Northern Oil and Gas Q2 Earnings Call Highlights

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Sat, August 8, 2026 astatine 4:03 PM CDT 7 min read

Key Points

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Strong second-quarter fiscal performance: Adjusted EBITDA roseate 17% sequentially, portion escaped currency travel accrued much than 400% to $159 million. Production grew 9% twelvemonth implicit year, contempt impermanent Permian curtailments caused by anemic Waha natural-gas prices.
Capital returns stay a priority: Northern Oil and Gas repurchased 2.95 cardinal shares during the 4th and accrued its buyback authorization to astir $243 million. It besides paid a $0.45 quarterly dividend, which absorption said was covered aggregate times by escaped currency flow.
Expansion and outlook: The institution is integrating its Duvernay acquisition successful Canada and continues to adhd drilling opportunities done acquisitions and leasing. Management projects 2026 adjusted EBITDA of $1.4 cardinal to much than $1.5 billion, with estimated escaped currency travel of astir $375 cardinal to implicit $500 million.

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Northern Oil and Gas (NYSE:NOG) reported higher second-quarter currency travel and production, citing the benefits of its diversified non-operated portfolio contempt Permian Basin curtailments tied to anemic Waha earthy state economics.

Chief Financial Officer Chad Allen said adjusted EBITDA accrued 17% sequentially, portion escaped currency travel roseate much than 400% from the archetypal quarter. The institution generated $159 cardinal of escaped currency travel during the quarter, according to Allen.

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Total accumulation accrued 9% from a twelvemonth earlier, supported by grounds earthy state volumes that roseate 35% twelvemonth implicit twelvemonth and 5% sequentially. Allen said the institution experienced important accumulation curtailments successful the Permian during the 4th due to the fact that of challenging Waha pricing, but volumes person begun returning arsenic marketplace conditions improved. Three nett wells brought online are expected to lend during the 3rd quarter.

Production Mix and Costs

Outside of the Waha-driven curtailments, Northern Oil and Gas said its assets performed up of interior expectations successful respective regions. The Williston and Uinta basins exceeded interior expectations, portion Appalachian accumulation reached a grounds with a afloat 4th of contributions from the company's Utica associated development.

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President Adam Dirlam said aboriginal results from the Utica improvement person been strong. During the question-and-answer session, Chief Technical Officer Jim Evans said the institution was seeing show supra interior expectations crossed its basins, including the Williston, wherever longer lateral wells person go much efficient.

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