NOG Smashes Q3 Records, Delivers Strong Financial Performance
NOG, a leading energy company, has posted another impressive quarter, setting new records for Adjusted EBITDA and production. The company's third quarter 2026 results have exceeded expectations, with Adjusted EBITDA up 11% from the second quarter and 15% from a year ago.
Total production was up 7% sequentially and 19% year-over-year, driven by strong oil and natural gas volumes. Oil volumes were up 10% from the second quarter, while natural gas set another record, up 39% from a year ago.
"The power of the NOG platform was evident in the third quarter," said Chad Allen, Chief Financial Officer. "We achieved new quarterly records for both Adjusted EBITDA and production, despite higher production expenses."
NOG's financial performance was underpinned by tighter oil differentials, which came in under $3 per barrel, while gas realizations improved significantly to 98% of Henry Hub, up from 90% from the second quarter. The improvement added about $12 million in the quarter, or about $0.85 per BOE, more than twice the increase in production expense rate.
Cash margin per BOE improved sequentially to $30.74, while budgeted capital expenditures were $247.3 million, including $190.7 million on organic D&C and $56.5 million on ground game activity. Free cash flow was up 25% from the third quarter of last year, even while funding that higher level of activity.
"We're pleased to report another strong quarter of positive free cash flow," said Chad Allen. "On an LTM basis, we have generated $381 million of free cash flow, up from $351 million at the end of the second quarter."
NOG's balance sheet remains strong, with over $1.6 billion of total liquidity and net debt to LQA Adjusted EBITDA within its stated range. The company has also made significant progress on shareholder returns, purchasing about 668,000 shares in the quarter at an average price of $23.
"We're confident that our strategy will continue to deliver strong financial performance and value creation for shareholders," said Nick O'Grady, Chief Executive Officer.
