NORTHERN OIL & GAS, INC. (NOG) Form 8-K — Aug 6, 2026
Northern Oil and Gas reported second quarter 2026 GAAP net income of $236.6 million, or $2.19 per diluted share, more than doubling from $99.6 million, or $1.00, a year earlier, with Adjusted EBITDA of $401.0 million up 17% sequentially and free cash flow of $159.0 million up 424% from the first quarter. Production averaged 145,659 Boe per day, up 9% year over year, led by record natural gas volumes of 464,330 Mcf per day, up 35% year over year; oil volumes fell 11% to 68,275 Bbls per day on roughly 7,000 Boe per day of Permian shut-ins and deferred turn-in-lines that are expected to return in the third quarter.
Key figures
- Eps
- $2.19 diluted GAAP; $1.13 adjusted diluted
- Revenue
- $670.8 million oil and gas sales
- Guidance
- FY2026 reiterated with minor tweaks: production 143,000-148,000 Boe/d; oil 71,500-73,500 Bbls/d; capex $850-900M; net TILs 74.0-76.0; LOE $9.70-$9.80/Boe; oil differential narrowed to ($5.00)-($5.40)/Bbl; gas realization 70.0-75.0% of Henry Hub
- Net Income
- $236.6 million GAAP net income; $122.5 million adjusted net income
- Total Debt
- $2.72 billion long-term debt, net
- Total Assets
- $5.83 billion
- Cash Position
- $47.6 million cash on hand
- Shares Outstanding
- 106549128
- Dividend
- $0.45 per share declared August 2026, payable October 30, 2026
- Loe Per Boe
- $9.59, down 4% YoY
- Ground Game
- 30 transactions, 2,300+ net acres, 6.2 net wells, $44.7 million
- Free Cash Flow
- $159.0 million, +424% QoQ, +26% YoY
- Oil Production
- 68,275 Bbls/d, -11% YoY
- Total Revenues
- $745.2 million total revenues
- Adjusted EBITDA
- $401.0 million, +17% sequentially
- H1 2026 Net Loss
- $(286.2) million, including $268.3 million of oil and gas asset impairments
- Total Liquidity
- $1.0 billion ($975.0 million revolver availability plus $47.6 million cash)
- Buyback Activity
- 2.95 million shares repurchased at average $20.37 (~3% of shares outstanding)
- Total Production
- 145,659 Boe/d (47% oil), +9% YoY
- Well Cost Per Foot
- $761 per lateral foot
- Realized Gas Price
- $2.64 per Mcf (90% of Henry Hub)
- Capital Expenditures
- $195.8 million excluding non-budgeted acquisitions
- Duvernay Acquisition
- $262.1 million total consideration, closed June 1, 2026
- Realized Hedge Losses
- $86.3 million
- Natural Gas Production
- 464,330 Mcf/d record, +35% YoY, +3.5% QoQ
- Prior Year Comparators
- Q2 2025: net income $99.6 million, diluted EPS $1.00, total revenues $706.8 million
- Cash Flow From Operations
- $321.6 million ($353.7M excluding working capital changes)
- Repurchase Authorization
- ~$243.0 million total capacity after $150.0 million increase authorized July 10, 2026
- Realized Oil Price Unhedged
- $90.02 per Bbl
- Mark To Market Derivative Gain
- $156.5 million non-cash unrealized gain
Price after filing
Close on the filing date to close N calendar days later (from $20.44). Historical, not a forecast.
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