NOG reiterates 2026 guidance, closes Duvernay JV, boosts buyback to $243M

NORTHERN OIL & GAS, INC.

Q2 oil production 67.5-68.25 Mbo/d; capex $190-200M; reiterates 2026 guidance.
Closed Duvernay JV on June 1 for CA$237M cash + 3.7M shares at $22.06/share.
Repurchased 2.95M shares (~3% of outstanding) at avg $20.37; board added $150M to buyback, total ~$243M.
Ground game: 30 deals, 2,300+ net acres, 6.2 net wells, ~$45M deployed.
Q2 unrealized hedge gains $155-160M; realized hedge losses $85-90M; ~7,000 Boe/d shut-in due to Waha pricing.

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