Track market-moving stories before they get noisy

Northern Oil and Gas, Inc. (NYSE:NOG – Get Free Report) has been assigned an average recommendation of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $30.6250.

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Wednesday, May 20th. Citigroup cut their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Raymond James Financial reissued an “outperform” rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Finally, Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th.

Check Out Our Latest Stock Analysis on NOG

Insider Buying and Selling at Northern Oil and Gas In related news, Director Bahram Akradi acquired 25,760 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the acquisition, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders. Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Northern Oil and Gas in the second quarter valued at about $29,000. Allworth Financial LP acquired a new stake in Northern Oil and Gas during the 2nd quarter valued at approximately $31,000. Ascentis Independent Advisors bought a new position in Northern Oil and Gas during the 1st quarter worth approximately $33,000. Jones Financial Companies Lllp lifted its position in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after purchasing an additional 713 shares during the period. Finally, Global Retirement Partners LLC lifted its position in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares during the period. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Up 0.0% NYSE NOG opened at $25.74 on Monday. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -4.97 and a beta of 0.70. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The business’s fifty day moving average is $21.57 and its 200 day moving average is $24.19.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.Northern Oil and Gas’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 EPS. As a group, sell-side analysts expect that Northern Oil and Gas will post 3.79 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.0%. Northern Oil and Gas’s payout ratio is currently -34.75%.

Northern Oil and Gas Company Profile (Get Free Report)

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

See Also Five stocks we like better than Northern Oil and Gas Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.

MINNEAPOLIS--(BUSINESS WIRE)--NOG ANNOUNCES PRICING OF $500 MILLION PRIVATE OFFERING OF SENIOR NOTES.

Key Takeaways NOG's 1.21 forward sales multiple sits below industry, sector and five-year median benchmarks.NOG generated $159 million in second-quarter free cash flow, up 26% year over year.NOG's $2.72 billion debt and reliance on third-party operators add risk despite solid production. Northern Oil and Gas, Inc. (NOG - Free Report) combines a low valuation with solid cash generation, but the discount comes with clear trade-offs. Commodity sensitivity, higher leverage and a business model dependent on third-party operators can keep earnings and production timing uneven.

That leaves investors weighing whether the stock’s inexpensive sales multiple already compensates for those risks. Current fundamentals support the value case, but they do not eliminate the reasons for patience.

NOG Trades Below Key Sales Benchmarks
Image Source: Zacks Investment Research

NOG trades at a forward 12-month price-to-sales ratio of 1.21, below 3.55 for the Zacks sub-industry and 1.41 for the Zacks Oils-Energy sector. The figure also sits below its five-year median of 1.35.

The discount strengthens the value case relative to those benchmarks. Still, NOG’s commodity exposure and earnings volatility mean a low sales multiple alone does not provide a complete buy signal.

Northern's Free Cash Flow Supports ReturnsSecond-quarter 2026 free cash flow rose 26% year over year to $159 million and increased more than fourfold sequentially. Liquidity totaled about $1 billion at June 30, giving NOG flexibility while it funds development and acquisitions.

Management said current commodity-price strip levels support $375-$500 million of 2026 free cash flow. That cash can be directed toward dividends, share repurchases, debt reduction or acquisitions, giving the company several ways to allocate capital as conditions change.

NOG Lags Peers and the E&P Sub-IndustryOver the past year, NOG's shares gained 9.3%, trailing SM Energy’s 39.1% growth, Occidental Petroleum’s 35.1% rise and the 21.4% increase for the Zacks Oil & Gas E&P sub-industry, highlighting NOG’s weaker relative stock-price performance despite its valuation and cash-flow strengths.

Image Source: Zacks Investment Research

NOG's Growth Outlook Is UnevenManagement maintained 2026 production guidance of 143,000-148,000 barrels of oil equivalent per day and expects 74-76 net wells to be turned in line. Second-quarter production reached 145,659 barrels of oil equivalent per day, up 9% year over year.

The earnings picture is less supportive. Projected earnings per share growth for the current fiscal year is negative, showing that durable production does not automatically translate into near-term earnings growth when commodity prices and derivative results remain volatile.

Northern's Debt and Operator Risks MatterLong-term debt increased to $2.72 billion at June 30, 2026, from $2.40 billion at year-end 2025. Debt represented 57.73% of capital, leaving leverage as an important consideration alongside NOG’s cash-generation capacity.

NOG also relies on third parties to operate its wells. Weak Waha economics led operators to shut in about 7,000 barrels of oil equivalent per day and defer three Permian turn-in lines during the second quarter, showing how production timing can move outside NOG’s direct control.

SM Energy Company (SM - Free Report) is among the operators NOG identifies as driving current drilling and completions activity. Occidental Petroleum Corporation (OXY - Free Report) is another, underscoring how NOG participates in development while depending on operating partners for execution.

NOG's Value Signals Support PatienceThe bottom line is that NOG’s valuation and free cash flow make the shares worth monitoring, but commodity exposure, leverage and limited operating control keep the risk-reward profile balanced rather than clear-cut.

The stock currently carries a Zacks Rank #3 (Hold). Its Value Score of A and VGM Score of B reinforce the valuation appeal, while a Growth Score of C and Momentum Score of F point to a less favorable near-term setup. For investors seeking a cleaner buy signal, the current mix supports patience. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Northern Oil and Gas is a non-operator oil & gas company trading at a deep discount, with a 7%+ dividend yield and robust free cash flow. NOG's business model enables capital flexibility and consistent free cash flow but exposes it to commodity price swings and limits operational control. Q2 2026 saw free cash flow rise 26% year-over-year to $159M, with management guiding up to $500M for 2026 and expanding buyback capacity.

Posted by Defense World Staff on Aug 15th, 2026

Bank of America Corp DE raised its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 18.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,245,639 shares of the company’s stock after acquiring an additional 194,861 shares during the quarter. Bank of America Corp DE owned approximately 1.18% of Northern Oil and Gas worth $36,410,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in Northern Oil and Gas by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after acquiring an additional 400 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of Northern Oil and Gas by 18.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company’s stock valued at $69,000 after acquiring an additional 507 shares during the last quarter. Virtus Investment Advisers LLC grew its holdings in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock valued at $159,000 after purchasing an additional 572 shares in the last quarter. Isthmus Partners LLC increased its position in Northern Oil and Gas by 0.8% in the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock worth $2,407,000 after purchasing an additional 619 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Northern Oil and Gas by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company’s stock valued at $1,963,000 after purchasing an additional 633 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance Shares of NYSE NOG opened at $24.49 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.53. Northern Oil and Gas, Inc. has a 12 month low of $17.18 and a 12 month high of $31.17. The firm’s 50 day simple moving average is $20.38 and its 200-day simple moving average is $24.09. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -4.73 and a beta of 0.70.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analysts’ expectations of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 EPS. Analysts expect that Northern Oil and Gas, Inc. will post 3.53 EPS for the current year.

Northern Oil and Gas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 7.4%. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.

Wall Street Analyst Weigh In Several equities research analysts have weighed in on NOG shares. Raymond James Financial reissued an “outperform” rating and set a $28.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Citigroup cut their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Mizuho raised shares of Northern Oil and Gas to a “hold” rating in a research note on Friday, July 31st. Wall Street Zen raised Northern Oil and Gas from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.62.

View Our Latest Research Report on NOG

Insider Transactions at Northern Oil and Gas In related news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Company Profile (Free Report)

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

Recommended Stories Five stocks we like better than Northern Oil and Gas Sony and TSMC’s $4.7 Billion Venture Is About More Than Camera Sensors Quantum Leaps: Debt-Free as AI Storage Demand Accelerates NVIDIA’s $500 Billion GPU Financing Deal Fuels Path Toward $270 Sandisk’s Margins Look Like Software. Can They Last? Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEBank of America Corp DE Has $35.06 Million Stock Holdings in Trinity Industries, Inc. $TRN

NEXT HEADLINE »Bank of America Corp DE Has $33.95 Million Holdings in Bain Capital Specialty Finance, Inc. $BCSF

For the quarter ended June 2026, Northern Oil and Gas (NOG - Free Report) reported revenue of $670.8 million, up 16.8% over the same period last year. EPS came in at $1.13, compared to $1.37 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $545.76 million, representing a surprise of +22.91%. The company delivered an EPS surprise of +10.78%, with the consensus EPS estimate being $1.02.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average Daily Production - Total: 145,659.00 BOE/D versus the five-analyst average estimate of 143,105.40 BOE/D.Average Daily Production - Oil: 68,275.00 BBL/D versus 68,651.69 BBL/D estimated by five analysts on average.Average Daily Production - Natural Gas and NGLs: 464,330.00 Mcf/D versus 446,662.30 Mcf/D estimated by five analysts on average.Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $3.63 compared to the $3.02 average estimate based on four analysts.Average Sales Prices - Oil Net of Settled Oil Derivatives: $69.37 compared to the $69.74 average estimate based on four analysts.Net Production - Natural Gas and NGLs: 42,254.00 Mcf compared to the 40,323.96 Mcf average estimate based on three analysts.Net Production - Oil: 6,213.00 KBBL versus 6,286.20 KBBL estimated by three analysts on average.Net Production - Total: 13,255.00 KBOE versus 13,006.76 KBOE estimated by three analysts on average.Average Sales Prices - Oil: $90.02 compared to the $78.46 average estimate based on two analysts.Net Sales- Oil and Gas Sales: $670.8 million versus $546.43 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change.Net Sales- Oil Sales: $559.26 million versus the two-analyst average estimate of $443.59 million. The reported number represents a year-over-year change of +38.9%.Net Sales- Natural Gas and NGL Sales: $111.53 million versus $100.35 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -35% change.View all Key Company Metrics for Northern Oil and Gas here>>>

Shares of Northern Oil and Gas have returned +7.9% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Northern Oil and Gas (NOG - Free Report) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.78%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.71 per share when it actually produced earnings of $0.74, delivering a surprise of +4.23%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Northern Oil and Gas, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $670.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 22.91%. This compares to year-ago revenues of $574.37 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Northern Oil and Gas shares have lost about 7.9% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Northern Oil and Gas?While Northern Oil and Gas has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Northern Oil and Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.84 on $557.83 million in revenues for the coming quarter and $3.50 on $2.07 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Big Sky Industrial Inc. (BSIN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.

This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +73.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Big Sky Industrial Inc.'s revenues are expected to be $2.1 million, up 3.5% from the year-ago quarter.

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or “Company”) today announced the Company’s second quarter results.

MANAGEMENT COMMENTS

“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,” commented Nick O’Grady, Chief Executive Officer. “NOG remains as strong and as well positioned as ever with an asset base that is materially undervalued by the public market juxtaposed against one of the strongest private asset markets in decades. We believe our value proposition will be well illuminated over time, and we remain steadfast in executing a business plan built to ensure the market recognizes both the value inherent in what we own today and our ability to generate attractive risk-adjusted returns across the cycle.”

FINANCIAL RESULTS

Oil and natural gas sales for the second quarter were $670.8 million. Second quarter GAAP net income was $236.6 million or $2.19 per diluted share. Second quarter Adjusted Net Income was $122.5 million or $1.13 per adjusted diluted share. Adjusted EBITDA in the second quarter was $401.0 million, a 17% increase from the first quarter of 2026, driven primarily by a 13% improvement in realized commodity price per boe. See “Non-GAAP Financial Measures” below.

PRODUCTION

Second quarter 2026 production averaged 145,659 Boe per day, a 9% increase from the second quarter of 2025. Oil represented approximately 47% of total production in the second quarter at an average of 68,275 Bbls per day. As previously announced, oil volumes were impacted by approximately 7,000 Boe per day of well shut-ins and 3 deferred turn-in-lines in certain Permian assets in April, May and part of June. The wells that were shut in are back on line and the turn-in-lines are expected to TIL in the third quarter. During the quarter, NOG added 12.7 net wells to production, compared to 13.5 net wells, excluding major acquisitions, added to production in the second quarter of 2025. The Company anticipates an acceleration of TILs through the second half of 2026.

Well performance continues to be strong across all of NOG’s basins. Appalachian volumes set another production record as our joint development program in West Virginia culminated mid-quarter and our Utica joint development contributed a full quarter of production. Additionally, NOG’s Uinta Assets significantly outperformed internal estimates both on legacy production as well as on the 2026 development program.

PRICING

During the second quarter, NOG’s unhedged net realized oil price was $90.02 per Bbl. The Company’s average differential to WTI prices was ($3.03), a 43% improvement from the second quarter of 2025. NOG’s unhedged net realized gas price in the second quarter was $2.64 per Mcf, representing a 90% realization compared with Henry Hub pricing. Natural gas realizations were pressured throughout the majority of the quarter due to weak Waha pricing, offset by solid NGL realizations and improved differentials in other regions. Conditions began to improve in late June and appear to be returning to normalized levels.

HEDGING

In the second quarter, the Company recorded a non-cash unrealized mark-to-market gain on derivatives of approximately $156.5 million, driven by changes to the value of the Company’s derivatives portfolio. Realized hedge losses were $86.3 million as gains on the Company’s natural gas hedges were more than offset by losses on the Company’s crude oil hedges.

OPERATING COSTS

Lease operating costs were $127.1 million in the second quarter of 2026, or $9.59 per Boe, 4% lower on a per unit basis compared to the second quarter of 2025. Production taxes were $45.7 million in the second quarter of 2026, compared to $35.6 million in the second quarter of 2025 due to higher oil prices. Second quarter general and administrative (“G&A”) costs totaled $24.5 million or $1.85 per Boe, as compared to $1.28 per Boe in the second quarter of 2025. The increase primarily reflects $7.7 million, mainly for the transaction costs associated with the Company’s Duvernay acquisition, which closed in June. NOG’s adjusted cash G&A costs, which excludes non-cash share-based compensation and acquisition cost amounts of $4.4 million and $7.7 million, respectively, totaled $12.4 million or $0.94 per Boe in the second quarter, up $0.05 per Boe compared to the second quarter of 2025.

CAPITAL EXPENDITURES AND ACQUISITIONS

Capital expenditures for the second quarter were $195.8 million (excluding non-budgeted acquisitions and other). This was comprised of $151.0 million of total drilling and completion (“D&C”) capital on organic assets, and $44.7 million of Ground Game activity, inclusive of associated development costs. Normalized well costs on the Company’s AFE elections increased modestly, averaging approximately $761 per lateral foot in the second quarter, as compared to $749 in the first quarter of 2026. NOG’s Permian Basin spending was 37% of the capital expenditures for the second quarter followed by the Williston at 33%, Appalachian at 14%, the Uinta at 14% and the Duvernay at 2%.

LIQUIDITY AND CAPITAL RESOURCES

NOG had total liquidity of $1.0 billion as of June 30, 2026, consisting of $975.0 million of committed borrowing availability under its Revolving Credit Facility and $47.6 million of cash on hand.

SHAREHOLDER RETURNS

In May 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend was paid on July 31, 2026, to stockholders of record as of the close of business on June 29, 2026.

In August 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend is payable on October 30, 2026, to stockholders of record as of the close of business on September 29, 2026.

During the second quarter, the Company repurchased 2.95 million shares of its common stock (approximately 3% of outstanding shares) at an average price of $20.37, including commissions, ~81% of which were purchased before the dividend record date.

On July 10, 2026, NOG’s Board of Directors authorized a $150.0 million increase to the Company’s common stock repurchase program, which provides a current total repurchase capacity of approximately $243.0 million.

2026 ANNUAL GUIDANCE

NOG has made minor changes to its previous guidance reflected in the table below.

Previous Guidance

(May 26, 2026)

Revised FY 2026

Guidance

Annual Production (2-stream, Boe per day)

143,000 - 148,000

143,000 - 148,000

Annual Oil Production (Bbls per day)

71,500 - 73,500

71,500 - 73,500

Total Budgeted Capital Expenditures ($ in millions)

$850 - $900

$850 - $900

Net Total Wells Turned-in-Line

74.0 - 76.0

74.0 - 76.0

Operating Expenses and Differentials

LOE/Production Expenses (per Boe)

$9.70 - $9.90

$9.70 - $9.80

Production Taxes (as a percentage of Oil & Gas Sales)

7.5% - 8.0%

7.5% - 8.0%

Oil Differential to NYMEX WTI (per Bbl)

($5.25 - $5.60)

($5.00 - $5.40)

Gas Realization as a Percentage of NYMEX Henry Hub (per Mcf)

70.0% - 72.5%

70.0% - 75.0%

DD&A Rate (per Boe)

$15.00 - $15.50

$15.00 - $15.50

General and Administrative Expense (per Boe):

Non-Cash

$0.25 - $0.30

$0.25 - $0.30

Cash (excluding transaction costs on non-budgeted acquisitions)

$0.83 - $0.86

$0.83 - $0.86

SECOND QUARTER 2026 RESULTS

The following tables set forth selected operating and financial data for the periods indicated.

Three Months Ended June 30,

2026

2025

% Change

Net Production:

Oil (MBbl)

6,213

7,002

(11

)%

Natural Gas (MMcf)

42,254

31,204

35

%

Total (MBoe)

13,255

12,203

9

%

Average Daily Production:

Oil (Bbl)

68,275

76,944

(11

)%

Natural Gas (Mcf)

464,330

342,900

35

%

Total (Boe)

145,659

134,094

9

%

Average Sales Prices:

Oil (per Bbl)

$

90.02

$

58.37

54

%

Effect of Gain (Loss) on Settled Oil Derivatives on Average Price (per Bbl)

(20.65

)

6.21

(433

)%

Oil Net of Settled Oil Derivatives (per Bbl)

69.37

64.58

7

%

Natural Gas and NGLs (per Mcf) (1)

2.64

2.89

(9

)%

Effect of Gain on Settled Natural Gas Derivatives on Average Price (per Mcf)

0.99

0.56

77

%

Natural Gas and NGLs Net of Settled Natural Gas and NGL Derivatives (per Mcf) (1)

3.63

3.45

5

%

Realized Price on a Boe Basis Excluding Settled Commodity Derivatives (1)

50.61

40.87

24

%

Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe)

(6.51

)

4.99

(230

)%

Realized Price on a Boe Basis Including Settled Commodity Derivatives (1)

44.10

45.86

(4

)%

Costs and Expenses (per Boe):

Production Expenses

$

9.59

$

9.95

(4

)%

Production Taxes

3.45

2.92

18

%

General and Administrative Expenses

1.85

1.28

45

%

Depletion, Depreciation, Amortization and Accretion

14.55

16.86

(14

)%

Net Producing Wells at Period End

1,369.7

1,151.7

19

%

HEDGING UPDATE

NOG hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following table summarizes NOG’s open crude oil commodity derivative contracts scheduled to settle after June 30, 2026.

Crude Oil Commodity Derivative Swaps(1)

Crude Oil Commodity Derivative Collars

Contract Period

Volume (Bbls/Day)

Weighted Average Price

($/Bbl)

Collar Sub-Floor Volume (Bbls/Day)

Collar Floor Volume (Bbls/Day)

Collar Ceiling Volume (Bbls/Day)

Weighted Average Sub-Floor Price

($/Bbl)

Weighted Average Floor Price

($/Bbl)

Weighted Average Ceiling Price

($/Bbl)

2026(1)

Q3

18,245

$

67.55

2,250

19,187

26,680

$

47.22

$

62.34

$

71.44

Q4

17,245

68.08

2,250

19,187

26,680

47.22

62.34

71.44

2027(1)

Q1

7,750

$

69.47

2,500

6,750

6,750

$

45.00

$

61.14

$

73.76

Q2

7,750

69.47

2,500

6,750

6,750

45.00

61.14

73.76

Q3

5,500

70.50

421

3,842

3,842

45.00

63.04

75.31

Q4

5,500

70.50

—

3,000

3,000

—

64.03

76.37

2028(1)

Q1

500

$

70.04

—

—

—

$

—

$

—

$

—

Q2

500

70.04

—

—

—

—

—

—

Q3

500

70.04

—

—

—

—

—

—

Q4

500

70.04

—

—

—

—

—

—

2029(1)

Q1

500

$

70.04

—

—

—

$

—

$

—

$

—

Q2

500

70.04

—

—

—

—

—

—

Q3

500

70.04

—

—

—

—

—

—

Q4

500

70.04

—

—

—

—

—

—

The following table summarizes NOG’s open natural gas commodity derivative contracts scheduled to settle after June 30, 2026.

Natural Gas Commodity Derivative Swaps(1)

Natural Gas Commodity Derivative Collars

Contract Period

Volume (MMBTU/Day)

Weighted Average Price ($/MMBTU)

Collar Floor Volume (MMBTU/Day)

Collar Ceiling Volume (MMBTU/Day)

Weighted Average Floor Price

($/MMBTU)

Weighted Average Ceiling Price

($/MMBTU)

2026(1)

Q3

115,054

$

4.03

150,486

150,486

$

3.45

$

4.89

Q4

135,054

4.16

150,105

150,105

3.47

5.06

2027(1)

Q1

89,056

$

4.01

77,389

77,389

$

3.46

$

4.79

Q2

90,989

4.00

65,714

65,714

3.45

4.43

Q3

90,000

4.00

65,000

65,000

3.45

4.43

Q4

71,413

3.96

46,467

46,467

3.45

4.41

2028(1)

Q1

28,077

$

3.83

9,890

9,890

$

3.50

$

4.17

Q2

20,220

3.83

10,110

10,110

3.50

4.17

Q3

20,000

3.83

10,000

10,000

3.50

4.17

Q4

16,630

3.85

10,000

10,000

3.50

4.07

2029(1)

Q1

—

$

—

9,889

9,889

$

3.50

$

3.88

Q2

—

—

10,110

10,110

3.50

3.88

Q3

—

—

10,000

10,000

3.50

3.88

Q4

—

—

6,630

6,630

3.50

3.88

The following table summarizes NOG’s open NGL commodity derivative contracts scheduled to settle after June 30, 2026.

Natural Gas Liquids Commodity Derivative Swaps(1)

Swaps

Contract Period

Volume

(BBL/Day)

Weighted Average Price

($/BBL)

2026(1)

Q3

1,050

$

33.03

Q4

875

33.32

2027(1)

Q1

725

$

32.30

Q2

650

30.73

Q3

625

30.69

Q4

575

30.87

The following table presents NOG’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented, which is included in the revenue section of NOG’s statement of operations:

Three Months Ended

June 30,

(In thousands)

2026

2025

Cash Received (Paid) on Settled Derivatives, Net

$

(86,320

)

$

60,931

Non-Cash Mark-to-Market Gain on Derivatives

156,502

67,888

Gain on Commodity Derivatives, Net

$

70,182

$

128,819

CAPITAL EXPENDITURES & DRILLING ACTIVITY

(In thousands, except for net well data and dollars per foot)

Three Months Ended

June 30, 2026

Capital Expenditures Incurred:

Organic Drilling and Development Capital Expenditures

$

151,019

Ground Game Acquisition Capital Expenditures, Inclusive of Development Costs

$

44,743

Other

$

6,611

Non-Budgeted Acquisitions

$

261,049

Net Wells Added to Production

12.7

Net Producing Wells (Period-End)

1,369.7

Net Wells in Process (Period-End)

51.8

Weighted Average Gross AFE for Wells Elected to

$

10,421

Weighted Average Gross AFE for Wells Elected to, normalized for lateral length ($ per foot)

$

761

SECOND QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL

In conjunction with NOG’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Friday, August 7, 2026 at 8:00 a.m. Central Time.

Those wishing to listen to the conference call may do so via webcast or phone as follows:

Webcast: https://events.q4inc.com/attendee/694699964
Dial-In Number: (888) 596-4144 (US/Canada) and (646) 968-2525 (International)
Conference ID: 4503139 - NOG Second Quarter 2026 Earnings Conference Call
Replay Dial-In Number: (800) 770-2030 (US/Canada) and (647) 362-9199 (International)
Replay Access Code: 4503139 - Replay will be available through August 6, 2027

ABOUT NOG

Northern Oil and Gas (NOG) is the largest publicly traded dedicated non-operator in the United States, built on a differentiated strategy of acquiring non-operated minority working interests and mineral rights across the premier basins of North America. By combining deep industry relationships with disciplined capital allocation, NOG has built a scaled, diversified portfolio that generates durable production and strong cash flow for its shareholders. More information about NOG can be found at www.noginc.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding NOG’s financial position, operating and financial performance, business strategy, dividend plans and practices, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, cash flow, borrowing base under NOG’s Revolving Credit Facility, NOG’s intention or ability to pay or increase dividends on its capital stock, and impairment are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition; infrastructure constraints and related factors affecting NOG’s properties; general economic or industry conditions, whether internationally, nationally and/or in the communities in which NOG conducts business, including any future economic downturn, cost inflation, supply chain disruptions, the impact of continued or further inflation, disruption in the financial markets, changes in the interest rate environment and actions taken by OPEC and other oil producing countries as it pertains to the global supply and demand of, and prices for, crude oil, natural gas and NGLs; ongoing legal disputes over, and potential shutdown of, the Dakota Access Pipeline; NOG’s ability to identify and consummate additional development opportunities and potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruption to NOG’s business due to acquisitions and other significant transactions; changes in local, state, and federal laws, regulations or policies that may affect NOG’s business or NOG’s industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); conditions of the securities markets; risks associated with NOG’s 3.625% convertible senior notes due 2029 (the “Convertible Notes”), including the potential impact that the Convertible Notes may have on NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transactions undertaken in tandem with the Convertible Notes issuances, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to raise or access capital on acceptable terms; cyber-incidents could have a material adverse effect on NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and Quarterly Report on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. Accordingly, results actually achieved may differ materially from expected results described in these statements. NOG does not undertake, and specifically disclaims, any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands, except share and per share data)

2026

2025

2026

2025

Revenues

Oil and Gas Sales

$

670,796

$

574,369

$

1,210,651

$

1,151,321

Gain (Loss) on Commodity Derivatives, Net

70,182

128,819

(468,874

)

150,581

Other Revenues

4,257

3,621

8,487

7,006

Total Revenues

745,235

706,809

750,264

1,308,908

Operating Expenses

Production Expenses

127,089

121,430

256,836

235,470

Production Taxes

45,699

35,616

84,042

71,685

General and Administrative Expenses

24,529

15,628

47,703

30,109

Legal Settlement Expense

—

33,091

—

33,091

Depletion, Depreciation, Amortization and Accretion

192,885

205,741

389,983

411,432

Impairment of Oil and Gas Assets

—

115,576

268,276

115,576

Other Expenses

2,496

3,561

5,771

6,098

Total Operating Expenses

392,698

530,643

1,052,611

903,461

Income (Loss) From Operations

352,537

176,166

(302,347

)

405,447

Other Income (Expense)

Interest Expense, Net

(41,442

)

(44,389

)

(84,027

)

(87,739

)

Gain (Loss) on Unsettled Interest Rate Derivatives, Net

1,474

1

3,040

(143

)

Loss on Foreign Currency Transactions

(4,655

)

—

(4,655

)

—

Loss on Extinguishment of Debt

—

—

(14

)

—

Gain on Contingent Consideration

2,682

—

2,682

—

Total Other Expense, Net

(41,941

)

(44,388

)

(82,974

)

(87,882

)

Income (Loss) Before Income Taxes

310,596

131,778

(385,321

)

317,565

Income Tax Expense (Benefit)

73,968

32,193

(99,102

)

78,998

Net Income (Loss)

$

236,628

$

99,585

$

(286,219

)

$

238,567

Net Income (Loss) Attributable to Common Stockholders

$

236,628

$

99,585

$

(286,219

)

$

238,567

Net Income (Loss) Per Common Share – Basic

$

2.24

$

1.02

$

(2.80

)

$

2.43

Net Income (Loss) Per Common Share – Diluted

$

2.19

$

1.00

$

(2.80

)

$

2.39

Weighted Average Common Shares Outstanding – Basic

105,871,269

98,060,407

102,207,355

98,308,686

Weighted Average Common Shares Outstanding – Diluted

108,091,366

99,394,539

102,207,355

99,692,134

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands, except share and per share data)

2026

2025

2026

2025

Net Income (Loss)

$

236,628

$

99,585

$

(286,219

)

$

238,567

Other Comprehensive Loss:

Foreign Currency Translation Adjustment

(3,164

)

—

(3,164

)

—

Total Other Comprehensive Loss

(3,164

)

—

(3,164

)

—

Comprehensive Income (Loss)

$

233,464

$

99,585

$

(289,383

)

$

238,567

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except par value and share data)

June 30, 2026

December 31, 2025

Assets

Current Assets:

Cash and Cash Equivalents

$

47,603

$

14,299

Accounts Receivable, Net

377,818

349,927

Advances, Prepaid Expenses, and Other

27,968

37,061

Derivative Instruments

30,914

166,678

Income Tax Receivable

17,799

18,066

Total Current Assets

502,102

586,031

Property and Equipment:

Oil and Natural Gas Properties, Full Cost Method of Accounting

Proved

12,429,203

11,441,786

Unproved

301,755

86,034

Less – Accumulated Depletion and Impairment

(7,440,256

)

(6,784,649

)

Total Oil and Natural Gas Properties, Net

5,290,702

4,743,171

Other Property and Equipment, Net

2,438

3,196

Total Property and Equipment, Net

5,293,140

4,746,367

Derivative Instruments

9,726

3,036

Deferred Income Taxes

8,152

—

Other Noncurrent Assets, Net

14,745

73,941

Total Assets

$

5,827,865

$

5,409,375

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts Payable

$

206,275

$

218,620

Accrued Liabilities and Other

399,176

320,673

Derivative Instruments

25,041

—

Total Current Liabilities

630,492

539,293

Long-term Debt, Net

2,724,814

2,395,393

Deferred Tax Liability

158,290

247,645

Derivative Instruments

255,868

48,102

Contingent Consideration

6,614

—

Asset Retirement Obligations

54,949

50,831

Other Noncurrent Liabilities

1,505

1,770

Total Liabilities

$

3,832,532

$

3,283,034

Commitments and Contingencies

Stockholders’ Equity

Common Stock, Par Value $0.001; 270,000,000 Shares Authorized;

106,549,128 Shares Outstanding at 6/30/2026

97,265,559 Shares Outstanding at 12/31/2025

509

499

Additional Paid-In Capital

1,802,928

1,644,563

Retained Earnings

195,060

481,279

Accumulated Other Comprehensive Loss

(3,164

)

—

Total Stockholders’ Equity

1,995,333

2,126,341

Total Liabilities and Stockholders’ Equity

$

5,827,865

$

5,409,375

Non-GAAP Financial Measures

Adjusted Net Income, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. NOG defines Adjusted Net Income as income before income taxes, excluding (i) (gain) loss on unsettled commodity derivatives, net of tax, (ii) (gain) loss on extinguishment of debt, net of tax, (iii) contingent consideration (gain) loss, net of tax, (iv) acquisition transaction costs, net of tax, (v) (gain) loss on unsettled interest rate derivatives, net of tax, (vi) (gain) loss on foreign currency transactions and (vii) impairment of long-lived assets, net of tax. NOG defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion, amortization and accretion, (iv) non-cash stock-based compensation expense, (v) (gain) loss on extinguishment of debt, (vi) contingent consideration (gain) loss (vii) acquisition transaction costs, (viii) (gain) loss on unsettled interest rate derivatives, (ix) (gain) loss on unsettled commodity derivatives, (x) (gain) loss on foreign currency transactions, (xi) impairment of long-lived assets, and (xii) other non-cash adjustments. NOG defines Free Cash Flow as cash flows from operations before changes in working capital and other items, less (i) capital expenditures, excluding non-budgeted acquisitions and changes in accrued capital expenditures and other items. A reconciliation of each of these measures to the most directly comparable GAAP measure is included below.

Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of current financial performance. Management believes Adjusted Net Income and Adjusted EBITDA provide useful information to both management and investors by excluding certain expenses and unrealized commodity gains and losses that management believes are not indicative of NOG’s core operating results. Management believes that Free Cash Flow is useful to investors as a measure of a company’s ability to internally fund its budgeted capital expenditures, to service or incur additional debt, and to measure success in creating stockholder value. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring NOG’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. The non-GAAP financial measures included herein may be defined differently than similar measures used by other companies and should not be considered an alternative to, or more meaningful than, the comparable GAAP measures. From time to time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward looking non-GAAP measure to its most directly comparable forward looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward looking GAAP measure. The reconciling items in future periods could be significant.

Reconciliation of Adjusted Net Income

Three Months Ended

June 30,

(In thousands, except share and per share data)

2026

2025

Income Before Income Taxes

$

310,596

$

131,778

Add:

Impact of Selected Items:

Acquisition Transaction Costs

7,698

1,046

Gain on Unsettled Commodity Derivatives

(156,502

)

(67,888

)

Gain on Unsettled Interest Rate Derivatives

(1,474

)

(1

)

Gain Contingent Consideration

(2,682

)

—

Loss on Foreign Currency Transactions

4,655

—

Impairment of Oil and Gas Assets

—

115,576

Adjusted Income Before Adjusted Income Tax Expense

162,291

180,511

Adjusted Income Tax Expense (1)

(39,761

)

(44,225

)

Adjusted Net Income (non-GAAP)

$

122,530

$

136,286

Weighted Average Shares Outstanding – Basic

105,871,269

98,060,407

Weighted Average Shares Outstanding – Diluted

108,091,366

99,394,539

Income Before Income Taxes Per Common Share – Basic

$

2.93

$

1.34

Add:

Impact of Selected Items

(1.40

)

0.50

Impact of Income Tax

(0.37

)

(0.45

)

Adjusted Net Income Per Common Share – Basic

$

1.16

$

1.39

Income Before Income Taxes Per Common Share – Adjusted Diluted

$

2.87

$

1.33

Add:

Impact of Selected Items

(1.37

)

0.49

Impact of Income Tax

(0.37

)

(0.45

)

Adjusted Net Income Per Common Share – Adjusted Diluted

$

1.13

$

1.37

Reconciliation of Adjusted EBITDA

Three Months Ended

June 30,

(In thousands)

2026

2025

Net Income

$

236,628

$

99,585

Add:

Interest Expense, Net

41,442

44,435

Income Tax Expense

73,968

32,193

Depreciation, Depletion, Amortization and Accretion

192,885

205,741

Non-Cash Stock-Based Compensation

4,409

3,729

Other Adjustments

—

6,000

Acquisition Transaction Costs

7,698

1,046

Gain on Unsettled Commodity Derivatives

(156,502

)

(67,888

)

Gain on Unsettled Interest Rate Derivatives

(1,474

)

(1

)

Gain Contingent Consideration

(2,682

)

—

Loss on Foreign Currency Transactions

4,655

—

Impairment of Oil and Gas Assets

—

115,576

Adjusted EBITDA

$

401,027

$

440,416

Reconciliation of Free Cash Flow

Three Months Ended

June 30,

(In thousands)

2026

2025

Net Cash Provided by Operating Activities

$

321,617

362,112

Exclude: Changes in Working Capital and Other Items

32,061

(23,700

)

Less: Capital Expenditures (1)

(194,676

)

(212,234

)

Free Cash Flow

$

159,002

$

126,178

Three Months Ended

June 30,

(In thousands)

2026

2025

Cash Paid for Capital Expenditures

$

379,811

327,361

Less: Non-Budgeted Acquisitions, inclusive of Acquisition Transaction Costs

(171,527

)

(61,555

)

Plus: Change in Accrued Capital Expenditures and Other

(13,608

)

(53,572

)

Capital Expenditures

$

194,676

$

212,234

More News From Northern Oil and Gas, Inc.

The market expects Northern Oil and Gas (NOG - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis independent oil and gas company is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of -25.6%.

Revenues are expected to be $545.76 million, down 5% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.71% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Northern Oil and Gas?For Northern Oil and Gas, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Northern Oil and Gas will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Northern Oil and Gas would post earnings of $0.71 per share when it actually produced earnings of $0.74, delivering a surprise of +4.23%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Northern Oil and Gas doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Oil and Gas - Exploration and Production - United States industry, Chord Energy Corporation (CHRD - Free Report) , is soon expected to post earnings of $6.68 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +273.2%. Revenues for the quarter are expected to be $1.43 billion, up 20.8% from the year-ago quarter.

The consensus EPS estimate for Chord Energy Corporation has been revised 20.7% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.

This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Chord Energy Corporation will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Posted by Defense World Staff on Jul 28th, 2026

Dimensional Fund Advisors LP lessened its holdings in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 2.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,146,203 shares of the company’s stock after selling 97,082 shares during the period. Dimensional Fund Advisors LP owned 3.92% of Northern Oil and Gas worth $121,201,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new stake in shares of Northern Oil and Gas in the 1st quarter valued at about $33,000. Jones Financial Companies Lllp boosted its position in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after acquiring an additional 713 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Northern Oil and Gas by 572.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of Northern Oil and Gas during the fourth quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Analysts Set New Price Targets NOG has been the topic of a number of recent analyst reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Citigroup decreased their price target on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Weiss Ratings cut shares of Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th. Finally, Wall Street Zen downgraded shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas presently has an average rating of “Hold” and a consensus price target of $30.62.

Check Out Our Latest Report on NOG

Insider Transactions at Northern Oil and Gas In related news, Director Bahram Akradi purchased 25,760 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by insiders.

Northern Oil and Gas Price Performance NOG stock opened at $20.28 on Tuesday. The firm has a market cap of $2.21 billion, a P/E ratio of -3.18 and a beta of 0.69. The firm’s fifty day moving average is $20.59 and its 200 day moving average is $24.14. Northern Oil and Gas, Inc. has a 52 week low of $17.18 and a 52 week high of $31.17. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. Research analysts predict that Northern Oil and Gas, Inc. will post 3.48 earnings per share for the current year.

Northern Oil and Gas Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 8.9%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently -28.26%.

Northern Oil and Gas Company Profile (Free Report)

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

Recommended Stories Five stocks we like better than Northern Oil and Gas AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINERoyal Bank Of Canada Issues Positive Forecast for Digital Realty Trust (NYSE:DLR) Stock Price

NEXT HEADLINE »Norwegian Cruise Line Holdings Ltd. $NCLH Shares Acquired by Dimensional Fund Advisors LP

Northern Oil and Gas (NOG) has seen a significant increase in its stock price after releasing its second-quarter operational update. The report addressed key inv

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its second quarter 2026 financial and operating results on Thursday, August 6, 2026, after the market closes. Additionally, the Company will host a conference call on Friday, August 7, 2026, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: August 7, 20.

Posted by Defense World Staff on Apr 6th, 2026

Northern Oil and Gas (NYSE:NOG – Get Free Report) and Universal Energy (OTCMKTS:UVSE – Get Free Report) are both energy companies, but which is the superior business? We will contrast the two businesses based on the strength of their institutional ownership, valuation, profitability, risk, dividends, earnings and analyst recommendations.

Valuation & Earnings This table compares Northern Oil and Gas and Universal Energy”s gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Northern Oil and Gas $2.48 billion 1.11 $38.76 million $0.33 85.66 Universal Energy N/A N/A N/A N/A N/A Northern Oil and Gas has higher revenue and earnings than Universal Energy.

Analyst Ratings This is a summary of current ratings and price targets for Northern Oil and Gas and Universal Energy, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Northern Oil and Gas 1 4 3 1 2.44 Universal Energy 0 0 0 0 0.00 Northern Oil and Gas presently has a consensus target price of $31.71, suggesting a potential upside of 12.19%. Given Northern Oil and Gas’ stronger consensus rating and higher possible upside, equities analysts plainly believe Northern Oil and Gas is more favorable than Universal Energy.

Profitability This table compares Northern Oil and Gas and Universal Energy’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Northern Oil and Gas 1.57% 19.74% 8.14% Universal Energy N/A N/A N/A Institutional & Insider Ownership 98.8% of Northern Oil and Gas shares are held by institutional investors. 2.9% of Northern Oil and Gas shares are held by company insiders. Comparatively, 0.2% of Universal Energy shares are held by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.

Volatility and Risk Northern Oil and Gas has a beta of 0.94, suggesting that its share price is 6% less volatile than the S&P 500. Comparatively, Universal Energy has a beta of 0.36, suggesting that its share price is 64% less volatile than the S&P 500.

Summary Northern Oil and Gas beats Universal Energy on 11 of the 11 factors compared between the two stocks.

About Northern Oil and Gas (Get Free Report)

Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. The company is based in Minnetonka, Minnesota.

About Universal Energy (Get Free Report)

Universal Energy Corp., an independent energy company, engages in the acquisition, exploration, development, and production of crude oil and natural gas in the United States and Canada. It has 13 oil and gas lease projects. The company was founded in 2002 and is based in Lake Mary, Florida.

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEContrasting Omeros (NASDAQ:OMER) and Medtronic (NYSE:MDT)

NEXT HEADLINE »BigBear.ai (NYSE:BBAI) and Fujitsu (OTCMKTS:FJTSY) Financial Survey

Posted by Defense World Staff on Apr 9th, 2026

Harbor Capital Advisors Inc. lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 97.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,353 shares of the company’s stock after selling 46,824 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Northern Oil and Gas were worth $29,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. First Horizon Corp acquired a new position in shares of Northern Oil and Gas in the third quarter valued at approximately $27,000. Jones Financial Companies Lllp grew its position in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Northern Oil and Gas by 85.7% in the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock valued at $44,000 after purchasing an additional 702 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Northern Oil and Gas in the first quarter valued at approximately $88,000. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 5.1% NYSE NOG opened at $28.06 on Thursday. The business has a fifty day moving average price of $27.43 and a two-hundred day moving average price of $24.35. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $32.62. The stock has a market capitalization of $2.73 billion, a PE ratio of 85.02 and a beta of 0.94.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.12. The company had revenue of $610.18 million for the quarter, compared to analyst estimates of $524.98 million. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The firm’s revenue was up 18.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.11 EPS. Equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, March 30th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 545.45%.

Analysts Set New Price Targets A number of brokerages recently issued reports on NOG. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. Mizuho set a $29.00 price target on Northern Oil and Gas in a research report on Wednesday, January 21st. Citigroup increased their price target on Northern Oil and Gas from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, March 31st. Royal Bank Of Canada reduced their price target on Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Finally, Morgan Stanley set a $24.00 price target on Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $31.71.

View Our Latest Report on Northern Oil and Gas

Northern Oil and Gas Profile (Free Report)

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

Read More Five stocks we like better than Northern Oil and Gas Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEFlagship Harbor Advisors LLC Makes New $1.02 Million Investment in First Trust Dorsey Wright Focus 5 ETF $FV

NEXT HEADLINE »Gerrit Kazmaier Sells 9,356 Shares of Workday (NASDAQ:WDAY) Stock

-

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its first quarter 2026 financial and operating results on Tuesday, April 28, 2026, after the market closes.

In connection with its earnings release, NOG will host a conference call and webcast to discuss its financial results at 8:00 a.m. Central Time on Wednesday, April 29, 2026.

Those wishing to listen to the conference call may do so via phone or the Company’s webcast.

Conference Call and Webcast Details:

  Date:

April 29, 2026

Time:

8:00 a.m. Central Time

Dial-In:

(800) 715-9871

International Dial-In:

(646) 307-1963

Conference ID:

4503139

Webcast:

First Quarter 2026 Earnings Conference Call

  Replay Information:

  A replay of the conference call will be available through May 13, 2026, by dialing:

Dial-In:

(800) 770-2030

International Dial-In:

(647) 362-9199

Conference ID:

4503139

An archive of the conference call webcast will also be available on NOG’s website through April 28, 2027.

ABOUT NOG

NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.

More News From Northern Oil and Gas, Inc.

Back to Newsroom

Key Takeaways NOG to report Q1 on April 28 with estimated EPS of 80 cents and $523.5M in revenues, both down YoY.Northern Oil and Gas faces weak prices, deferrals, rising costs and wider differentials, squeezing margins.NOG may see upside from gas output growth, lower well costs, hedging and a 2.6% rise in volumes. Northern Oil and Gas, Inc. (NOG - Free Report) is set to release first-quarter 2026 results on April 28. The Zacks Consensus Estimate for earnings is pegged at 80 cents per share, and that for revenues is pinned at $523.5 million.

Let us delve into the factors that are likely to have influenced this oil and gas exploration and production company’s performance in the to-be-reported quarter. But first, it is worth taking a look at NOG’s performance in the last reported quarter.

Highlights of NOG’s Q4 EarningsIn the last reported quarter, this Minnetonka, MN-based independent energy company’s earnings topped the Zacks Consensus Estimate, driven by strong production, with total output beating the consensus mark by 4.2%. It reported adjusted earnings per share of 83 cents, which beat the Zacks Consensus Estimate of 71 cents. However, revenues of $447.7 million missed the Zacks Consensus Estimate of $515 million.

The company’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, resulting in an average surprise of 29.7%.

This is depicted in the graph below:

NOG’s Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has witnessed four upward and two downward movements in the past 30 days. The estimated figure indicates a 39.9% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 9.3% decrease from the year-ago period.

Factors to Consider for NOG’s Q1 PerformanceNorthern Oil and Gas faces near-term pressure from weak commodity prices and operator-driven activity deferrals, which are already impacting production visibility. Management highlighted a typical first-quarter downtick due to weather, curtailments and lower activity. Rising gas exposure comes with weaker realizations, and widening oil differentials further compress margins. Additionally, ongoing non-cash impairments tied to lower oil prices and higher maintenance costs signal underlying stress, while the uncertain timing of deferred wells and inconsistent operator behavior add volatility to near-term earnings outcomes. The increase in NOG’s costs might have dented its to-be-reported bottom line. According to our model prediction, the company’s first-quarter total operating expenses are likely to total $636.2 million, which is up 70.6% from the year-ago quarter’s level.

Despite headwinds, strong gas production growth, lower well costs and high-grading of drilling locations could support upside. Front-loaded capital deployment and ground game success may drive better-than-expected volumes, while hedging and cost discipline help sustain margins, positioning the company for a potential earnings beat. According to our model, NOG's total average daily production volume is expected to increase 2.6% year over year, reaching 138.5 thousand barrels of oil equivalent per day (Mboe/d).

What Does Our Model Predict for NOG?Our proven model does not conclusively predict an earnings beat for Northern Oil and Gas this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here.

NOG currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks to ConsiderHere are some firms from the other space that you may want to consider, as they have the right combination of elements to post an earnings beat this season.

ARC Resources Ltd. (AETUF - Free Report) has an Earnings ESP of +21.55% and sports a Zacks Rank #1 at present. The firm is scheduled to release earnings on April 28. You can see the complete list of today’s Zacks #1 Rank stocks here.

ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties in western Canada. AETUF’s earnings missed the Zacks Consensus Estimate in one of the trailing four quarters, beat the same in two and were in line in one of the quarters, delivering an average surprise of 2.2%.

Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +1.91% and a Zacks Rank of 2. It is scheduled to release its first-quarter 2026 earnings on April 28.

The Zacks Consensus Estimate for EPD’s 2026 EPS indicates 7.5% year-over-year growth. Valued at around $79.8 billion, EPD’s shares have gained 21.3% in a year.

Antero Resources Corporation (AR - Free Report) has an Earnings ESP of +5.46% and a Zacks Rank #2 at present. The firm is scheduled to release earnings on April 29.

Antero Resources is an independent exploration and production company focused on the development of natural gas, NGLs and oil resources primarily in the Appalachian Basin. The Zacks Consensus Estimate for 2026 EPS indicates 137.4% year-over-year growth. Valued at around $11.3 billion, AR’s shares have risen 13.3% in a year.

Northern Oil and Gas (NOG - Free Report) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.23%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.71 per share when it actually produced earnings of $0.83, delivering a surprise of +16.9%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Northern Oil and Gas, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $539.86 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.57%. This compares to year-ago revenues of $576.95 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Northern Oil and Gas shares have added about 25.2% since the beginning of the year versus the S&P 500's gain of 4.8%.

What's Next for Northern Oil and Gas?While Northern Oil and Gas has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Northern Oil and Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.73 on $538.33 million in revenues for the coming quarter and $3.04 on $2.14 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the top 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ring Energy (REI - Free Report) , has yet to report results for the quarter ended March 2026.

This independent oil and gas company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Ring Energy's revenues are expected to be $70.9 million, down 10.4% from the year-ago quarter.

Key Takeaways NOG Q1 EPS of 74 cents beat estimates on strong output, but fell from $1.33 a year ago.Revenues of $539.9M beat estimates but declined Y/Y due to lower oil and gas sales.Production rose 10% to 148,303 Boe/d, while operating expenses surged 77% to $660M. Northern Oil and Gas, Inc. (NOG - Free Report) reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.

The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.

In February, NOG closed the joint Ohio Utica acquisition of upstream and midstream assets with an adjusted ownership split of 40% for $464.6 million, including the previously paid $58.8 million deposit.

In March, NOG completed a common stock offering of 8.3 million shares of common stock, generating net proceeds of $227.9 million. Funds raised in the offering were applied to the outstanding borrowings on the company’s revolving credit facility.

NOG’s Q1 Production DetailsThe first-quarter production increased 10% year over year to 148,303 barrels of oil equivalent per day (Boe/d). Additionally, the figure beat our estimate of 141,049 Boe/d.

While oil volume totaled 73,567 Bod (a 6% decrease year over year), natural gas (and natural gas liquids) amounted to 448,444 thousand cubic feet per day (a 33% increase). Our model estimate for oil volume and natural gas production was pegged at 70,000 Bod and 411,400 thousand cubic feet per day, respectively.

The average sales price for crude was $66.32 per barrel, indicating a 2% increase from the prior-year quarter’s level of $64.92. Moreover, the figure beat our expectation of $52.51 per barrel.

The average realized natural gas price was $2.50 per thousand cubic feet compared with $3.86 in the year-earlier period. Our model estimate for the same was pinned at $4.58 per thousand cubic feet.

NOG’s Costs & ExpensesTotal operating expenses in the quarter rose to $660 million from $372.8 million in the year-ago period. This was mainly on account of a surge in production expenses, general and administrative expenses, impairment of oil and gas assets, and other expenses. The metric came above our estimate of $636.2 million.

Capital Expenditures of NOGThe company reported capital expenditures of $270.1 million for the first quarter, excluding non-budgeted acquisitions and other unplanned items. Of this total, $226.5 million was dedicated to drilling and completion activities on organic assets, while $43.6 million was allocated to Ground Game efforts, including associated development costs.

During the first quarter, NOG placed 17.1 net wells into production.

NOG’s Financial PositionThis Zacks Rank #3 (Hold) company’s free cash flow for the quarter totaled $30.4 million.

As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Energy Earnings at a GlanceWhile we have discussed NOG’s first-quarter results in detail, let us take a look at three other key reports in the energy space.

Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.

Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.

As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.

NOV Inc. (NOV - Free Report) reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.

The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.

The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.

As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.

Nabors Industries Ltd. (NBR - Free Report) reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.

The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.

As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.

Image: Bigstock

Read MoreHide Full Article

For the quarter ended March 2026, Northern Oil and Gas (NOG - Free Report) reported revenue of $539.86 million, down 6.4% over the same period last year. EPS came in at $0.74, compared to $1.33 in the year-ago quarter.

The reported revenue represents a surprise of +5.57% over the Zacks Consensus Estimate of $511.4 million. With the consensus EPS estimate being $0.71, the EPS surprise was +4.23%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average Daily Production - Total: 148,303.00 BOE/D versus the five-analyst average estimate of 141,049.30 BOE/D.Average Daily Production - Oil: 73,567.00 BBL/D versus the five-analyst average estimate of 71,669.23 BBL/D.Average Daily Production - Natural Gas and NGLs: 448,444.00 Mcf/D versus 416,720.50 Mcf/D estimated by five analysts on average.Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $2.77 compared to the $3.26 average estimate based on four analysts.Average Sales Prices - Oil Net of Settled Oil Derivatives: $62.00 compared to the $62.19 average estimate based on four analysts.Net Production - Natural Gas and NGLs: 40,360.00 Mcf compared to the 37,818.07 Mcf average estimate based on three analysts.Net Production - Oil: 6,621.00 KBBL versus 6,427.38 KBBL estimated by three analysts on average.Net Production - Total: 13,347.00 KBOE compared to the 12,730.40 KBOE average estimate based on three analysts.Average Sales Prices - Oil: $66.32 versus the two-analyst average estimate of $59.35.Net Sales- Oil and Gas Sales: $539.86 million versus the three-analyst average estimate of $514.84 million. The reported number represents a year-over-year change of -6.4%.Net Sales- Oil Sales: $439.08 million versus the two-analyst average estimate of $375.33 million. The reported number represents a year-over-year change of -4.5%.Net Sales- Natural Gas and NGL Sales: $100.77 million versus the two-analyst average estimate of $122.85 million. The reported number represents a year-over-year change of -14.1%.View all Key Company Metrics for Northern Oil and Gas here>>>

Shares of Northern Oil and Gas have returned -11.7% over the past month versus the Zacks S&P 500 composite's +11% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Zacks' 7 Best Strong Buy Stocks (New Research Report) Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.

Click Here, It's Really Free

Published in earnings earnings-estimates-revisions earnings-surprise

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced that it has agreed to purchase an undivided 25% interest in the Light-Oil Duvernay Assets owned and operated by Parallax Energy Operating Inc. (“Parallax” or the “Seller”).

MANAGEMENT COMMENTS

"Quality oil inventory is becoming increasingly scarce, and NOG's scaled non-operated model positions us to access opportunities that most in our sector cannot. Our ability to structure creative, accretive transactions with best-in-class operators is what sets NOG apart. The Duvernay is one of North America's premier light oil resources — high-quality, low-cost, long-life inventory with meaningful upside that remains largely untapped. Parallax is led by a team with a demonstrated track record of developing Duvernay assets, backed by Carnelian Energy Capital, one of North America’s leading energy investors. The decision to incorporate equity consideration aligns mutual interests while enhancing our per-share metrics and balance sheet. This transaction is the result of disciplined evaluation of the meaningful opportunities we see in Canada, and a direct reflection of our ability to identify and convert high-quality assets into long-term value for shareholders."

LIGHT-OIL DUVERNAY ACQUISITION

The Assets are comprised of an undivided non-operated interest which includes, net to NOG, ~4,000 Boe per day of production and ~75,000 acres in the Light-Oil Duvernay Shale at an initial unadjusted purchase price of CA$350 million (~US$259 million), subject to typical closing adjustments. The initial unadjusted purchase price will be funded with CA$113 million (~US$83.5) million of NOG common stock issued to the Seller at closing, with the remaining consideration sourced from cash on hand, operating free cash flow and borrowings under NOG’s revolving credit facility.

In addition, NOG has agreed to additional contingent consideration of CA$25 million (~US$18.5 million), payable in cash or common stock (at NOG’s election) in the first quarter of 2028 if certain average oil prices are achieved through the end of 2027.

The acquired Assets include over 500 gross high-quality, low breakeven locations. Substantially all the Assets are operated by Parallax, with NOG participating in development pursuant to a long-term Joint Development Agreement with multi-year drilling commitments entered into in connection with the acquisition.

NOG expects average production for the properties for full year 2027 of ~4,000 Boe per day (2-stream, ~80% oil). Operating costs are expected to be less than $7.50 per Boe/d, below NOG’s corporate average. NOG expects to incur up to US$40 - $45 million in capital expenditures on the assets post-closing in 2026, and US$45 - $50 million in 2027.

In connection with the transaction, NOG intends to enter into derivatives transactions to hedge currency fluctuations related to operating costs on a multi-year basis. Depending on market conditions, NOG may also repurchase a portion of the stock consideration in the open market.

The effective date for the transaction is April 1, 2026, and NOG expects to close the transaction late in the second quarter of 2026. As part of the transaction, NOG has formed a wholly-owned Canadian subsidiary, NOG Energy Canada, Ltd.

ADVISORS

Citigroup Global Markets acted as exclusive advisor to NOG on the transaction. Kirkland & Ellis LLP and Blakes, Cassels & Graydon LLP are serving as Northern’s legal advisors.

National Bank Capital Markets and RBC Capital Markets acted as financial advisors to Parallax on the transaction. Stikeman Elliot LLP served as Parallax's legal advisor.

UPDATED COMPANY GUIDANCE

NOG is providing updated company guidance proforma for the light-oil Duvernay acquisition in line with the “high-end” of the former low activity range; consistent with commentary on our first quarter 2026 earnings call.

Prior FY2026 Low Activity Guidance

Revised FY2026 Annual Guidance

Annual Production (2-stream, Boe/day)

139,000 – 143,000

143,000 – 148,000

Annual Oil Production

68,000 – 72,000

71,500 – 73,500

Net Wells Turned - in- Line (TILs)

68.0 – 72.0

74.0 – 76.0

Total Budgeted Capital Expenditures ($MM)

$850 – $900

$850 – $900

LOE/Production Expenses (per Boe)

$9.65 - $10.10

$9.70 - $9.90

Cash G&A (ex-transaction costs) (per Boe)

$0.81 - $0.86

$0.83 - $0.86

Non-Cash G&A (per Boe)

$0.25 - $0.30

$0.25 - $0.30

Production Taxes (as a % of Oil & Gas Sales)

7% - 8%

7.5% – 8.0%

Oil Differential to NYMEX WTI (per Bbl)

($5.35) – ($6.00)

($5.25 - $5.60)

Gas Realization as a % of Henry Hub/MCF

70% - 75%

70.0% – 72.5%

DD&A Rate per BOE

$15.00 – $16.00

$15.00 - $15.50

Updates to guidance are comprised of:

As described on Q1 call, stand-alone oil production update consistent with “high-end of the low case” from prior guidance Gas volume increase driven by better well performance and timing Minor contribution from pending Duvernay acquisition (late 2Q assumed closing) Capital expenditures, even inclusive of Duvernay transaction, remain unchanged, driven primarily by cost efficiencies LOE guidance updated toward low end of previous guidance Material improvement to oil differentials for the year, driven primarily by Williston pricing Overall gas differentials slightly lower, driven by Waha, mostly offset by Appalachian NGL pricing ABOUT NOG

Northern Oil and Gas (NOG) is the largest publicly traded dedicated non-operator in the United States, built on a differentiated strategy of acquiring non-operated minority working interests and mineral rights across the premier basins of North America. By combining deep industry relationships with disciplined capital allocation, NOG has built a scaled, diversified portfolio that generates durable production and strong cash flow for its shareholders. More information about NOG can be found at www.noginc.com.

ABOUT PARALLAX ENERGY OPERATING INC.

Parallax Energy Operating Inc., an independent oil and natural gas company based in Calgary, Alberta, formed in partnership with funds managed by Carnelian Energy Capital Management, L.P., is focused on leasing, developing and operating oil and gas properties throughout Western Canada. For more information, please visit www.parallaxenergy.ca.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, including any increases thereto, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG’s ability to acquire additional development opportunities, changes in NOG’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG’s ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

More News From Northern Oil and Gas, Inc.

Northern Oil and Gas: Duvernay Acquisition Comes At A Fair Price, But Adds To Its Leverage