NOG boosts share repurchase program to $243M, reiterates 2026 guidance

Northern Oil and Gas, Inc. (NYSE: NOG) provided a second quarter operational update, reiterating its 2026 production and capital expenditure guidance while announcing an expansion of its share repurchase program.

NOG's Board of Directors authorized a $150.0 million increase to the company's common stock repurchase program on July 10, 2026, bringing total repurchase capacity to approximately $243.0 million. During the second quarter, the company repurchased 2.95 million shares, roughly 3% of outstanding shares, at an average price of $20.37 per share, including commissions.

The company estimates unrealized mark-to-market gains on derivatives of $155.0–$160.0 million for the second quarter, while realized hedge losses are estimated at $85.0–$90.0 million, driven primarily by oil hedges.

Second quarter oil production is expected to average 67.5–68.25 thousand barrels per day. NOG cited approximately 7,000 barrels of oil equivalent per day in shut-ins during the quarter, concentrated in Culberson County, Texas, and Eddy County, New Mexico, due to negative Waha natural gas price realizations. Production in the Williston and Uinta basins exceeded internal expectations by 4.0% and 11.5%, respectively.

Capital expenditures for the second quarter are anticipated to be in the $190.0–$200.0 million range, inclusive of ground game activity.

NOG closed 30 ground game deals in the quarter, adding over 2,300 net acres and 6.2 net wells while deploying approximately $45.0 million. Nearly 80% of that capital was directed toward the Permian, Williston, and Uinta basins.

On June 1, the company closed its previously announced Duvernay joint development acquisition. Consideration included CA$237.0 million in cash and approximately 3.7 million common shares priced at $22.06 per share.

The preliminary financial and operating information is based on estimates subject to completion of NOG's financial closing procedures, according to the company's statement.

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