Northern Oil and Gas (NOG) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Northern Oil and Gas published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Northern Oil and Gas reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Net Income per adjusted diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is NOG's GAAP Total Revenues, which include gains and losses on commodity derivatives. Oil and gas sales alone were $697.7 million in Q3 2026, against $482.2 million a year earlier.
• NOG entered Canada's Duvernay Basin through an acquisition in 2026, and completed the Utica Acquisition of Ohio assets from Antero Resources in February 2026.

Source: NOG Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Northern Oil and Gas splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Northern Oil and Gas's Oil and Gas Sales revenue was $698 million in Q3 2026, up 45% from $482 million in Q3 2025, 202% of total revenue.
• Northern Oil and Gas's Other Revenues revenue was $7.7 million in Q3 2026, up 111% from $3.6 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Northern Oil and Gas said:

“Raised 2026 annual production guidance to a range of 147,000 to 150,000 Boepd”

“NOG is raising its annual production guidance for the year to reflect outperformance in the third quarter.”

“The Company is maintaining its Capital Expenditures budget guidance but expects Cap Ex to trend toward the high-end of the range based on current activity levels.”

Source: NOG Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NOG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP Total Revenues and diluted EPS, each as first reported in that quarter's release. Total Revenues include gains and losses on commodity derivatives, which is why Q1 2026 revenue was only $5.0 million: oil and gas sales that quarter were $539.9 million.

We do not hold a confirmed date for Northern Oil and Gas's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Northern Oil and Gas (NOG) owns non-operated minority working interests and mineral rights, so other companies drill and run the wells it holds a share of. Its GAAP Total Revenues of $345.9 million in Q3 2026 combine $697.7 million of oil and gas sales with a $359.5 million net loss on commodity derivatives and $7.7 million of other revenues. A year earlier the derivatives line was a $70.8 million gain, so Total Revenues fell from $556.6 million even though oil and gas sales rose. (NOG Q3 2026 release, Nov 5, 2026; NOG Form 10-K, 2025, Feb 26, 2026)

Oil drives NOG's sales: oil sales were $570.3 million in the quarter and natural gas and NGL sales $127.4 million. Production averaged a record 156,239 Boe per day, up 19% from Q3 2025, with oil at 74,837 Bbls per day (about 48% of the total) and natural gas at a record 488,391 Mcf per day, up 39%. NOG's unhedged realized oil price was $82.83 per Bbl, against $61.08 a year earlier. (NOG Q3 2026 release, Nov 5, 2026; NOG Form 10-Q, Q3 2026, Nov 6, 2026)

On a Boe basis, 36% of NOG's Q3 2026 production came from the Permian, 27% from the Appalachian Basin, 26% from the Williston, 8% from the Uinta and 3% from the Duvernay in Alberta, Canada. The Duvernay is new for 2026: NOG formed two Canadian subsidiaries in May 2026 for the Duvernay Acquisition, and in February 2026 it completed the Utica Acquisition of Ohio upstream and midstream assets from Antero Resources. (NOG Form 10-Q, Q3 2026, Nov 6, 2026)

NOG added 23.9 net wells to production in the quarter, against 12.7 in Q2 2026, and ended with 1,391.2 net producing wells, up 18% from a year earlier. Its Ground Game program of small acquisitions closed 19 transactions adding over 1,060 net acres and 2.9 net wells for $56.5 million. (NOG Q3 2026 release, Nov 5, 2026)

Hedges cut into the higher oil price. Realized hedge losses were $51.4 million, as gains on natural gas hedges were more than offset by losses on crude oil hedges, which brought NOG's realized oil price including settled derivatives down to $72.32 per Bbl. (NOG Q3 2026 release, Nov 5, 2026)

Northern Oil and Gas reported a GAAP net loss of $111.8 million, or $1.06 per diluted share, in Q3 2026, driven by a non-cash mark-to-market loss on derivatives of about $308.0 million. Adjusted Net Income was $142.2 million, or $1.32 per adjusted diluted share, against $1.03 a year earlier. The adjusted figure adds back unsettled derivative losses, $0.9 million of acquisition transaction costs, a $5.6 million loss on contingent consideration and foreign currency losses, then applies an estimated 24.5% tax rate. (NOG Q3 2026 release, Nov 5, 2026)

The year-ago GAAP loss of $1.33 per share included a $318.7 million full cost ceiling test impairment of oil and gas assets. NOG recorded no impairment in Q3 2026, though it booked $268.3 million in the first nine months of the year. (NOG Q3 2026 release, Nov 5, 2026; NOG Form 10-Q, Q3 2026, Nov 6, 2026)

Weighted average diluted shares were 105,942,922, up from 97,123,889; in a loss quarter the GAAP count leaves out restricted stock, and the adjusted diluted count was 107,916,704. NOG repurchased 667,989 shares at an average price of $23.96 in the quarter and declared a $0.45 per share dividend. (NOG Q3 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Northern Oil and Gas gives full-year guidance in its release, with no quarterly revenue or EPS outlook. After Q3 it raised 2026 production guidance to 147,000 to 150,000 Boe per day, from 143,000 to 148,000 in August, and annual oil production to 71,750 to 73,500 Bbls per day. It kept budgeted capital expenditures at $850 million to $900 million but expects spending to trend toward the high end. (NOG Q3 2026 release, Nov 5, 2026)

NOG also moved its 2026 oil differential range to $4.00 to $4.50 per Bbl below NYMEX WTI, from $5.00 to $5.40, and its gas realization range to 77.5% to 82.5% of Henry Hub, from 70.0% to 75.0%. (NOG Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Northern Oil and Gas, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Northern Oil and Gas's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NOG is on is NOG a buy or a sell?, what analysts expect next is on the NOG forecast, and what the company does is on the Northern Oil and Gas (NOG) stock page.

Every number on this page can be traced to a document Northern Oil and Gas published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.