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- **Production Growth**: Q3 up 8% YoY to 131k BOE/d, driven by Permian and Williston outperformance.
- **Cost Efficiency**: 5% AFE reduction via 10% longer laterals; 2025 CapEx guidance tightened to $950M-$1.025B.
- **Balance Sheet Strength**: $1.2B liquidity, 6-year debt maturity extension, and $8B+ M&A pipeline.
- **2026 Outlook**: Gas growth expected; oil activity stable with return-driven capital allocation.
- **Risk Management**: Best-in-class hedging and 23rd consecutive quarter of positive free cash flow.

**【CEO Opening Remarks】**
- Emphasized business stability and cautious capital allocation, prioritizing returns over growth.
- Highlighted balance sheet strength with $300M+ liquidity increase and extended debt maturities.
- Noted NOG as one of the best-hedged companies, mitigating commodity risk.

**【President (Adam Dirlam) Operational Update】**
- Q3 production up 8% YoY, driven by Permian and Williston outperformance.
- Organic activity balanced across basins (40% Permian, 20% each for Appalachia, Williston, Uinta).
- Well cost efficiency: 10% longer laterals, 5% lower AFE costs, and service cost declines.
- Ground game additions: 6,000 net acres and 11.6 net wells YTD, including $100M Uinta royalty deal.

**【CFO (Chad Allen) Financial Review】**
- Q3 Adjusted EBITDA: $387.1M; Free Cash Flow: $118.9M (23rd consecutive quarter positive).
- Net loss of $129M due to noncash impairment; Adjusted Net Income: $102M.
- Liquidity: $1.2B (cash + $1.1B RBL); 2025 CapEx guidance tightened to $950M-$1.025B.
- Balance sheet optimization: $725M 2033 notes issued, RBL extended to 2030 with 60bp rate reduction.

**【Q&A Highlights】**
- **2026 Outlook**: Gas volumes expected to grow, oil activity stable; guidance pending commodity clarity.
- **M&A Pipeline**: $8B+ in screened deals across multiple basins; 22 Q3 transactions and 3 joint dev agreements.
- **Well Costs**: $821/foot D&C list; 5% sequential reduction via longer laterals (14k-15k ft in Williston).
- **Service Costs**: No material declines yet, but vendor consolidation may drive future savings.
- **Refracs**: Early success in Williston, but still early-stage evaluation.


Northern Oil and Gas, Inc. (NOG) Q3 2025 Earnings Call Transcript

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