NOG earnings analysis
What we found in NOG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Northern Oil and Gas delivered a strong Q2 2026 rebound, with revenue of $745.235 million and EPS of $1.13 versus Q1 revenue of $544 million and an EPS loss of $5.31. The filing shows continued capital-return activity, including 2,948,447 quarterly repurchases and a subsequent $150 million authorization increase. However, the Duvernay acquisition introduces material Canadian operating and foreign-exchange risks, while commodity and floating-rate exposure remain significant.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue and EPS rebounded sharply
- Revenue was $745.235 million, up from $544 million in Q1 2026 and $707 million in Q2 2025. EPS was $1.13 versus a loss of $5.31 in Q1 2026 and $1.00 in Q2 2025.
- Share repurchases continued
- The company repurchased 2,948,447 shares during the quarter at an average price of $20.37, leaving $93.2 million available under the program at June 30, 2026.
- Repurchase authorization expanded
- The board approved an additional $150 million repurchase authorization in July 2026, subsequent to quarter-end, increasing the potential remaining authorization from the $93.2 million reported at June 30.
- Commodity hedges support cash-flow visibility
- The company had crude oil swaps for 1,678,567 barrels in Q3 2026 at a weighted-average price of $67.55 per barrel and natural gas swaps for 10,735,000 MMBTU at $4.02 per MMBTU.
- Interest-rate exposure is quantified
- A 1% increase in short-term interest rates on floating-rate debt outstanding at June 30, 2026 would increase annual interest expense by approximately $5.0 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Duvernay increases operating complexity
- The Duvernay acquisition expanded the company into Canada, creating additional compliance, tax, currency, legal, and administrative risks. The filing states that the company’s increased geographic footprint could adversely affect results if it cannot effectively manage the expanded operations.
- New Canadian-dollar FX exposure
- Canadian operations create foreign-exchange exposure because a portion of revenue and expenses is denominated in Canadian dollars, while the Canadian subsidiary may hold U.S.-dollar assets and liabilities. The filing states that exchange-rate changes could cause realized and unrealized losses that materially affect results.
- Commodity volatility and hedge liquidity
- Commodity-price volatility remains a material risk despite hedging. For Q3 2026, the company had 1,678,567 barrels of crude oil swaps at $67.55 per barrel and 10,735,000 MMBTU of natural gas swaps at $4.02 per MMBTU; interim counterparty payments may require operating cash or revolver borrowings because production receipts lag those payments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.13
What they said about what is next.
The provided 10-Q text does not include quantitative revenue, EPS, production, or capital-spending guidance. Prior outlook commentary was disclosed in the 2026-07-13 8-K rather than this filing.
The filing reads better than the one before it.
What came before.
- 10-Q · April 29, 2026
- Northern Oil & Gas reported Q1 results with revenue of $539.9 million and adjusted EPS of $0.74, beating consensus estimates of $507.9 million and $0.69, respectively. However, significant non-cash losses related to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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