Q2 2026 Northern Oil and Gas Inc Earnings Call Transcript

Aug 7, 2026 / 01:00 PM GMT

Release Date Price: €17.2 (+2.38%)

Transcript 10-Q8-K

Key Points

Positve

Northern Oil & Gas Inc (NOG) reported a 17% sequential increase in adjusted EBITDA and a 400%+ increase in free cash flow from the first quarter.
The company achieved record natural gas volumes, up 35% year-over-year, and total production increased 9% year-over-year.
Northern Oil & Gas Inc (NOG) repurchased roughly 3% of shares outstanding at an average price of $20.37, signaling confidence in the stock's value.
The company's M&A engine remains active, closing the DuVernay Joint Development deal, which adds 20 years of inventory at a break-even below $50 per location.
Northern Oil & Gas Inc (NOG) is seeing drilling activity materially outperform internal expectations across multiple basins, including the Permian, Williston, and Appalachia.
The company's ground game gained strong momentum, capitalizing on the same number of drilling opportunities in the first half of 2026 as it did in all of 2025.

Negative

Northern Oil & Gas Inc (NOG) experienced significant natural gas curtailments in the second quarter due to challenging Waha economics.
The company's stock has remained relatively flat year-to-date, underperforming other solid oil and gas companies that have seen gains of 40-50%.
Northern Oil & Gas Inc (NOG) faces a perception challenge in the public markets, being compared against E&P operators and judged on metrics like free cash flow yield, which may not fully capture its asset value.
The company's reinvestment rate is less immediately productive by design, as it budgets for acquisitions, which can make it screen worse on capital efficiency metrics.
Northern Oil & Gas Inc (NOG) has taken on leverage to fund acquisitions, which the market focuses on negatively, despite the assets acquired being worth significantly more over time.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NOG.N - Northern Oil and Gas, Inc.
Q2 2026 Northern Oil and Gas Inc Earnings Call
Aug 07, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to NOG's second quarter 2026.

At this time, all participants are in a listen-only mode.

The question will follow the formal presentation.

To ask a question at this time, you'll need to press star followed by the number 1 on your telephone keypad.

Conference is being recorded.

It's now my pleasure to introduce your host, Evelyn Inferna, President, Investor Relations, thank you may begin.

Good morning.

Welcome to NOG's second quarter 2026 earnings conference call.

Yesterday after the close, we released our financial results with our earnings release and presentation in the investor relations section of our website at noginc.com.

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