes derivative contracts entered into as of April 20, 2026. This table does not include volumes subject to swaptions and call options, which are crude oil derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG’s counterparties. This table also does not include basis swaps.
The following table summarizes NOG’s open NGL commodity derivative contracts scheduled to settle after March 31, 2026.
Natural Gas Liquids Commodity Derivative Swaps(1)
Swaps
Contract Period
Volume
(BBL/Day)
Weighted Average Price
($/BBL)
2026(1)
Q2
1,175
$
33.32
Q3
1,050
33.03
Q4
875
33.32
2027(1)
Q1
725
$
32.30
Q2
650
30.73
Q3
625
30.69
Q4
575
30.87
(1)
Includes derivative contracts entered into as of April 20, 2026.
The following table presents NOG’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented, which is included in the revenue section of NOG’s statement of operations:
Three Months Ended
March 31,
(In thousands)
2026
2025
Cash Received (Paid) on Settled Derivatives, Net
$
(17,633
)
$
12,062
Non-Cash Mark-to-Market Gain (Loss) on Derivatives
(521,423
)
9,699
Gain (Loss) on Commodity Derivatives, Net
$
(539,056
)
$
21,761
CAPITAL EXPENDITURES & DRILLING ACTIVITY
(In thousands, except for net well data and dollars per foot)
Three Months Ended
March 31, 2026
Capital Expenditures Incurred:
Organic Drilling and Development Capital Expenditures
$
226,518
Ground Game Acquisition Capital Expenditures, Inclusive of Development Costs
$
43,587
Other
$
3,393
Non-Budgeted Acquisitions
$
466,217
Net Wells Added to Production
17.1
Net Producing Wells (Period-End)
1,303.9
Net Wells in Process (Period-End)
43.7
Weighted Average Gross AFE for Wells Elected to
$
10,294
Weighted Average Gross AFE for Wells Elected to, normalized for lateral length ($ per foot)
$
749
FIRST QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
In conjunction with NOG’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Wednesday, April 29, 2026 at 8:00 a.m. Central Time.
Those wishing to listen to the conference call may do so via webcast or phone as follows:
Webcast: https://events.q4inc.com/attendee/607802271
Dial-In Number: (800) 715-9871 (US/Canada) and (646) 307-1963 (International)
Conference ID: 4503139 - NOG First Quarter 2026 Earnings Conference Call
Replay Dial-In Number: (800) 770-2030 (US/Canada) and (647) 362-9199 (International)
Replay Access Code: 4503139 - Replay will be available through May 13, 2026
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding NOG’s financial position, operating and financial performance, business strategy, dividend plans and practices, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, cash flow, borrowing base under NOG’s Revolving Credit Facility, NOG’s intention or ability to pay or increase dividends on its capital stock, and impairment are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition; infrastructure constraints and related factors affecting NOG’s properties; general economic or industry conditions, whether internationally, nationally and/or in the communities in which NOG conducts business, including any future economic downturn, cost inflation, supply chain disruptions, the impact of continued or further inflation, disruption in the financial markets, changes in the interest rate environment and actions taken by OPEC and other oil producing countries as it pertains to the global supply and demand of, and prices for, crude oil, natural gas and NGLs; ongoing legal disputes over, and potential shutdown of, the Dakota Access Pipeline; NOG’s ability to identify and consummate additional development opportunities and potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruption to NOG’s business due to acquisitions and other significant transactions; changes in local, state, and federal laws, regulations or policies that may affect NOG’s business or NOG’s industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); conditions of the securities markets; risks associated with NOG’s 3.625% convertible senior notes due 2029 (the “Convertible Notes”), including the potential impact that the Convertible Notes may have on NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transactions undertaken in tandem with the Convertible Notes issuances, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to raise or access capital on acceptable terms; cyber-incidents could have a material adverse effect on NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and Quarterly Report on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. Accordingly, results actually achieved may differ materially from expected results described in these statements. NOG does not undertake, and specifically disclaims, any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
March 31,
(In thousands, except share and per share data)
2026
2025
Revenues
Oil and Gas Sales
$
539,855
$
576,952
Gain (Loss) on Commodity Derivatives, Net
(539,056
)
21,761
Other Revenues
4,230
3,385
Total Revenues
5,029
602,098
Operating Expenses
Production Expenses
129,747
114,040
Production Taxes
38,343
36,069
General and Administrative Expenses
23,174
14,481
Depletion, Depreciation, Amortization and Accretion
197,098
205,690
Impairment of Oil and Gas Assets
268,276
—
Other Expenses
3,274
2,537
Total Operating Expenses
659,912
372,817
Income (Loss) From Operations
(654,883
)
229,281
Other Income (Expense)
Interest Expense, Net
(42,586
)
(43,350
)
Gain (Loss) on Unsettled Interest Rate Derivatives, Net
1,566
(144
)
Loss on Extinguishment of Debt
(14
)
—
Total Other Expense, Net
(41,034
)
(43,494
)
Income (Loss) Before Income Taxes
(695,917
)
185,787
Income Tax Expense (Benefit)
(173,070
)
46,805
Net Income (Loss)
$
(522,847
)
$
138,982
Net Income (Loss) Attributable to Common Stockholders
$
(522,847
)
$
138,982
Net Income (Loss) Per Common Share – Basic
$
(5.31
)
$
1.41
Net Income (Loss) Per Common Share – Diluted
$
(5.31
)
$
1.39
Weighted Average Common Shares Outstanding – Basic
98,502,731
98,559,724
Weighted Average Common Shares Outstanding – Diluted
98,502,731
99,992,487
CONDENSED BALANCE SHEETS
(UNAUDITED)
(In thousands, except par value and share data)
March 31, 2026
December 31, 2025
Assets
Current Assets:
Cash and Cash Equivalents
$
37,041
$
14,299
Accounts Receivable, Net
395,291
349,927
Prepaid Expenses and Other
19,010
37,061
Derivative Instruments
7,682
166,678
Income Tax Receivable
13,881
18,066
Total Current Assets
472,905
586,031
Property and Equipment:
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved
12,023,262
11,441,786
Unproved
244,274
86,034
Less – Accumulated Depletion and Impairment
(7,248,728
)
(6,784,649
)
Total Oil and Natural Gas Properties, Net
5,018,808
4,743,171
Other Property and Equipment, Net
2,845
3,196
Total Property and Equipment, Net
5,021,653
4,746,367
Derivative Instruments
4,653
3,036
Other Noncurrent Assets, Net
15,635
73,941
Total Assets
$
5,514,846
$
5,409,375
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts Payable
$
234,921
$
218,620
Accrued Liabilities and Other
402,085
320,673
Derivative Instruments
262,379
—
Total Current Liabilities
899,385
539,293
Long-term Debt, Net
2,551,528
2,395,393
Deferred Tax Liability
76,424
247,645
Derivative Instruments
148,200
48,102
Asset Retirement Obligations
53,275
50,831
Other Noncurrent Liabilities
1,638
1,770
Total Liabilities
$
3,730,450
$
3,283,034
Commitments and Contingencies
Stockholders’ Equity
Common Stock, Par Value $0.001; 270,000,000 Shares Authorized; 105,791,123 Shares Outstanding at 3/31/2026 97,265,559 Shares Outstanding at 12/31/2025
508
499
Additional Paid-In Capital
1,825,456
1,644,563
Retained Earnings (Deficit)
(41,568
)
481,279
Total Stockholders’ Equity
1,784,396
2,126,341
Total Liabilities and Stockholders’ Equity
$
5,514,846
$
5,409,375
Non-GAAP Financial Measures
Adjusted Net Income, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. NOG defines Adjusted Net Income as income before income taxes, excluding (i) (gain) loss on unsettled commodity derivatives, net of tax, (ii) (gain) loss on extinguishment of debt, net of tax, (iii) contingent consideration (gain) loss, net of tax, (iv) acquisition transaction costs, net of tax, (v) (gain) loss on unsettled interest rate derivatives, net of tax, and (vi) impairment of long-lived assets, net of tax. NOG defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion, amortization and accretion, (iv) non-cash stock-based compensation expense, (v) (gain) loss on extinguishment of debt, (vi) contingent consideration (gain) loss (vii) acquisition transaction costs, (viii) (gain) loss on unsettled interest rate derivatives, (ix) (gain) loss on unsettled commodity derivatives, (x) impairment of long-lived assets, and (xi) other non-cash adjustments. NOG defines Free Cash Flow as cash flows from operations before changes in working capital and other items, less (i) capital expenditures, excluding non-budgeted acquisitions and changes in accrued capital expenditures and other items. A reconciliation of each of these measures to the most directly comparable GAAP measure is included below.
Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of current financial performance. Management believes Adjusted Net Income and Adjusted EBITDA provide useful information to both management and investors by excluding certain expenses and unrealized commodity gains and losses that management believes are not indicative of NOG’s core operating results. Management believes that Free Cash Flow is useful to investors as a measure of a company’s ability to internally fund its budgeted capital expenditures, to service or incur additional debt, and to measure success in creating stockholder value. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring NOG’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. The non-GAAP financial measures included herein may be defined differently than similar measures used by other companies and should not be considered an alternative to, or more meaningful than, the comparable GAAP measures. From time to time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward looking non-GAAP measure to its most directly comparable forward looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward looking GAAP measure. The reconciling items in future periods could be significant.
Reconciliation of Adjusted Net Income
Three Months Ended
March 31,
(In thousands, except share and per share data)
2026
2025
Income (Loss) Before Income Taxes
$
(695,917
)
$
185,787
Add:
Impact of Selected Items:
Loss (Gain) on Unsettled Commodity Derivatives
521,423
(9,699
)
Loss (Gain) on Extinguishment of Debt
14
—
Acquisition Transaction Costs
6,686
423
Loss (Gain) on Unsettled Interest Rate Derivatives
(1,566
)
144
Impairment of Oil and Gas Assets
268,276
—
Adjusted Income Before Adjusted Income Tax Expense
98,916
176,655
Adjusted Income Tax Expense (1)
(24,234
)
(43,280
)
Adjusted Net Income (non-GAAP)
$
74,682
$
133,375
Weighted Average Shares Outstanding – Basic
98,502,731
98,559,724
Weighted Average Shares Outstanding – Diluted
98,502,731
99,992,487
Less:
Dilutive Effect of Convertible Notes (2)
—
—
Add:
Dilutive Effect of Restricted Stock (3)
1,794,709
—
Weighted Average Shares Outstanding – Adjusted Diluted
100,297,440
99,992,487
Income (Loss) Before Income Taxes Per Common Share – Basic
$
(7.06
)
$
1.89
Add:
Impact of Selected Items
8.07
(0.09
)
Impact of Income Tax
(0.25
)
(0.45
)
Adjusted Net Income Per Common Share – Basic
$
0.76
$
1.35
Income (Loss) Before Income Taxes Per Common Share – Adjusted Diluted
$
(6.94
)
$
1.86
Add:
Impact of Selected Items
7.92
(0.09
)
Impact of Income Tax
(0.24
)
(0.44
)
Adjusted Net Income Per Common Share – Adjusted Diluted
$
0.74
$
1.33
(1)
For the three months ended March 31, 2026 and March 31, 2025, this represents a tax impact using an estimated tax rate of 24.5%.
(2)
Weighted average shares outstanding - diluted, on a GAAP basis, includes diluted shares attributable to the Company’s Convertible Notes due 2029. However, the offsetting impact of the capped call transactions that the Company entered into in connection therewith is not recognized on a GAAP basis. As a result, for purposes of this calculation, the Company excludes the dilutive shares to the extent they would be offset by the capped calls.
(3)
Weighted average shares outstanding - diluted, on a GAAP basis, does not include the dilutive effect of restricted stock when the Company is in a loss position. As a result, for purposes of this calculation, the Company includes the dilutive shares attributable to the restricted stock.
Reconciliation of Adjusted EBITDA
Three Months Ended
March 31,
(In thousands)
2026
2025
Net Income (Loss)
$
(522,847
)
$
138,982
Add:
Interest Expense
42,788
43,850
Income Tax Expense (Benefit)
(173,070
)
46,805
Depreciation, Depletion, Amortization and Accretion
197,098
205,690
Non-Cash Stock-Based Compensation
3,710
3,540
Loss on Extinguishment of Debt
14
—
Other Adjustments
—
5,000
Acquisition Transaction Costs
6,686
423
Loss (Gain) on Unsettled Interest Rate Derivatives
(1,566
)
144
Loss (Gain) on Unsettled Commodity Derivatives
521,423
(9,699
)
Impairment of Oil and Gas Assets
268,276
—
Adjusted EBITDA
$
342,512
$
434,735
Reconciliation of Free Cash Flow
Three Months Ended
March 31,
(In thousands)
2026
2025
Net Cash Provided by Operating Activities
$
323,615
407,426
Exclude: Changes in Working Capital and Other Items
(26,442
)
(19,998
)
Less: Capital Expenditures (1)
(266,812
)
(251,735
)
Free Cash Flow
$
30,361
$
135,693
(1)
Capital expenditures are calculated as follows:
Three Months Ended
March 31,
(In thousands)
2026
2025
Cash Paid for Capital Expenditures
$
634,623
263,971
Less: Non-Budgeted Acquisitions, inclusive of Acquisition Transaction Costs
(406,338
)
(22,204
)
Plus: Change in Accrued Capital Expenditures and Other
38,527
9,968
Capital Expenditures
$
266,812
$
251,735
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428207853/en/
Evelyn Infurna
Vice President of Investor Relations
952-476-9800
ir@northernoil.com
Original: NOG Announces First Quarter 2026 Results
US Market News
4月前
NOG Announces Pricing of Public Offering of Common StockMarch 11, 2026 7:57 PM
Business Wire
Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) announced today that it has priced its previously announced underwritten public offering of 7,207,208 shares of its common stock (the “Offering”). The Company has granted the underwriter a 30-day option to purchase up to an additional 1,081,081 shares from the Company. The Offering is expected to close on March 13, 2026, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the Offering for general corporate purposes, which will include the repayment of a portion of the outstanding borrowings under its revolving credit facility.
BofA Securities is acting as the sole book-running manager for the Offering. BofA Securities may offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the SEC’s website at www.sec.gov or by contacting BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding the expected closing date of the Offering and the anticipated use of the net proceeds therefrom are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition; infrastructure constraints and related factors affecting NOG’s properties; general economic or industry conditions, whether internationally, nationally and/or in the communities in which NOG conducts business, including any future economic downturn, cost inflation, supply chain disruptions, the impact of continued or further inflation, disruption in the financial markets, changes in the interest rate environment and actions taken by OPEC and other oil producing countries as it pertains to the global supply and demand of, and prices for, crude oil, natural gas and natural gas liquids; ongoing legal disputes over, and potential shutdown of, the Dakota Access Pipeline; NOG’s ability to identify and consummate additional development opportunities and potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruption to NOG’s business due to acquisitions and other significant transactions; changes in local, state, and federal laws, regulations or policies that may affect NOG’s business or NOG’s industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); conditions of the securities markets; risks associated with NOG’s 3.625% convertible senior notes due 2029 (the “Convertible Notes”), including the potential impact that the Convertible Notes may have on NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transactions undertaken in tandem with the Convertible Notes issuances, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to raise or access capital on acceptable terms; cyber-incidents could have a material adverse effect on NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions and shipping channels, including the joint U.S.-Israel strikes on Iran, continued instability in the Middle East and the effects of any changes to conditions in or impacting Venezuela; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. Accordingly, results actually achieved may differ materially from expected results described in these statements. Forward-looking statements speak only as of the date they are made. NOG does not undertake, and specifically disclaims, any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260311655759/en/
Evelyn Leon Infurna
Vice President of Investor Relations
(952) 476-9800
ir@noginc.com
Original: NOG Announces Pricing of Public Offering of Common Stock
US Market News
4月前
NOG Announces Proposed Public Offering of Common StockMarch 11, 2026 4:10 PM
Business Wire
Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) announced today that it has commenced an underwritten public offering of $200,000,000 of its shares of common stock (the “Offering”). Additionally, the Company intends to grant the underwriter a 30-day option to purchase up to an additional $30,000,000 of shares of common stock from the Company. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.
The Company intends to use the net proceeds from the Offering for general corporate purposes, which will include the repayment of a portion of the outstanding borrowings under its revolving credit facility.
BofA Securities is acting as the sole book-running manager for the Offering. BofA Securities may offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the SEC’s website at www.sec.gov or by contacting BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding NOG’s plans to issue the common stock and the anticipated use of the net proceeds therefrom are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition; infrastructure constraints and related factors affecting NOG’s properties; general economic or industry conditions, whether internationally, nationally and/or in the communities in which NOG conducts business, including any future economic downturn, cost inflation, supply chain disruptions, the impact of continued or further inflation, disruption in the financial markets, changes in the interest rate environment and actions taken by OPEC and other oil producing countries as it pertains to the global supply and demand of, and prices for, crude oil, natural gas and natural gas liquids; ongoing legal disputes over, and potential shutdown of, the Dakota Access Pipeline; NOG’s ability to identify and consummate additional development opportunities and potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruption to NOG’s business due to acquisitions and other significant transactions; changes in local, state, and federal laws, regulations or policies that may affect NOG’s business or NOG’s industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); conditions of the securities markets; risks associated with NOG’s 3.625% convertible senior notes due 2029 (the “Convertible Notes”), including the potential impact that the Convertible Notes may have on NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transactions undertaken in tandem with the Convertible Notes issuances, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to raise or access capital on acceptable terms; cyber-incidents could have a material adverse effect on NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions and shipping channels, including the joint U.S.-Israel strikes on Iran, continued instability in the Middle East and the effects of any changes to conditions in or impacting Venezuela; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. Accordingly, results actually achieved may differ materially from expected results described in these statements. Forward-looking statements speak only as of the date they are made. NOG does not undertake, and specifically disclaims, any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260311254469/en/
Evelyn Leon Infurna
Vice President of Investor Relations
(952) 476-9800
ir@noginc.com
Original: NOG Announces Proposed Public Offering of Common Stock
US Market News
5月前
NOG Provides Fourth Quarter UpdateFebruary 10, 2026 4:10 PM
Business Wire
Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today provided an update on a number of business matters including fourth quarter hedging results, an update on ground game transactions and a non-cash impairment charge.
BUSINESS UPDATE
Unrealized mark-to-market gains on derivatives for the fourth quarter were an estimated $84.0 – $88.0 million, driven by changes to the value of the Company's derivatives portfolio. Realized hedge gains were an estimated $70.0 – $72.0 million, driven by the Company’s natural gas, crude oil and basis hedges.
The Company continues to execute its policy of protecting its capital program by periodically entering into financial derivative instruments with counterparties to lock in future commodity prices on a portion of its expected production. NOG has added additional hedges since its third quarter report, including hedges to oil, natural gas and Waha, Midland-Cushing and M2 basis hedges. The Company currently has an average of over 45,000 barrels per day of oil hedged for the first half of 2026 and an average of over 40,000 barrels per day of oil hedged for full-year 2026, through a combination of swaps and collars. Additionally, NOG has an average of over 285 MMBtu per day of natural gas hedged for the first half of 2026 and an average of over 295 MMBtu per day of natural gas hedged for full-year 2026, through a combination of swaps and collars. An updated copy of the hedge tables can be found below.
The following table summarizes NOG’s open crude oil derivative contracts scheduled to settle after December 31, 2025.
Crude Oil Contracts (1)
Swaps
Collars
Contract Period
Volume
(Bbls)
Weighted
Average
Price
($/Bbl)
Volume
Ceiling
(Bbls)
Volume
Floor
(Bbls)
Weighted
Average
Ceiling Price
($/Bbl)
Weighted
Average Floor
Price
($/Bbl)
2026:
Q1
2,291,876
$
68.34
3,121,226
2,446,789
$
72.98
$
62.94
Q2
2,158,456
66.00
2,336,907
1,654,977
71.17
63.22
Q3
1,908,567
67.78
2,132,587
1,443,163
71.49
62.94
Q4
1,724,567
67.87
2,132,587
1,443,163
71.49
62.94
___________
(1)
Includes derivative contracts entered into through January 31, 2026. This table does not include volumes subject to swaptions and call options, which are crude oil derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG’s counterparties. This table does not include basis swaps.
The following table summarizes NOG’s open natural gas commodity derivative contracts scheduled to settle after December 31, 2025.
Natural Gas Contracts (1)
Swaps
Collars
Contract Period
Volume
(MMBTU)
Weighted
Average
Price
($/MMBTU)
Volume
Ceiling
(MMBTU)
Volume
Floor
(MMBTU)
Weighted
Average
Ceiling Price
($/MMBTU)
Weighted
Average Floor
Price
($/MMBTU)
2026:
Q1
12,905,000
$
4.08
13,093,249
13,093,249
$
4.88
$
3.42
Q2
12,420,000
3.97
13,844,706
13,844,706
4.93
3.42
Q3
13,340,000
4.02
13,844,706
13,844,706
4.89
3.45
Q4
14,570,000
4.14
13,809,642
13,809,642
5.06
3.47
2027:
Q1
9,795,000
$
4.01
6,965,000
6,965,000
$
4.79
$
3.46
Q2
10,120,000
4.00
5,980,000
5,980,000
4.43
3.45
Q3
10,120,000
4.00
5,980,000
5,980,000
4.43
3.45
Q4
7,790,000
3.97
4,275,000
4,275,000
4.41
3.45
2028:
Q1
2,555,000
$
3.83
900,000
900,000
$
4.17
$
3.50
Q2
1,840,000
3.83
920,000
920,000
4.17
3.50
Q3
1,840,000
3.83
920,000
920,000
4.17
3.50
Q4
1,530,000
3.85
920,000
920,000
4.07
3.50
2029:
Q1
—
$
—
890,000
890,000
$
3.88
$
3.50
Q2
—
—
920,000
920,000
3.88
3.50
Q3
—
—
920,000
920,000
3.88
3.50
Q4
—
—
610,000
610,000
3.88
3.50
___________
(1)
Includes derivative contracts entered into through January 31, 2026. This table does not include volumes subject to swaptions and call options, which are natural gas derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG’s counterparties. This table does not include basis swaps.
The following table summarizes NOG’s open NGL commodity derivative swap contracts scheduled to settle after December 31, 2025.
NGL Contracts
Swaps
Contract Period
Volume
(BBL)
Weighted
Average Price
($/BBL)
2026:
Q1
92,250
$
36.00
Q2
106,925
33.32
Q3
96,600
33.03
Q4
80,500
33.32
2027:
Q1
65,250
$
32.30
Q2
59,150
30.73
Q3
57,500
30.69
Q4
52,900
30.87
___________
(1)
Includes derivative contracts entered into through January 31, 2026. This table does not include volumes subject to swaptions and call options, which are NGL derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG’s counterparties. This table does not include basis swaps.
GROUND GAME UPDATE
NOG continued its successful ground game efforts in the fourth quarter with a record 33 ground game transactions, deploying approximately $77.0 million of acquisition and development capital across the Company’s four basins adding 1.2 net wells and over 6,000 net acres.
In 2025, the Company deployed approximately $173.5 million of acquisition and development capital across a record 84 ground game transactions, adding 12.8 net wells and over 12,000 acres. These activities will add over 65 net incremental locations across all of NOG’s active basins.
NON-CASH IMPAIRMENT
NOG accounts for its assets under the full-cost method under SEC guidelines, as opposed to the Successful Efforts method, which does not perform historical price-based asset tests. Driven by lower average oil prices on a year-over-year basis, the Company expects to take a non-cash impairment charge in the fourth quarter of 2025 of $260 – $270 million under the “ceiling test” of the full cost pool on its assets. This non-cash charge will have no impact on cash flows of the Company.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.
PRELIMINARY INFORMATION
The preliminary unaudited fourth quarter 2025 financial and operating information included in this press release is based on estimates and subject to completion of NOG’s financial closing procedures. Such information has been prepared by management solely based on currently available information. The preliminary information does not represent and is not a substitute for a comprehensive statement of financial and operating results, and NOG’s actual results may differ materially from these estimates because of final adjustments, the completion of NOG’s financial closing and audit procedures, and other developments after the date of this release.
SAFE HARBOR
This release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included or referenced in this press release regarding NOG’s dividend plans and practices (including timing, amounts and relative performance), financial position, business strategy, plans and objectives for future operations, industry conditions, cash flow, and growth prospects are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s properties and properties pending acquisition; NOG’s ability to acquire additional development opportunities; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; NOG’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260210870596/en/
Evelyn Leon Infurna
Vice President of Investor Relations
(952) 476-9800
ir@noginc.com
Original: NOG Provides Fourth Quarter Update
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