NOG Flags $300M+ Q3 Derivative Losses, Reaffirms Capex and Buyback
NOG sits 47% above its 52-week low of $17.18.
Summary
NOG reported preliminary Q3 results with large non-cash derivative losses, reiterated capex guidance, and continued share repurchases.
Key Events · Earnings and Guidance · NOG
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Q3 Derivative Losses
Unrealized mark-to-market losses of $300–$320 million on derivatives, plus realized hedge losses of $51–$52 million, driven by crude oil hedges.
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Capital Expenditures
Q3 capex estimated at $250–$253 million, excluding non-budgeted acquisitions; 2026 guidance reiterated with spending expected toward the higher end.
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Ground Game Acquisitions
Closed 19 deals adding approximately 1,060 net acres and 2.8 net wells, deploying about $56.5 million in acquisition costs and associated development capital.
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Share Repurchases
Repurchased 667,989 shares at an average price of $23.96 per share for $16.0 million; remaining repurchase capacity approximately $227.2 million.
Analysis · NOG · Energy & Transportation
Northern Oil and Gas disclosed preliminary Q3 results showing $300–$320 million in unrealized mark-to-market derivative losses and $51–$52 million in realized hedge losses. These are non-cash accounting entries driven by rising oil prices, not operational weakness — the company reiterated its 2026 capital expenditure guidance and reported a clean operational quarter. The buyback program remains active with $227.2 million in remaining capacity, and the company repurchased $16 million of stock during the quarter.
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At the time of this filing, NOG was trading at $25.30 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $17.18 to $31.17. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.