Northern Oil & Gas refinanced its 2028 notes and issued new 2033 notes. Northern's annual interest costs are roughly unchanged. Northern's hedges are set up so that a rebound to $70s oil in 2027 is much better for it than a rebound to $70s oil in 2026.
Northern reduced its 2025 capex budget by $125 million to $150 million. This only has a minor effect on 2025 production, although it affects 2026 production by significantly more. Northern is likely to end up closer to maintenance production in 2026 now, compared to prior expectations for double-digit growth.
Among the worst-performing portions of the market of 2025, the energy sector may be ripe for a shake-up. Demand growth for some energy products is slowing while many investors seek to divest their holdings from fossil fuels, prompting companies to reduce their exploration budgets.
Northern Oil And Gas (NOG -11.12%), an independent owner of non-operated oil and gas properties, reported its financial results for the second quarter of fiscal 2025 on July 31, 2025. Revenue was $574.4 million.
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