Description

Northern Oil and Gas Unlocks Record Gas Volumes As Production Rises 9%; What’s Next?

Northern Oil and Gas, Inc. reported financial results for the second quarter of 2026 that reflected a diverse portfolio strategy yielding both resilience and growth potential. The company highlighted a 17% sequential increase in adjusted EBITDA and a more than 400% rise in free cash flow compared to the first quarter, supported by a 9% year-over-year increase in total production. Natural gas volumes reached a record high, increasing 35% year-over-year, with positive contributions from key regions including the Williston, Uinta, and Appalachian basins. Despite notable curtailments due to challenging economics at the Waha hub, volumes are returning as conditions improve, showing operational flexibility. Pricing improved significantly, with unhedged oil realizations rising 36% sequentially and gas prices achieving 90% of Henry Hub, enhanced by hedging strategies. The company managed production expenses effectively, reducing costs per barrel of oil equivalent by 4% year-over-year.