Northern Oil and Gas Q2 production rises on record gas output

Northern Oil and Gas

06/08/2026 21:27

Overview
U.S. non-operated oil and gas holder's Q2 production rose 9% yr/yr to 145,659 Boe/d
Q2 oil and gas sales grew, with adjusted net income and EBITDA up from prior quarter
Company repurchased 2.95 mln shares, boosting buyback authorization to $243 mln

Outlook
NOG maintains 2026 annual production guidance at 143,000-148,000 Boe per day
Company expects an acceleration of wells turned-in-line in the second half of 2026
NOG sees 2026 budgeted capital expenditures at $850 mln to $900 mln

Result Drivers
NATURAL GAS PRODUCTION - Record natural gas output and strong Appalachian volumes contributed to higher overall production, per company
REALIZED COMMODITY PRICES - Adjusted EBITDA rose 17% sequentially, mainly due to a 13% improvement in realized commodity price per boe
WELL PERFORMANCE - Uinta assets and other basins outperformed internal estimates, supporting production growth

Company press release: ID:nBw3pd8hxa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Oil & Gas Sales
 
$670.8 mln
 
Q2 Adjusted Net Income
 
$122.5 mln
 
Q2 Net Income
 
$236.6 mln
 
Q2 Adjusted EBITDA
 
$401 mln
 
Q2  Capex
 
$195.80 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Northern Oil and Gas, Inc. is $29.00, about 46.7% above its August 5 closing price of $19.77
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads
Aug 5 - Permian Resources Q2 oil output rises 3%, raises 2026 guidance
Aug 6 - BKV Corp Q2 profit beats as production gains offset weaker power prices
Aug 5 - US upstream oil and gas second-quarter dealmaking dives on volatility 

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)