Northern Oil and Gas (NOG) produced 10% more hydrocarbons in Q1 than in the same period of 2025, it said in its earnings report, with oil averaging 148,303 barrels per day, while natural gas output rose 33% to 40.4 million cubic feet per day.
While produced barrels of oil equivalent increased, within that there was a reduction in crude oil output. Crude production was 6.6 million barrels over the quarter, down 6% from Q1 2025's 7.1 million, but gas output rose to 448.4 billion cubic feet versus 337.7 billion.
The company completed 41 ground game transactions that added more than 5,100 net acres and 6.14 net wells at a total cost of $43.6 million, it said.
Northern Oil and Gas said the current geopolitical context was generally favorable to its business and it was "well-positioned to navigate it," it said, noting improved price realizations. It said this was also true of 2027 and 2028 forward prices which it said were now higher, giving it confidence to invest.
The company said it has added 70 new asset locations in the past year, building "an underappreciated runway of future value" that it said would later differentiate it from its peers.
Well performance remains strong across all basins where it operates with Appalachian volumes having set another production record.
Interestingly, the statement noted that there was a bottleneck on its gas production due to a lack of "takeaway capacity" in the Permian Basin.