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…
Earnings analysis · 10-Q
NOG earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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,…
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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.
Reported figures
- Earnings per share
- $1.13
What stood out
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.