NOG Provides Second Quarter Operational Update

About this update from Northern Oil And Gas, Inc.

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 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 support higher margins at current strip. The deferred turn-in-lines are expected to TIL in the third quarter. Together, these factors are expected to contribute to higher oil production as improved Waha market conditions take hold.

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