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Northern Oil & Gas Reports Q3 Capex Update and Derivative Loss Estimates

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NOG$25.42 2.67%

Northern Oil and Gas, Inc. (NOG) outlined preliminary third-quarter 2026 financial and operational metrics, highlighted by estimated unrealized derivative losses between $300.0 million and $320.0 million alongside realized hedging losses of $51.0 million to $52.0 million. Third-quarter capital expenditures came in at an estimated $250.0 million to $253.0 million, excluding non-budgeted acquisitions.

Despite hedging headwinds driven primarily by crude oil positions, operational performance remained clean across oil-focused basins as market prices rallied. The company allocated nearly 85% of its Q3 capital to the Permian, Williston, and Uinta basins, closing 19 deals that added roughly 1,060 net acres and 2.8 net wells for $56.5 million. NOG also repurchased 667,989 shares for $16.0 million during the quarter and maintained its dividend payout of $0.45 per share payable on October 30, 2026.

Looking ahead, management expects capital expenditures to trend lower in the fourth quarter provided no major non-budgeted transactions occur. Full-year 2026 spending guidance was reiterated, though total capital outlay is currently tracking toward the upper end of the target range due to an accelerated development pace.

Key points

  • Northern Oil & Gas expects Q3 2026 capital expenditures of $250.0 million to $253.0 million, excluding non-budgeted acquisitions.
  • Unrealized mark-to-market derivative losses are estimated at $300.0 million to $320.0 million, alongside $51.0 million to $52.0 million in realized hedge losses.
  • The company closed 19 acquisition deals in Q3, deploying $56.5 million to acquire approximately 1,060 net acres and 2.8 net wells.
  • Share buybacks in Q3 totaled 667,989 shares for $16.0 million, leaving about $227.2 million in remaining repurchase capacity.
  • A quarterly cash dividend of $0.45 per share was declared, payable on October 30, 2026.

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Questions and answers

What were Northern Oil & Gas's Q3 2026 derivative losses?

Northern Oil & Gas estimated Q3 unrealized mark-to-market derivative losses between $300.0 million and $320.0 million, with realized hedging losses of about $51.0 million to $52.0 million.

How much did Northern Oil & Gas spend on Q3 capital expenditures?

Third-quarter capital expenditures were estimated at $250.0 million to $253.0 million, excluding non-budgeted acquisitions.

When will Northern Oil & Gas pay its Q3 dividend?

Northern Oil & Gas declared a quarterly cash dividend of $0.45 per share payable on October 30, 2026.