NOG Announces Third Quarter 2026 Results
Business Wire•05/11/2026•16:10 ET
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Key Highlights
- ➤2026 production guidance raised to 147,000-150,000 Boepd from 143,000-148,000
- ➤Record production reached 156,239 Boe per day, up 19% year over year
- ➤Adjusted EBITDA hit record $444.5 million, while GAAP net loss reached $111.8 million
- ➤Free cash flow totaled $148.6 million, up 25.0% from the third quarter of 2025
- ➤Net debt reduced by over $100 million; leverage fell below 1.5x ahead of schedule
Expert Statements
Nick O’Grady, Chief Executive Officer of Northern Oil and Gas
“The third quarter was a record for NOG, and the drivers matter as much as the results. We set new highs for total production, natural gas volumes and Adjusted EBITDA, and generated nearly $150 million of Free Cash Flow even as activity increased across our oil-weighted basins. Our assets are self-funding their own growth and still generating substantial excess cash, and we’re putting that cash to work. We cut total debt by more than $100 million, brought leverage below 1.5 times a quarter ahead of our year-end goal, and continued buying back our own shares.”
Nick O’Grady, Chief Executive Officer of Northern Oil and Gas
“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. Our shares, like many in our sector, trade at a deep discount to the value of the assets underneath them. We don’t see that as a setback. We see it as an opportunity which we intend to seize upon. This quarter’s records are not a ceiling. We are a company run by investors, for investors, and we intend to keep delivering like one.”
* 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 production of 488,391 Mcf per day, a 39% increase from the third quarter of 2025 and a 5.2% increase from the second quarter of 2026
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