NOG Q2 update: $65-70M hedging gains, $112-120M impairment, $81.7M legal settlement, 22 ground game deals

NORTHERN OIL & GAS, INC.

Unrealized mark-to-market derivative gains of $65-70M; realized hedge gains of $58-63M for Q2 2025.
Non-cash impairment charge of $112-120M under full-cost ceiling test due to lower oil prices.
22 ground game transactions added 4.8 net wells and ~2,600 net acres for $23.8M initial capital.
Legal settlement with ND operator yields ~$81.7M revenue; net cash of $48.6M expected in Q3 2025.
Hedge positions: >50,000 bbl/d oil and >200 MMBtu/d gas hedged for H2 2025.

item 2.02 item 9.01

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