EarningsQ2 2026 Earnings Report
MX:NOG Q2 2026 EPS Results
Actual EPS$20.52
Consensus EPS$21.34
Beat/MissMissed by -$0.82
One Year Ago EPS$24.88
MX:NOG Q2 2026 Revenue Results
Actual Revenue$12.26B
Expected Revenue$10.79B
Beat/MissBeat by +$1.47B
YoY Revenue Growth+16.79%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:NOG Upcoming Earnings
Northern Oil And Gas's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NOG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized clear operational and financial momentum: sequential EBITDA growth (+17%), a large QoQ free cash flow improvement (>400%), strong YoY production and gas volume gains (+9% and +35%), and continued M&A and shareholder return activity (repurchases, dividend). Management also acknowledged near-term headwinds including Q2 Waha-driven curtailments, prior Permian logistics constraints, LOE dynamics from aging wells, and a persistent public-market valuation disconnect despite claiming substantial asset upside. On balance, the company presented multiple tangible wins and a constructive forward outlook while identifying manageable risks that the team has plans to address.Company Guidance
Strong Adjusted EBITDA and Free Cash Flow Improvement
Adjusted EBITDA rose 17% sequentially; free cash flow increased over 400% from Q1 to Q2, generating $159 million of free cash flow in the quarter.
Production Growth and Record Gas Volumes
Total production increased 9% year-over-year; natural gas volumes set a record, up 35% year-over-year and 5% sequentially, driven by Appalachia (full quarter of Utica JV contribution), Williston and Uinta outperformance.
Material Oil Price Realization Improvement
Unhedged net realized oil price improved 36% from Q1; overall gas realizations equaled ~90% of Henry Hub and, including hedges (Waha base), reached 123% of the relevant benchmark.
Cost and Capital Efficiency Metrics
Production expenses per BOE declined 4% year-over-year; normalized well costs were $761 per lateral foot and essentially in line with Q1; budgeted capital expenditures were $196 million (D&C $151M, ground game $45M).
Balance Sheet Strength and Liquidity
Ended the quarter with over $1 billion of total liquidity and repeated emphasis that the balance sheet can fund development and opportunistic inorganic activity.
Shareholder Returns and Buyback Activity
Repurchased 2.95 million shares (~3% of outstanding shares) at an average price of $20.37; Board increased repurchase authorization to ~ $243 million and declared a $0.45 per share quarterly dividend (~$48 million) paid July 31, with the dividend covered multiple times by Q2 free cash flow.
M&A and Inventory Expansion
Closed Duvernay joint development early June and completed the Parallax acquisition (self-funding asset with ~20 years of inventory, avg breakeven < $50 and <$600k per location); ground game built D&C list to ~52 net wells and acquired >6 net wells in Q2.
Positive Forward Financial Outlook
Management's strip-based outlook: $1.4–$1.5 billion adjusted EBITDA for the year; sustaining D&C capital of $850–$900 million implies $375–$500 million of free cash flow, with dividend coverage across that range.
Operational Outperformance Across Basins
Williston and Uinta exceeded internal expectations; early Utica JV wells showed strong results; operators are drilling longer laterals with better decline profiles, producing outperformance across basins.
MX:NOG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed