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Northern Oil and Gas Reports Record Q2 Natural Gas Production, Maintains 2026 Output Outlook

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Northern Oil and Gas (NOG) reported Q2 earnings Thursday, showing total production of 145,659 barrels of oil equivalent per day, up from 134,094 boe/d a year earlier.

Total net production increased to 13.256 million boe for the quarter ended June 30, up from 12.203 million boe a year earlier.

Oil production totaled 6.213 million barrels for the quarter, down from 7.002 million barrels a year earlier, while average daily oil production declined to 68,275 barrels per day from 76,944 b/d.

Natural gas production increased to a record 42.254 billion cubic feet in the quarter from 31.204 Bcf a year earlier, while average daily production climbed to 464.3 million cubic feet per day, up from 342.9 MMcf/d in the year-ago quarter.

Oil volumes reflected about 7,000 boe/d of temporary well shut-ins and three deferred turn-in lines in certain Permian assets, NOG said.

The company added 12.7 net wells to production during the quarter, compared with 13.5 net wells a year earlier, excluding major acquisitions.

Appalachian production reached a record during the quarter as the West Virginia joint development program concluded and the Utica joint development contributed a full quarter of production.

NOG completed its Duvernay Light Oil joint development on June 1 for total consideration of $262.1 million and closed 30 ground game transactions that added more than 2,300 net acres and 6.2 net wells for $44.7 million, including associated development costs.

Northern Oil and Gas maintained its full-year 2026 production guidance at 143,000 boe/d to 148,000 boe/d and annual oil production guidance at 71,500 b/d to 73,500 b/d.

The company also reaffirmed total budgeted capital expenditures of $850 million to $900 million and expects to turn 74 to 76 net wells in line this year.

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