NOG shut in 7,000 Boe/d in Q2 on negative Waha pricing, repurchased 3% of shares

Filed July 13, 2026 · Period ending July 13, 2026 · ~1 min read

Key Changes

• high

  Shut in ~7,000 Boe/d in Q2 (primarily Novo assets in TX/NM Permian) due to significantly negative Waha pricing that made wellhead economics adverse despite strong oil prices; production returning as Q2 closed with Waha normalizing.

  Exhibit 99.1 view on EDGAR →
• high

  Repurchased 2.95M shares (~3% of outstanding) at avg $20.37 in late Q2; Board authorized $150M increase to buyback program on July 10, bringing total capacity to ~$243M.

  Exhibit 99.1 view on EDGAR →
• medium

  Q2 hedge results: estimated unrealized gains of $155-160M offset by realized losses of $85-90M (oil hedges partially offset by gas/basis hedges); expects minimal hedge impact in H2 2026 at current strip.

  Exhibit 99.1 view on EDGAR →