S&P 500
7,633.20
+0.31%
Dow Jones
53,893.00
+1.14%
Nasdaq 100
29,106.20
+0.99%
Russell 2000
2,995.41
+0.37%
FTSE 100
10,904.40
+0.20%
Nikkei 225
64,309.90
+1.28%
Northern Oil & Gas

Northern Oil & Gas (NOG) Q2 2026 Earnings

Reported Aug 6, 2026 at 4:07 PM ET · SEC Source

Q2 26 EPS Adjusted

$1.13

BEAT +0.57%

Est. $1.12

Q2 26 Revenue

$670.8M

BEAT +14.72%

Est. $584.7M

Market Reaction

Did NOG Beat Earnings? Q2 2026 Results

Northern Oil and Gas delivered a broadly stronger-than-expected second quarter for 2026, marking four consecutive quarters of beating analyst EPS estimates as the non-operator posted adjusted earnings of $1.13 per diluted share against a consensus of… Read more Northern Oil and Gas delivered a broadly stronger-than-expected second quarter for 2026, marking four consecutive quarters of beating analyst EPS estimates as the non-operator posted adjusted earnings of $1.13 per diluted share against a consensus of $1.12, while revenue of $670.80 million cleared expectations by 14.72% and climbed 16.1% from a year earlier. The standout driver was a record natural gas production rate of 464,330 Mcf per day, up 35% year-over-year, which helped lift total output to 145,659 Boe per day even as oil volumes were temporarily suppressed by roughly 7,000 Boe per day of Permian Basin well shut-ins and three deferred turn-in-lines that ran through much of April and into June. Those wells are now back online, and management reiterated full-year production guidance of 143,000 to 148,000 Boe per day alongside budgeted capital expenditures of $850 to $900 million, with an acceleration of well completions anticipated through the second half. The company also repurchased 2.95 million shares at an average of $20.37, underscoring a capital return posture that includes a maintained quarterly dividend of $0.45 per share.

Key Takeaways

  • • 9% year-over-year increase in total production to 145,659 Boe per day
  • • Record natural gas production of 464,330 Mcf per day, up 35% year-over-year
  • • 13% sequential improvement in realized commodity price per boe driving 17% sequential Adjusted EBITDA growth
  • • Unhedged net realized oil price of $90.02/Bbl, up 54% year-over-year
  • • Oil differential to WTI improved 43% to ($3.03)
  • • Lease operating costs decreased 4% per unit year-over-year to $9.59 per Boe
  • • Appalachian volumes set another production record; Uinta assets significantly outperformed internal estimates
  • • Free Cash Flow of $159.0 million, up 424% sequentially and 26% year-over-year

NOG Forward Guidance & Outlook

NOG reiterated its full-year 2026 production guidance of 143,000-148,000 Boe per day (oil production 71,500-73,500 Bbls per day) with total budgeted capital expenditures of $850-$900 million and 74.0-76.0 net total wells turned-in-line. The company made minor revisions to operating expense guidance, narrowing LOE to $9.70-$9.80 per Boe, improving oil differential to NYMEX WTI to ($5.00)-($5.40) per Bbl, and widening gas realization to 70.0%-75.0% of NYMEX Henry Hub. The company anticipates an acceleration of TILs through the second half of 2026. Management noted that the Permian shut-in wells are back online and deferred turn-in-lines are expected in Q3.

24/7 Wall St

NOG YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“The strength of the NOG model shows most clearly when the macro backdrop is at its most volatile, and the flexibility of our diversified, non-operated business model is precisely what carried us through this quarter. Adjusted EBITDA was up 17% sequentially over the first quarter and we reiterated our full year production guidance despite less than ideal operating conditions. This directly demonstrates the resiliency of our platform. We strategically expanded our total addressable market by entering the Duvernay, a high quality, low break-even basin with significant growth potential, while also further enhancing our lower 48 footprint through our accretive and dynamic ground game program. Additionally, we opportunistically repurchased ~3 million shares of our stock at a highly attractive valuation, exactly the kind of disciplined capital allocation the NOG model is built to enable.”

— Nick O'Grady, Q2 2026 Earnings Press Release

Back to NOG Stock Page