Northern Oil and Gas reaffirms full-year guidance and increases its share repurchase authorization to $243 million.
Stock Buybacks
July 13, 2026
Table of Contents
July 13, 2026
Northern Oil and Gas, Inc. (NYSE: NOG) provided a second-quarter 2026 operational update, reaffirmed full-year production and capital expenditure guidance, and increased its share repurchase authorization to approximately $243 million.
Northern Oil and Gas is an oil and gas company focused on non-operated minority working interests and mineral rights across major North American energy basins, including the Permian, Williston, Uinta, and Duvernay regions.
NOG said second-quarter oil production is expected to average 67.5 to 68.25 thousand barrels per day.
The company had about 7,000 barrels of oil equivalent per day shut in by operators during April, May, and part of June, mainly tied to Novo assets in Culberson County, Texas and Eddy County, New Mexico.
The shut-ins were caused by weak wellhead economics as negative Waha realizations offset otherwise strong oil prices.
NOG also had about three net turn-in-lines deferred to the third quarter.
Despite those issues, the company said production outside the Waha region performed better, with the Williston Basin and Uinta Basin topping internal expectations by 4.0% and 11.5%, respectively.
NOG expects second-quarter capital spending of $190 million to $200 million.
The company said it closed 30 ground game transactions during the quarter, adding more than 2,300 net acres and 6.2 net wells.
NOG deployed about $45 million in acquisition costs and related development capital, with nearly 80% of that capital directed toward the Permian, Williston, and Uinta basins.
The company also closed its previously announced Duvernay joint development acquisition on June 1.
The deal consideration included CA$237 million in cash and about 3.7 million common shares priced at $22.06 per share.
NOG repurchased 2.95 million shares during the second quarter at an average price of $20.37, including commissions.
The repurchases represented about 3% of outstanding shares and largely offset shares issued to the seller in connection with the Duvernay acquisition.
After the quarter ended, the board authorized a $150 million increase to the company’s common stock repurchase program.
That raised NOG’s current repurchase capacity to approximately $243 million.
NOG expects unrealized mark-to-market derivative gains of $155 million to $160 million for the second quarter.
The company also expects realized hedge losses of $85 million to $90 million, mainly tied to oil hedges, partly offset by natural gas and multi-basin basis hedges.
At current strip prices, NOG expects only minimal hedge gains or losses in the second half of 2026.
Investors are likely watching Waha pricing, shut-in production recovery, deferred turn-in-lines, second-quarter capital spending, free cash flow, buyback execution, Duvernay integration, hedge losses, and whether NOG can meet its full-year production and capital expenditure guidance.
The buyback increase is a positive capital return signal, but production timing and regional gas pricing remain key operating variables.
Northern Oil and Gas used its second-quarter update to reinforce confidence in both operations and shareholder returns.
The company faced production curtailments tied to Waha pricing, but kept full-year production and capital spending guidance intact. It also continued acquiring acreage and wells while repurchasing nearly 3% of outstanding shares in the quarter.
The key question is whether improving Waha conditions, deferred turn-in-lines, and continued basin performance can support higher production and free cash flow in the second half of 2026.
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