Northern Oil & Gas, Inc. (NOG) · Oct 13, 2026 · Guidance

Northern Oil & Gas update: oil activity rises, hedge losses bite

Guidance reaffirmed — FY26 capex guide remains $850-$900M; Q3 spend estimated at $250-$253M

Northern Oil & Gas’ operational update shows faster oil-basin activity and continued buybacks, but large hedge losses offset the upside.

NOG is a scaled U.S. non-operated oil-and-gas platform that buys minority working interests across major basins, with its 2026 strategy focused on growing production while allocating capital toward oil-heavy opportunities. Its existing full-year 2026 plan called for $850-$900 million of capital spending.

The operating backdrop improved, but the company is not changing its financial plan. NOG closed 19 ground-game deals in the quarter, adding approximately 1,060 net acres and 2.8 net wells with roughly $56.5 million of associated acquisition and development spending. Nearly 85% of that capital went to the Permian, Williston, and Uinta basins, reinforcing the company’s preference for near-term oil production rather than a strategic pivot. (Operational update)

Metric	Third-quarter update	Comparison / implication
Ground-game transactions	19 deals	Added ~1,060 net acres and 2.8 net wells (Operational update)
Ground-game capital	~$56.5 million	Acquisition costs and associated development capital (Operational update)
Q3 booked capital spending	~$250.0-$253.0 million	Excludes non-budgeted acquisitions and other (Operational update)
FY2026 capital-expenditure guidance	$850-$900 million	Reaffirmed; spending expected toward the high end (Guidance update)
Unrealized derivative loss	~$300-$320 million	Mark-to-market loss from portfolio-value changes (Hedging update)
Realized hedge loss	~$51-$52 million	Oil hedge losses partly offset by gas and basis hedges (Hedging update)
Remaining buyback capacity	~$227.2 million	After consideration for quarterly repurchases (Share repurchase update)

Higher activity is pulling spending forward rather than expanding the budget. Third-quarter capital spending of $250-$253 million represents roughly 28%-30% of the unchanged annual range, and management expects fourth-quarter spending to decline absent significant non-budgeted activity. 〔0〕 The important change is operational momentum—not a raised outlook: NOG says it expects to finish toward the high end of its existing capex range, so the update is better than a slowdown but not a fresh earnings or growth upgrade.

The hedge book is the clearest offset. The quarter produced estimated realized hedge losses of $51-$52 million and much larger unrealized mark-to-market losses of $300-$320 million. These losses reflect the cost of oil hedges as prices rallied; the unrealized portion is an accounting revaluation rather than an immediate cash outflow, but the realized losses directly reduce the near-term benefit of stronger oil prices.

Shareholder returns remain intact, but this is mostly confirmation. The $150 million buyback authorization increase was announced in July and was therefore already known; the new detail is that approximately $227.2 million remained after quarterly repurchases. The update does not introduce a new dividend change or a larger authorization.

Bottom line: NOG’s operating story is improving as oil-basin activity accelerates, but the filing does not raise the growth plan and highlights substantial hedge-related drag. It is a mixed update: better field momentum, unchanged guidance, and less immediate upside from higher oil prices.

What to watch next

Third-quarter earnings release and call, November 6

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Northern Oil & Gas update: oil activity rises, hedge losses bite

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