Northern Oil and Gas — Third Quarter 2026 Earnings Summary

Financial Performance

• Third quarter capital expenditures are estimated between $250.0 million and $253.0 million, excluding non-budgeted acquisitions and other items.
• Unrealized mark-to-market losses on derivatives are expected to range from $300.0 million to $320.0 million.
• Realized hedge losses are estimated between $51.0 million and $52.0 million, driven by crude oil hedges and partially offset by gas and basis hedges.
• The company repurchased 667,989 shares of common stock in the third quarter for a total of $16.0 million, inclusive of commissions, at an average price of $23.96 per share.

Guidance and Future Outlook

• Capital expenditures are expected to trend lower in the fourth quarter, absent significant non-budgeted activity.
• Based on the current pace, the company expects 2026 capital spending to be toward the higher end of the range.
• The company reiterates its 2026 capital expenditures guidance.

Business Segments and Product Lines

• The company executed 19 ground game deals in the third quarter, adding approximately 1,060 net acres and 2.8 net wells.
• Approximately $56.5 million was deployed in acquisition costs and associated development capital during the quarter.
• Nearly 85% of capital was deployed to the Permian, Williston, and Uinta basins, with a focus on near-term production.
• Operational activity saw incremental acceleration across oil basins as oil strip prices rallied.

Other Key Points

• On August 4, 2026, the company declared a $0.45 quarterly cash dividend, payable on October 30, 2026.
• In July 2026, the Board of Directors authorized a $150.0 million increase to the common stock repurchase program.
• Following third-quarter repurchases, the remaining repurchase capacity is approximately $227.2 million.
• The company experienced a clean operational quarter with minimal field disruptions and all basins meeting internal expectations.
• Financial and operating information provided is preliminary, unaudited, and subject to completion of financial closing procedures.