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

HIGHLIGHTS

  • Clean operational quarter with all basins meeting internal expectations
  • Active third quarter for the Ground Game closing on approximately 1,060 net acres and 2.8 net wells
  • Expect third quarter capital expenditures in the range of $250.0 to $253.0 million, excluding non-budgeted acquisitions and other
  • Third quarter unrealized mark to market losses expected to be $300.0 to $320.0 million on derivatives, with realized hedge losses of $51.0 to $52.0 million
  • Repurchased 667,989 shares of common stock in the third quarter for a total of $16.0 million inclusive of commissions

BUSINESS UPDATE

Operationally, NOG experienced a clean quarter with minimal field disruptions. As oil strip prices have rallied, the Company has seen incremental acceleration of development activity across its oil basins.

GROUND GAME AND CAPITAL EXPENDITURE UPDATE

NOG continued executing high quality ground game acquisitions in the third quarter with 19 deals closed, adding approximately 1,060 net acres and 2.8 net wells while deploying approximately $56.5 million in acquisition costs and associated development capital. Spend remained more heavily focused toward near-term production in our oil-focused basins with nearly 85% of capital deployed to the Permian, Williston, and Uinta basins.

Total booked capital spending for the third quarter is estimated to be $250.0 to $253.0 million, excluding non-budgeted acquisitions and other. The Company saw acceleration in current and forward activity in the third quarter, driving increased sequential capital spend. Capital expenditures are expected to trend lower in the fourth quarter, absent significant non-budgeted activity. The Company reiterates its 2026 capital expenditures guidance. Based on current pace, NOG expects capital spending to be toward the higher end of the range.

HEDGING UPDATE

In the third quarter, the Company recorded unrealized mark-to-market losses on derivatives of approximately $300.0 – $320.0, driven by changes to the value of the Company’s derivatives portfolio. Realized hedge losses were an estimated $51.0 to $52.0 million, driven by the Company’s crude oil hedges, partially offset by gas and basis hedges.

SHAREHOLDER RETURNS

On August 4, 2026, the Company declared a $0.45 quarterly cash dividend, payable on October 30, 2026.

In the third quarter, the Company repurchased 667,989 shares of common stock at an average price, inclusive of commissions, of $23.96 per share.

In July 2026, NOG’s Board of Directors authorized a $150.0 million increase to the Company’s common stock repurchase program, which provides a remaining repurchase capacity of approximately $227.2 million after consideration for the repurchases in the quarter.