Northern Oil and Gas (NOG) Q1 2026 earnings summary

Executive summary

• Q1 2026 production reached 148,303 Boe/d (50% oil), up 10% year-over-year and 6% sequentially, with record natural gas output and strong results in Appalachia and Williston.

• GAAP net loss was $522.8 million, driven by a $521.4 million non-cash derivative loss and a $268.3 million impairment charge, while Adjusted EBITDA was $342.5 million, down 21% year-over-year.

• Major acquisitions included the $464.6 million Ohio Utica deal and 41 ground game transactions, adding 5,100 net acres and over 6 net wells.

• Shareholder returns included ~$44.5 million in dividends for the quarter; a $230 million equity offering enhanced liquidity.

• The company is evaluating over $10 billion in M&A opportunities, focusing on high-quality, oil-weighted assets.

Financial highlights

• Oil and gas sales were $539.9 million, with realized oil prices at $66.32/Bbl and gas at $2.50/Mcf; total revenues were $522.2 million.

• Q1 average daily production exceeded 148,000 Boe/d, setting a company record; oil-to-gas production ratio was 50/50.

• Adjusted EBITDA margin was 63–65.4% of oil and gas sales; operating margin at $25.58/Boe.

• CapEx for the quarter was $270 million (excluding acquisitions); total capital expenditures including acquisitions reached $739.7 million.

• Liquidity exceeded $1.2 billion, including $1.1 billion undrawn on the credit facility and $37 million cash.

Outlook and guidance

• 2026 production guidance: 139,000–148,000 Boe/d, with oil at 68,000–76,000 Bbl/d; net wells turned-in-line projected at 67.5–87.0.

• No updates to 2026 guidance due to commodity price volatility; guidance ranges expected to be narrowed by the Q2 call.

• Management expects an acceleration of well turn-in-lines and improved activity if long-term oil strip prices remain elevated.

• Capital expenditures budgeted at $850–$1,100 million; LOE/production expenses expected at $9.45–$10.10/Boe.

• Management expects sufficient liquidity to fund capital expenditures and operations for at least the next twelve months.