Northern Oil and Gas reiterated its full-year 2026 production and capital spending guidance and increased its authorized share repurchase program to approximately $243 million. The company closed 30 ground game acquisitions in the second quarter, adding more than 2,300 net acres and 6.2 net wells while deploying $45 million in acquisition costs and associated development capital. During the quarter, about 7,000 barrels of oil equivalent per day were shut in by operators in west Texas and eastern New Mexico due to adverse wellhead economics from significantly negative Waha realizations. Northern expects second-quarter oil production to average between 67,500 and 68,250 barrels per day, with record gas volumes despite Permian curtailments, and total spending in the $190 million to $200 million range, supporting a strong free cash flow outlook. The board authorized a $150 million increase to the repurchase program, bringing total capacity to roughly $243 million.
Northern Oil & Gas IncIncreased buyback authorization to $243M and reiterated 2026 outlook, signaling financial strength and shareholder returns.