NOG Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 21, 2026 astatine 12:42 PM CDT 37 min read

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Feb. 26, 2026, 9 a.m. ET

• Chief Executive Officer — Nicholas O'Grady

• President — Adam Dirlam

• Chief Financial Officer — Chad Allen

• [Affiliation/role not explicitly stated but contiguous for Q&A] — Jim Evans

Nick volition supply introductory remarks, followed by Adam, who volition stock an overview of NOG's operations and concern improvement activities, and Chad volition reappraisal our fiscal results. After our prepared remarks, the team, including Jim, volition beryllium disposable to reply immoderate questions. Before we begin, fto maine punctual you of our harmless harbor language. Please beryllium advised that our remarks today, including the answers to your questions, whitethorn see forward-looking statements wrong the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are taxable to risks and uncertainties that could origin the existent results to beryllium materially antithetic from expectations contemplated by our forward-looking statements.

Those risks include, among others, matters that we person described successful our net merchandise arsenic good arsenic successful our filings with the SEC, including our yearly study connected Form 10-K and our quarterly reports connected Form 10-Q. We disclaim immoderate work to update these forward-looking statements. During today's call, we whitethorn sermon definite non-GAAP fiscal measures, including adjusted EBITDA, adjusted nett income and escaped currency flow. Reconciliations of these measures to the closest GAAP measures tin beryllium recovered successful our net release. With that, I'll crook the telephone implicit to Nick.

Nicholas O'Grady: Thank you, Evelyn. Welcome, and bully morning, everyone, and convey you for your involvement successful our company. I'd similar to instrumentality the clip to bespeak upon 2025, sermon our plans for 2026 and besides stock my views successful respect to the macro lipid and state situation and however it whitethorn impact our institution and strategy. While our equity full instrumentality was down successful 2025, our adjusted EBITDA was really up 1%, and this was with lipid prices down immoderate 14% connected average. Our stock number was 2% little year-over-year, our nett indebtedness was down modestly year-over-year, each of this contempt closing implicit $340 cardinal of acquisitions, including Ground Game.

Our fiscal results are a testament to our accordant hedging and the decisions we made careless of marketplace perceptions successful the abbreviated term, which are manifested successful aggregate compressions. We were judicious and strategical connected however we deployed and allocated superior successful 2025. Our earthy state spending accrued dramatically and our lipid spending declined. NOG is present seeing grounds earthy state volumes aligned with immoderate of the highest seasonal prices seen successful galore years, and we and our operating partners person tried to deploy the bare minimum connected the lipid beforehand to sphere our precious barrels for a amended day. Our 2025 crushed crippled focused much connected semipermanent improvement versus drill spot projects fixed the fluxing pricing environment.