NOG

As the Q1 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the u.s. shale e&p industry, including Northern Oil and Gas (NYSE:NOG) and its peers. US shale oil producers extract crude from tight rock formations using horizontal drilling and hydraulic fracturing (fracking) techniques, primarily in basins like the Permian, Bakken, and Eagle Ford. Tailwinds include short-cycle investment flexibility allowing rapid production adjustments, technological improvements enhancing well productivity, and proximity to refining and export infrastructure. Capital discipline has improved financial returns. Headwinds include commodity price sensitivity affecting drilling economics, accelerating well decline rates requiring continuous capital investment, and increasing regulatory and ESG scrutiny. Water usage, induced seismicity concerns, and evolving environmental regulations present ongoing operational challenges. The 11 u.s. shale e&p stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 2.7%. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 8.6% since the latest earnings results. Taking the path less traveled in the oil industry by choosing not to operate its own wells, Northern Oil and Gas (NYSE:NOG) acquires minority stakes in oil and gas wells operated by other companies across major U.S. shale basins. Northern Oil and Gas reported revenues of $526.5 million, down 11.1% year on year. This print exceeded analysts’ expectations by 3.1%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EBITDA estimates. "The current geopolitical environment is creating a dynamic environment for our business, and NOG is well-positioned to navigate it. We are seeing improved field level price realizations — particularly in the Williston — while strong hedging keeps us insulated from the seasonal weakness in natural gas prices. It is the longer-dated strip, however, that matters most, and improvements in 2027 and 2028 forward prices give us confidence in the durability of activity, M&A market liquidity, and our ability to compete for high-quality assets. Despite the current volatility, operator activity has remained relatively unchanged since the prior quarter, but we will contin...

Reiterates 2026 Production and Capital Expenditure Guidance Increases Share Repurchase Authorization to Over $240 Million MINNEAPOLIS, July 13, 2026--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) ("NOG" or the "Company") today provided an update on several business matters including second quarter hedging results, an update on ground game transactions and shareholder returns. HIGHLIGHTS NOG reiterates 2026 production and capital expenditure guidance Strong second quarter for the Ground Game closing on over 2,300 net acres and 6.2 net wells On June 1, closed the previously announced Duvernay Joint Development acquisition Repurchased 2.95 million shares of common stock in the second quarter Increased Authorized Share Repurchase Program to ~$243.0 million BUSINESS UPDATE Unrealized mark-to-market gains on derivatives for the second quarter are an estimated $155.0 – $160.0 million, driven by changes to the value of the Company's derivatives portfolio. Realized hedge losses for the second quarter are an estimated $85.0 - $90.0 million, driven by the Company’s oil hedges, partially offset by natural gas and multi-basin basis hedges. At current strip prices, the Company anticipates de minimis gains or losses on its hedge book for the second half of 2026. PRODUCTION AND CAPITAL EXPENDITURE UPDATE During the quarter, NOG had approximately 7,000 Boe per day shut in by operators — most notably on its Novo assets in Culberson County, TX and Eddy County, NM — across April, May, and part of June. The shut-ins were driven by adverse wellhead economics, as significantly negative Waha realizations offset the benefit of otherwise strong oil prices. NOG also had approximately 3 net turn-in-lines deferred to the third quarter, which were undergoing completion operations at quarter end. Outside of the Waha region, production responded to the improved pricing environment, with the Williston and Uinta basins topping internal expectations by 4.0% and 11.5%, respectively. As a result of these dynamics, the Company expects second quarter oil production to average 67.5 – 68.25 Mbo per day, while still delivering record gas volumes even with significant curtailments in the Permian. Looking to the third quarter, production on the shut-in assets was returning as the second quarter closed, and we expect those volumes to remain online as Waha pricing continues to normalize and su...

MINNEAPOLIS, July 09, 2026--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) ("NOG" or the "Company") announced today that it plans to issue its second quarter 2026 financial and operating results on Thursday, August 6, 2026, after the market closes. Additionally, the Company will host a conference call on Friday, August 7, 2026, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company’s webcast. An archive of the conference call webcast will also be available on NOG’s website through August 6, 2027. ABOUT NOG Northern Oil and Gas (NOG) is the largest publicly traded dedicated non-operator in the United States, built on a differentiated strategy of acquiring non-operated minority working interests and mineral rights across the premier basins of North America. By combining deep industry relationships with disciplined capital allocation, NOG has built a scaled, diversified portfolio that generates durable production and strong cash flow for its shareholders. More information about NOG can be found at www.noginc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260709574104/en/ Contacts Evelyn Leon InfurnaVice President of Investor Relations(952) [email protected]

It has been about a month since the last earnings report for Northern Oil and Gas (NOG). Shares have lost about 23.6% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Northern Oil and Gas due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Northern Oil and Gas reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses. The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter. In February, NOG closed the joint Ohio Utica acquisition of upstream and midstream assets with an adjusted ownership split of 40% for $464.6 million, including the previously paid $58.8 million deposit. In March, NOG completed a common stock offering of 8.3 million shares of common stock, generating net proceeds of $227.9 million. Funds raised in the offering were applied to the outstanding borrowings on the company’s revolving credit facility. The first-quarter production increased 10% year over year to 148,303 barrels of oil equivalent per day (Boe/d). Additionally, the figure beat our estimate of 141,049 Boe/d. While oil volume totaled 73,567 Bod (a 6% decrease year over year), natural gas (and natural gas liquids) amounted to 448,444 thousand cubic feet per day (a 33% increase). Our model estimate for oil volume and natural gas production was pegged at 70,000 Bod and 411,400 thousand cubic feet per day, respectively. The average sales price for crude was $66.32 per barrel, indicating a 2% increase from the prior-year quarter’s level of $64.92. Moreover, the figure beat our expectation of $52.51 per barrel. The average realized natural gas...

Ovintiv Inc. OVV reported first-quarter 2026 adjusted earnings per share of $2, which beat the Zacks Consensus Estimate of $1.85. The bottom line also increased from the year-ago level of $1.42. The outperformance was driven by higher plant condensate, natural gas liquids and natural gas production volumes and higher average realized natural gas prices. The Denver, CO-based oil and gas exploration and production company’s total revenues of $2.5 billion increased 6.5% from the year-ago quarter’s figures. The top line also beat the Zacks Consensus Estimate by 9.8%. The outperformance was driven by higher product and service revenues. Ovintiv Inc. price-consensus-eps-surprise-chart | Ovintiv Inc. Quote On May 11, 2026, Ovintiv's board of directors declared a quarterly dividend of 30 cents per share, which will be paid on June 30, to its shareholders of record as of June 15. First-quarter shareholder returns totaled $169 million, consisting of share buybacks of $84 million and base dividend payments of $85 million. During the quarter, the company completed the $2.7 billion acquisition of NuVista Energy Ltd., adding roughly 100 MBOE/d of production, about 930 net equivalent well locations and nearly 140,000 net acres of land. Total first-quarter production was 678,900 barrels of oil equivalent per day (BOE/d) compared with 588,300 BOE/d in the prior-year period. The figure beat our prediction of 675,000 BOE/d. Natural gas production increased to 2,124 million cubic feet per day (MMcf/d) in the first quarter of 2026 from 1,764 MMcf/d in the prior-year quarter. Additionally, the figure beat our estimate of 2,115 MMcf/d. Total liquids production increased to 324.9 thousand barrels per day (Mbbls/d) in the first quarter of 2026 from 294.4 Mbbls/d in the prior-year quarter. Furthermore, the figure beat our prediction of 323 Mbbls/d. In the first quarter of 2026, natural gas contributed approximately 52.1%, and liquids accounted for about 47.9% of the total production. Ovintiv's realized natural gas price was $3.24 per thousand cubic feet compared with the year-ago level of $3.16. The realized oil price decreased to $70.78 per barrel from $71.79 in the prior-year quarter. Total expenses of $3.3 billion increased 33.2% from the year-ago quarter’s figure of $2.5 billion. Moreover, the figure was higher than our projection of $1.7 billion. Ovintiv’s cash from operating ac...

Pembina Pipeline Corporation PBA reported first-quarter 2026 earnings per share of 59 cents, which beat the Zacks Consensus Estimate of 52 cents and increased from the year-ago quarter’s level of 56 cents. This improvement was primarily driven by strong underlying operational performance and volume growth across the Pipelines and Facilities divisions. PBA’s Pipelines and Facilities volumes for the period were 2833 thousand barrels of oil equivalent per day (mboe/d) and 899 mboe/d, respectively, beating the consensus estimates of 2794 mboe/d and 277 mboe/d. This Calgary-based oil and gas storage and transportation company’s quarterly sales of $1.5 billion decreased about 3.5% year over year, caused by weak revenue performance in the Pipelines and Marketing & New Ventures segments. However, the metric beat the Zacks Consensus Estimate by 18.7%. Pembina Pipeline Corp. price-consensus-eps-surprise-chart | Pembina Pipeline Corp. Quote The company’s operating cash flow decreased approximately 60% to C$335 million. Adjusted EBITDA decreased 3% year over year to C$1.1 billion. Pembina Pipeline’s board of directors declared a quarterly cash dividend of 73.5 Canadian cents per share, representing an increase of approximately 3.5 percent, to its common shareholders of record as of June 15. The payout will be made on June 30, 2026. Near the end of the first quarter of 2026, the company successfully commissioned the Wapiti Expansion, both on schedule and within budget, which added 115 million cubic feet per day of natural gas processing capacity at the Wapiti Plant and the 28-megawatt K3 Cogeneration Facility at PGI’s K3 Plant. In the first quarter, the oil and gas storage and transportation company witnessed volumes of 4,083 mboe/d compared with 4,073 mboe/d reported in the prior-year quarter. Pipelines: Adjusted EBITDA of C$647 million decreased about 4.4% from the year-ago quarter’s level. This was caused primarily by lower net revenues on the Alliance Pipeline (C$26 million) due to the negotiated settlement between Alliance and its shippers and higher interruptible volumes on the Cochin Pipeline due to wider condensate price differentials. Volumes in this segment saw a 0.9% year-over-year increase to 2,833 mboe/d. Facilities: Adjusted EBITDA of C$363 million increased from the year-ago quarter’s C$345 million, driven primarily by a higher contribution from certain PG...

MINNEAPOLIS, May 13, 2026--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend on the Company’s common stock. DIVIDEND DECLARATION NOG’s Board of Directors has declared a cash dividend in the amount of $0.45 per share, representing an equal amount to the prior quarterly dividend. The dividend is payable on July 31, 2026, to stockholders of record as of the close of business on June 29, 2026. ABOUT NOG NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513062280/en/ Contacts Evelyn Leon Infurna Vice President of Investor Relations 952-476-9800 [email protected]

Marathon Petroleum Corporation MPC reported first-quarter 2026 adjusted earnings per share of $1.65, which beat the Zacks Consensus Estimate of 72 cents. Moreover, the bottom line increased significantly from the year-ago adjusted loss of 24 cents. The outperformance was driven by stronger-than-expected Refining & Marketing segment performance. The Findlay, OH-based oil and gas refining and marketing company reported revenues of $34.6 billion, which beat the Zacks Consensus Estimate of $30.3 billion. Moreover, the top line increased 8.5% year over year, reflecting higher sales and other operating revenues, along with higher revenues from other income. Marathon Petroleum Corporation price-consensus-eps-surprise-chart | Marathon Petroleum Corporation Quote The company distributed approximately $1 billion to its shareholders during the first quarter and ended the quarter with $3.6 billion of capacity remaining under its share repurchase authorizations as of March 31, 2026. MPC also announced an incremental $5 billion share repurchase authorization. With the addition of this new authorization, the company will have $8.6 billion available under its share repurchase authorizations as of March 31, 2026. Refining & Marketing: The Refining & Marketing segment reported adjusted EBITDA of $1.4 billion, up approximately 181.6% from the year-ago figure of $489 million, and the figure surpassed the consensus estimate by 51%. The refining margin improved to $17.74 per barrel from $13.38 in the prior-year quarter, primarily reflecting stronger crack spreads. Moreover, the figure beat the consensus estimate by 10.3%. Refining capacity utilization for the quarter was 89%, in line with the year-ago period. Midstream: This unit mainly reflects Marathon Petroleum’s general partner and majority limited partner interests in MPLX — a publicly traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. The segment reported adjusted EBITDA of $1.6 billion, down from the year-ago figure of $1.7 billion. The figure also missed the consensus estimate by 2.7%. Marathon Petroleum reported expenses of $33.2 billion in the first quarter of 2026, up from $31.2 billion reported in the year-ago quarter. In the reported quarter, Marathon Petroleum spent $1.2 billion on capital programs (26% on Refining & Marketing and 71% on the Midstream s...

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Northern Oil and Gas (NOG) is back in focus after its latest quarterly update, which combined an earnings per share beat and stronger production metrics with a large net loss and sizable asset impairments. See our latest analysis for Northern Oil and Gas. Despite the strong Q1 production and EPS beat, Northern Oil and Gas shares have come under pressure recently, with the 7 day share price return falling 11.83% and the 30 day share price return down 12.29%, while the 5 year total shareholder return of 73.67% shows longer term holders have still seen substantial gains overall. If you are assessing how this earnings reaction compares with other opportunities in the energy space, it could be worth scanning 91 nuclear energy infrastructure stocks With the stock down over the past month and year but trading on a forward P/E of 6.6x and an intrinsic discount estimate of about 73%, investors may ask whether Northern Oil and Gas is undervalued at this level or whether the market has already priced in its future growth potential. At a last close of $23.63 versus a narrative fair value of $35.40, the current pricing gap raises questions about how future cash flows are being assessed. Read the complete narrative. Want to see what is sitting behind that higher fair value? The story hinges on a specific revenue path, margin reset and valuation multiple shift. The exact mix of those three levers is what drives the model. Curious which inputs matter most and how sensitive the outcome is to small changes? Result: Fair Value of $35.40 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this depends on continued success in acquisitions and ongoing support from commodity prices. Setbacks in either area could quickly challenge the optimistic cash flow narrative. Find out about the key risks to this Northern Oil and Gas narrative. With the mix of potential rewards and clear risks in this story, it makes sense to look at the data yourself and decide how it all stacks up. To see the key positives alongside the main concerns in one place, review the 4 key rewards and 2 important warning signs If you stop with just one stock, you could miss out on other opportunities that better fit your goal...

The Williams Companies, Inc. WMB reported first-quarter 2026 adjusted earnings per share of 73 cents, which beat the Zacks Consensus Estimate of 65 cents. The bottom line increased from the year-ago period’s level of 60 cents, driven mainly by a 12.5% decrease in costs and expenses. Moreover, better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P, West and Gas & NGL Marketing Services segments also contributed, with increases of 17.2%, 1.9%, 15.8% and 46.5%, respectively, from the year-ago quarter’s level. The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate of $3.3 billion. The figure decreased marginally by 0.6% from the year-ago quarter’s reported revenues. This can be attributed to lower service revenues tied to commodity contracts and an increased loss from commodity derivative instruments. Williams Companies, Inc. (The) price-consensus-eps-surprise-chart | Williams Companies, Inc. (The) Quote Adjusted EBITDA totaled $2.3 billion in the quarter under review, which was up 13.3% year over year. Cash flow from operations amounted to $1.6 billion, up 12% from the corresponding quarter of 2025. Transmission, Power & Gulf: The segment reported an adjusted EBITDA of $1 billion, up 17.2% from the year-ago quarter’s level. The increase was driven by contributions from Transco’s higher net rates and expansion projects, new Gulf volumes associated with Shenandoah, Whale and Ballymore, and higher storage revenues due to winter storms and higher rates. However, the figure missed the Zacks Consensus Estimate by 0.8%. Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher gathering volumes and rates at Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $524 million. This represents a 1.9% increase from $514 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $513 million. West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $410 million, up 15.8% from the prior-year quarter’s level of $354 million. Strong results were fueled by Louisiana Energy Gateway, which was placed into service, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. Moreov...

Canadian Natural Resources Limited CNQ reported first-quarter 2026 adjusted earnings per share of 85 cents, which beat the Zacks Consensus Estimate of 74 cents and increased from 81 cents in the year-ago quarter. The outperformance can be attributed to strong operational performance and higher realized natural gas prices. Total revenues of $7.9 billion increased from $7.6 billion in the prior-year period, fueled by increased production volumes. Additionally, the figure beat the Zacks Consensus Estimate of $7.5 billion. Canadian Natural Resources Limited price-consensus-eps-surprise-chart | Canadian Natural Resources Limited Quote On May 6, CNQ’s board of directors approved a quarterly cash dividend of 62.5 Canadian cents per common share. The dividend will be payable on July 7, 2026, to its shareholders of record as of the close of business on June 19. This marks the company's continued commitment to returning value to its shareholders. This commitment is further evidenced by CNQ's impressive track record of growing and sustaining its dividend for 26 years, boasting a remarkable 20% annual growth rate over that period. In the first quarter of 2026, the company returned around C$1.5 billion directly to its shareholders. This included C$1.2 billion in dividends and C$0.3 billion from the repurchase. The oil and gas exploration and production company delivered strong financial results in the first quarter of 2026, highlighted by net earnings of approximately C$1.3 billion. Furthermore, CNQ reported robust adjusted net earnings from operations of approximately C$2.4 billion. This strong performance was also reflected in its cash flow. Cash flows from operating activities totaled approximately C$3.3 billion, and adjusted funds flow also reached approximately C$4.4 billion. Up to May 6, 2026, the Calgary-based company delivered significant returns to its shareholders, amounting to approximately C$3.2 billion. This total was composed of C$2.5 billion in dividends and C$0.7 billion through the repurchase. Canadian Natural reported quarterly production of 1,643,160 barrels of oil equivalent per day (Boe/d), up 3.8% from the prior-year quarter’s level. The figure missed our estimate of 1,646,471Boe/d. The oil and NGL output (accounting for around 73% of total volumes) increased to 1,198,079barrels per day (Bbl/d) from 1,173,804 Bbl/d recorded a year ago. The figure mi...

For the quarter ended March 2026, Northern Oil and Gas (NOG) reported revenue of $539.86 million, down 6.4% over the same period last year. EPS came in at $0.74, compared to $1.33 in the year-ago quarter. The reported revenue represents a surprise of +5.57% over the Zacks Consensus Estimate of $511.4 million. With the consensus EPS estimate being $0.71, the EPS surprise was +4.23%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Average Daily Production - Total: 148,303.00 BOE/D versus the five-analyst average estimate of 141,049.30 BOE/D. Average Daily Production - Oil: 73,567.00 BBL/D versus the five-analyst average estimate of 71,669.23 BBL/D. Average Daily Production - Natural Gas and NGLs: 448,444.00 Mcf/D versus 416,720.50 Mcf/D estimated by five analysts on average. Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $2.77 compared to the $3.26 average estimate based on four analysts. Average Sales Prices - Oil Net of Settled Oil Derivatives: $62.00 compared to the $62.19 average estimate based on four analysts. Net Production - Natural Gas and NGLs: 40,360.00 Mcf compared to the 37,818.07 Mcf average estimate based on three analysts. Net Production - Oil: 6,621.00 KBBL versus 6,427.38 KBBL estimated by three analysts on average. Net Production - Total: 13,347.00 KBOE compared to the 12,730.40 KBOE average estimate based on three analysts. Average Sales Prices - Oil: $66.32 versus the two-analyst average estimate of $59.35. Net Sales- Oil and Gas Sales: $539.86 million versus the three-analyst average estimate of $514.84 million. The reported number represents a year-over-year change of -6.4%. Net Sales- Oil Sales: $439.08 million versus the two-analyst average estimate of $375.33 million. The reported number represe...