NORTHERN OIL & GAS (NOG) Company Report

On November 5, 2025, Northern Oil and Gas, Inc. (NOG) entered into a Fourth Amended and Restated Credit Agreement, establishing a new Revolving Credit Facility.
This new facility replaces the company's prior revolving credit facility and has a maturity date of November 5, 2030.
The initial elected commitment amount under the Revolving Credit Facility is $1.6 billion, with an initial Borrowing Base of $1.8 billion.
The facility includes financial covenants requiring a ratio of total net debt to EBITDAX of no more than 3.50 to 1.00 and a current ratio of not less than 1.00 to 1.00.

Nov 10, 2025, 9:28 PM

8-K

NOG Reports Q3 2025 Financial and Operational Results, Updates 2025 Guidance

NOG

Earnings

Guidance Update

M&A

NOG reported Q3 2025 Adjusted EBITDA of $387.1 million, a 12% decrease quarter-over-quarter, and Free Cash Flow of $118.9 million.
Average daily production reached 131.1 Mboe/d, representing an 8% increase year-over-year but a 2% decrease quarter-over-quarter.
The company updated its 2025 annual production guidance to 132,500 – 134,000 Boe/day and narrowed its total budgeted capital expenditures to $950 - $1,025 million.
NOG completed a $98.3 million acquisition of royalty and mineral interests in Utah and closed $59.8 million in Ground Game deals during the quarter.

Nov 7, 2025, 2:00 PM

Presentation

NOG Announces Third Quarter 2025 Results and Updated Guidance

NOG

Earnings

Guidance Update

Debt Issuance

Northern Oil and Gas, Inc. reported a GAAP net loss of $129.1 million for Q3 2025, primarily due to a $318.7 million non-cash impairment charge, while achieving Adjusted EBITDA of $387.1 million and $118.9 million in Free Cash Flow.
Total quarterly production for Q3 2025 was 131,054 Boe per day (55% oil), an 8% increase from the third quarter of 2024, with oil volumes at 72,348 Bbl per day.
The company raised its 2025 annual production guidance to a range of 132,500 - 134,000 Boepd and tightened capital expenditure guidance to $950 - $1,025 million.
NOG issued $725.0 million of 7.875% Senior Notes due 2033 and repurchased $684.9 million of 8.125% Senior Notes due 2028, extending its weighted average debt maturity, and amended its Revolving Credit Facility on November 5, 2025, to extend maturity to 2030 and lower borrowing costs.

Nov 6, 2025, 9:11 PM

8-K

Northern Oil and Gas Announces Third Quarter 2025 Results

NOG

Earnings

Guidance Update

Debt Issuance

Northern Oil and Gas (NOG) reported a GAAP net loss of $129.1 million for the third quarter of 2025, primarily driven by a $318.7 million non-cash impairment charge, while Adjusted EBITDA was $387.1 million.
Total quarterly production increased 8% from Q3 2024 to 131,054 Boe per day (55% oil), and the company raised its 2025 annual production guidance to 132,500 - 134,000 Boepd.
NOG generated $118.9 million in Free Cash Flow and tightened its 2025 capital expenditure guidance to a range of $950 - $1,025 million.
The company issued $725.0 million of 7.875% Senior Notes due 2033 to repurchase $684.9 million of 8.125% Senior Notes due 2028, and amended its Revolving Credit Facility to extend its maturity to 2030.
A cash dividend of $0.45 per share was declared in November 2025, payable January 30, 2025.

Nov 6, 2025, 9:05 PM

Press Release

Northern Oil and Gas Provides Q3 2025 Update with Increased Production Guidance and Acquisitions

NOG

Guidance Update

M&A

New Projects/Investments

Northern Oil and Gas (NOG) completed a $98.3 million Uinta Basin royalty and mineral acquisition in August 2025, expected to be accretive to key financial metrics.
The company also deployed $59.8 million in ground game acquisitions during Q3 2025, adding approximately 2,500 net acres and 5.8 net wells across its basins.
NOG is increasing its 2025 annual production guidance to 75,000 – 76,500 Bopd for oil and 132,500 – 134,000 Boepd for total volumes, driven by better than expected well performance.
The company is tightening its annual capital expenditure guidance range to $950 – $1,025 million and expects Q3 2025 total capital expenditures to be approximately $272 million.
NOG expects to record a non-cash impairment charge of $310 to $330 million in Q3 2025 due to lower recent average oil prices, which will not impact cash flows.

Oct 21, 2025, 8:20 PM

8-K

Northern Oil & Gas Provides Third Quarter Update, Increases Production Guidance, and Announces Acquisitions

NOG

M&A

Guidance Update

New Projects/Investments

Northern Oil & Gas (NOG) completed a $98.3 million acquisition of Uinta Basin royalty and mineral interests, which is expected to be accretive to key financial metrics.
The company reported $59.8 million in ground game acquisition costs for Q3 2025, adding approximately 2,500 net acres and 5.8 net wells.
NOG increased its 2025 annual production guidance to 132,500 – 134,000 Boepd total and 75,000 – 76,500 Bopd for oil, while tightening annual capital expenditure guidance to $950 – $1,025 million.
A non-cash impairment charge of $310 to $330 million is expected in Q3 2025 due to lower oil prices.

Oct 21, 2025, 8:05 PM

Press Release

NOG Completes Tender Offer for 2028 Notes and Issues New 2033 Senior Notes

NOG

Debt Issuance

NORTHERN OIL AND GAS, INC. (NOG) accepted for payment $684,943,000 aggregate principal amount of its 8.125% Senior Notes due 2028 in a tender offer announced on September 29, 2025.
Payment for the tendered 2028 Notes was made on October 1, 2025, utilizing a portion of the proceeds from the sale of new 7.875% Senior Notes due 2033.
The Indenture for the new 2033 Notes includes covenants that limit the company's ability to incur additional indebtedness, pay dividends, transfer assets, and make investments, with many of these covenants terminating if the 2033 Notes achieve an investment grade rating.
The company has the option to redeem up to 40% of the 2033 Notes prior to October 15, 2028, at 107.875% of the principal amount plus accrued interest, using net cash proceeds from Equity Offerings, provided at least 60% of the notes remain outstanding.

Oct 1, 2025, 8:10 PM

8-K

NOG Announces Tender Offer Results for Senior Notes

NOG

Debt Issuance

Northern Oil and Gas (NOG) received tenders for $684,943,000 in aggregate principal amount of its 8.125% Senior Notes due 2028, representing approximately 97.14% of the outstanding notes, by the September 26, 2025 expiration time.
Notes validly tendered and accepted for purchase will receive $1,015 for each $1,000 principal amount, plus accrued and unpaid interest.
The settlement date for these notes is expected to occur on October 1, 2025, contingent upon the company's consummation of a concurrent bond offering and receipt of net proceeds.

Sep 29, 2025, 10:30 AM

Press Release

Northern Oil and Gas, Inc. announces pricing of $725 million senior notes offering

NOG

Debt Issuance

Northern Oil and Gas, Inc. (NOG) announced the pricing of a private offering of $725 million in aggregate principal amount of new 7.875% senior notes due 2033 on September 22, 2025.
The offering is expected to close on October 1, 2025.
The net proceeds from the offering will primarily be used to fund the purchase and redemption of the Company's outstanding 8.125% Senior Notes due 2028.

Sep 22, 2025, 9:28 PM

8-K

Northern Oil and Gas Announces Tender Offer for 2028 Notes and Proposed $725 Million New Senior Notes Offering

NOG

Debt Issuance

Northern Oil and Gas (NOG) has initiated a cash tender offer for any and all of its outstanding 8.125% Senior Notes due 2028.
The tender offer is set to expire on September 26, 2025, at 5:00 p.m. New York City time, offering $1,015 per $1,000 principal amount for accepted notes.
This offer is contingent upon the company's successful completion of a concurrent bond offering.
NOG also announced a proposed $725 million private offering of new senior notes due 2033, with the net proceeds intended to fund the tender offer and potential redemption of the 2028 Notes.
Depending on the amount tendered, any remaining 2028 Notes will either be redeemed at the tender offer price if 10% or less remain outstanding, or at 100.000% of the principal amount on or after March 1, 2026, if more than 10% remain.

Sep 22, 2025, 12:41 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for NORTHERN OIL & GAS.

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Nicholas O’Grady say about margins?What are NORTHERN OIL & GAS's strategic priorities?How is NORTHERN OIL & GAS positioned vs competitors?How did NORTHERN OIL & GAS do last quarter?

Let Fintool AI Agent track NORTHERN OIL & GAS's earnings for you

Get instant analysis when filings drop