Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today provided an update on several business matters including second quarter hedging results, an update on ground game transactions and shareholder returns.

HIGHLIGHTS

NOG reiterates 2026 production and capital expenditure guidance
Strong second quarter for the Ground Game closing on over 2,300 net acres and 6.2 net wells
On June 1, closed the previously announced Duvernay Joint Development acquisition
Repurchased 2.95 million shares of common stock in the second quarter
Increased Authorized Share Repurchase Program to ~$243.0 million
BUSINESS UPDATE

Unrealized mark-to-market gains on derivatives for the second quarter are an estimated $155.0 – $160.0 million, driven by changes to the value of the Company's derivatives portfolio. Realized hedge losses for the second quarter are an estimated $85.0 - $90.0 million, driven by the Company’s oil hedges, partially offset by natural gas and multi-basin basis hedges.

At current strip prices, the Company anticipates de minimis gains or losses on its hedge book for the second half of 2026.

PRODUCTION AND CAPITAL EXPENDITURE UPDATE

During the quarter, NOG had approximately 7,000 Boe per day shut in by operators — most notably on its Novo assets in Culberson County, TX and Eddy County, NM — across April, May, and part of June. The shut-ins were driven by adverse wellhead economics, as significantly negative Waha realizations offset the benefit of otherwise strong oil prices. NOG also had approximately 3 net turn-in-lines deferred to the third quarter, which were undergoing completion operations at quarter end. Outside of the Waha region, production responded to the improved pricing environment, with the Williston and Uinta basins topping internal expectations by 4.0% and 11.5%, respectively. As a result of these dynamics, the Company expects second quarter oil production to average 67.5 – 68.25 Mbo per day, while still delivering record gas volumes even with significant curtailments in the Permian.

Looking to the third quarter, production on the shut-in assets was returning as the second quarter closed, and we expect those volumes to remain online as Waha pricing continues to normalize and support higher margins at current strip. The deferred turn-in-lines are expected to TIL in the third quarter. Together, these factors are expected to contribute to higher oil production as improved Waha market conditions take hold.

On capital expenditures, inclusive of robust Ground Game success, the Company anticipates total spending for the second quarter to be in the $190.0 to $200.0 million range, providing a strong free cash flow outlook for the quarter.

Backed by the development schedule, improving field performance and capital expenditure execution, NOG is reiterating its previous 2026 production and capital expenditure guidance.

GROUND GAME AND ACQUISITION UPDATE

NOG continued executing high quality ground game acquisitions in the second quarter with 30 deals closed, adding over 2,300 net acres and 6.2 net wells while deploying approximately $45.0 million in acquisition costs and associated development capital. Efforts were more heavily focused toward near-term production in our oil-focused basins relative to the prior two quarters with nearly 80% of capital deployed to the Permian, Williston, and Uinta basins.

On June 1, the Company closed its previously announced Duvernay joint development acquisition. Consideration for the assets comprised of CA$237.0 million in cash (which includes a previously paid CA$37.5 million cash deposit) and approximately 3.7 million common shares at a price of $22.06 per share.

SHAREHOLDER RETURNS

The Company repurchased a significant amount of common stock during the latter half of the second quarter prior to the quarterly blackout period. NOG repurchased 2.95 million shares (approximately 3% of outstanding shares) at an average price of $20.37, including commissions, ~81% of which were purchased before the dividend record date.

The share repurchases largely offset the amount of shares issued to the seller in conjunction with Duvernay acquisition.

After the end of the quarter, 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.