Northern Oil and Gas details Q2 2026 business updates

• Northern Oil and Gas reported second-quarter updates on production, acquisitions, hedging and shareholder returns.
• The company repurchased 2.95 million shares in the quarter and increased its buyback authorization to about $243 million.
• Northern Oil reiterated its 2026 production and capital expenditure guidance after operational updates.

Northern Oil and Gas (NYSE:NOG) reported second-quarter business updates, including estimated derivative gains of $155 million to $160 million, share repurchases of 2.95 million shares and an expanded share repurchase authorization of approximately US$243 million.

The company’s update follows a quarter affected by temporary production shut-ins in the Permian Basin, while stronger performance in the Williston and Uinta basins helped support overall production expectations.

Northern Oil said second-quarter oil production is expected to average 67.5 thousand to 68.25 thousand barrels of oil per day, while second-quarter capital spending is expected to be between US$190 million and US$200 million.

The company reported estimated realized hedge losses of $85 million to $90 million for the quarter, primarily related to oil hedges, while it expects limited hedge gains or losses during the second half of 2026 at current market prices.

During the quarter, Northern Oil completed 30 ground game transactions, adding more than 2,300 net acres and 6.2 net wells through approximately $45 million in acquisition costs and development capital.

Northern Oil and Gas also completed its previously announced Duvernay joint development acquisition on June 1, paying CA$237 million in cash and issuing approximately 3.7 million common shares at US$22.06 per share.