Northern Oil & Gas IncNOG
▲ PositiveCapitalrelevance
Strong Q2 results with EBITDA up 17%, FCF up 424%, and management highlighting valuation disconnect.
Impact on stocks 1
Energy
Northern Oil & Gas IncNorthern Oil and Gas reported second quarter 2026 results with adjusted EBITDA of $401.0 million, up 17% sequentially, and free cash flow of $159.0 million, a 424% increase from the first quarter. Total production rose 9% year-over-year to 145,659 barrels of oil equivalent per day, while natural gas production jumped 35% to 464,330 thousand cubic feet per day. The company repurchased 2.95 million shares at an average price of $20.37 and declared a quarterly dividend of $0.45 per share. Management reiterated full-year 2026 production guidance of 143,000 to 148,000 barrels of oil equivalent per day and capital spending of $850 million to $900 million. CEO Nick O'Grady highlighted a valuation disconnect, stating the company's assets are worth over $7 billion compared to a $4.6 billion enterprise value.
Northern Oil & Gas IncStrong Q2 results with EBITDA up 17%, FCF up 424%, and management highlighting valuation disconnect.