Northern Oil & Gas reiterates 2026 production, capex guidance after Q2 update

Northern Oil & Gas reiterated its 2026 production and capital expenditure guidance, citing development scheduling, improving field performance and capital execution.

Q2 oil output is expected at 67,500–68,250 bpd, pressured by roughly 7,000 boe/d shut in across April through June due to negative Waha pricing.

Q2 total spending is forecast at $190 million–$200 million, supported by ground-game acquisitions totaling about $45 million during the quarter.

Hedge outlook: Q2 unrealized derivative gains are estimated at $155 million–$160 million; realized hedge losses are estimated at $85 million–$90 million.

At current strip prices, the hedge book is expected to be near breakeven in the second half of 2026.