Norther Oil & Gas Reports Q2 Estimated Unrealized Mark-To-Market Gains On Derivatives Of $155M-$160M; Reaffirms FY2026 Production And Capex

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. 0 million, driven by changes to the value of the Company's derivatives portfolio. 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.

5%, respectively. 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. 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. 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. 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.

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. 0 million.