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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NOG

NOG fundamentals

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