NOG Estimates $260-270 Million Q4 2025 Impairment, Pairs It With Hedge Gains
Northern Oil and Gas said it expects a non-cash impairment charge of $260 million to $270 million for the fourth quarter of 2025, driven by lower average oil prices year over year. The company also estimated unrealized derivative gains of $84.0 million to $88.0 million and realized hedge gains of $70.0 million to $72.0 million for the quarter. The impairment does not affect cash flows, but it is a large charge that will weigh on reported fourth-quarter results, which remain preliminary and unaudited.
Key points
- Expected non-cash impairment charge in Q4 2025 of $260 million to $270 million under the full-cost ceiling test; the company says it has no cash flow impact.
- Estimated Q4 2025 unrealized mark-to-market gains on derivatives of $84.0 million to $88.0 million, and realized hedge gains of $70.0 million to $72.0 million.
- Record 33 ground game transactions in Q4 2025, deploying about $77.0 million; 84 transactions and $173.5 million deployed for full-year 2025.
- Figures are preliminary and unaudited, subject to financial closing and audit procedures, and may differ materially.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 10, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.