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Get filing alertsNOG 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
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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 → -
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Closed 30 ground game acquisitions in Q2 adding 2,300+ net acres and 6.2 net wells for ~$45M, with ~80% of capital deployed to oil-focused Permian, Williston, and Uinta basins.
Exhibit 99.1 view on EDGAR → -
medium
Closed Duvernay joint development acquisition June 1 for CA$237M cash (including prior CA$37.5M deposit) plus ~3.7M shares at $22.06/share.
Exhibit 99.1 view on EDGAR →
Summary
Northern Oil & Gas disclosed a Q2 operational update highlighting production curtailments and aggressive share repurchases. The company shut in approximately 7,000 Boe per day during the quarter—primarily on its Novo assets in the Texas and New Mexico Permian—because significantly negative Waha natural gas pricing made wellhead economics uneconomic despite otherwise strong oil prices.
Production was returning as the quarter closed with Waha pricing normalizing. NOG expects Q2 oil production of 67.5-68.25 Mbo per day and record gas volumes despite the curtailments. The company repurchased 2.95 million shares (roughly 3% of outstanding) at an average price of $20.37 in late Q2, with 81% purchased before the dividend record date.
The Board authorized a $150 million increase to the buyback program on July 10, bringing total repurchase capacity to approximately $243 million. The Q2 repurchases largely offset the ~3.7 million shares issued for the Duvernay acquisition that closed June 1. NOG also reported estimated Q2 unrealized derivative gains of $155-160 million offset by realized hedge losses of $85-90 million, with minimal hedge impact expected in the second half at current strip prices. The company closed 30 ground game acquisitions in Q2, adding over 2,300 net acres and 6.2 net wells for approximately $45 million, with nearly 80% of capital deployed to oil-focused basins.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
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. ... the Company expects second quarter oil production to average 67.5 – 68.25 Mbo per day, while still delivering record gas volumes even with significant curtailments in the Permian.
NOG shut in approximately 7,000 Boe per day during Q2, primarily on Novo assets in Texas and New Mexico, due to significantly negative Waha pricing that made wellhead economics adverse despite strong oil prices. The company expects Q2 oil production of 67.5-68.25 Mbo per day and record gas volumes despite the Permian curtailments. Production was returning as Q2 closed with Waha pricing normalizing.
Event · Item 2.02 — Results of Operations and Financial Condition
Northern Oil & Gas disclosed preliminary Q2 2026 financial and operating results via press release.
Added in current filing · verify on EDGAR →
On July 13, 2026, Northern Oil and Gas, Inc. issued a press release that includes preliminary financial and operating results for the second quarter of 2026.
The company disclosed preliminary financial and operating results for the second quarter of 2026. The 8-K does not provide the actual figures or metrics; those details are contained in the press release furnished as Exhibit 99.1, which is not included in the body text provided.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 15, 2026 · How we verify