<span item_type="fundamental" item_id="b2b6090faf366746d4f0bdb9ec08534d" counter_id="ST/US/NOG" env="prod"></span><span item_type="announcement" item_id="642581590857222145" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 5.029 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -5.31, missing the estimate of USD 0.682.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -612.3 M.</p><p></p><h3>Revenue and Profitability</h3><p>Northern Oil and Gas, Inc. reported oil and natural gas sales of $539.9 million for the first quarter of 2026. Total Revenues were $5.0 million for the first quarter of 2026, a decrease compared to $602.1 million in the first quarter of 2025. The GAAP net loss was -$522.8 million, primarily due to a non-cash unrealized mark-to-market loss on derivatives of approximately -$521.4 million and a non-cash impairment charge of $268.3 million. Adjusted Net Income was $74.7 million. Adjusted EBITDA was $342.5 million, marking a 21% decrease from the first quarter of 2025. Income (Loss) From Operations was -$654.9 million in Q1 2026, compared to $229.3 million in Q1 2025. Net Income (Loss) Attributable to Common Stockholders was -$522.8 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p><h3>Operational Metrics</h3><p>Total quarterly production averaged 148,303 Boe per day (50% oil), representing a 10% increase from the first quarter of 2025. Record natural gas production reached 448,444 Mcf per day, a 33% increase from the first quarter of 2025. Oil production averaged 73,567 Bbls per day. Northern Oil and Gas, Inc. added 17.1 net wells to production during the first quarter. Net Producing Wells at Period End were 1,303.9, and Net Wells in Process at Period End were 43.7. The unhedged net realized oil price was $66.32 per Bbl, with an average differential to WTI prices of $5.85, a 1% increase from Q1 2025. The unhedged net realized gas price was $2.50 per Mcf, representing a 72% realization compared with Henry Hub pricing. Realized Price on a Boe Basis Including Settled Commodity Derivatives was $39.13, a 19% decrease from Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p><h3>Operating Costs and Expenses</h3><p>Lease operating costs were $129.7 million, or $9.72 per Boe, which was 4% higher on a per unit basis compared to the first quarter of 2025. Production taxes were $38.3 million in Q1 2026, compared to $36.1 million in Q1 2025. General and administrative (G&amp;A) costs totaled $23.2 million or $1.74 per Boe, compared to $1.19 per Boe in the first quarter of 2025. Adjusted cash G&amp;A costs were $12.8 million or $0.96 per Boe, up $0.09 per Boe compared to Q1 2025. Depletion, Depreciation, Amortization and Accretion was $197.1 million in Q1 2026, compared to $205.7 million in Q1 2025. A non-cash ceiling test impairment charge of $268.3 million was recorded on oil and gas assets. Interest Expense, Net was -$42.6 million in Q1 2026, compared to -$43.4 million in Q1 2025. Income Tax Expense (Benefit) was -$173.1 million in Q1 2026, compared to $46.8 million in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p><h3>Cash Flow and Capital Expenditures</h3><p>Cash flow from operations was $323.6 million. Excluding changes in net working capital, cash flow from operations was $297.2 million. Free Cash Flow generated was $30.4 million. Capital expenditures were $270.1 million, excluding non-budgeted acquisitions and other, which included $226.5 million for organic drilling and completion capital and $43.6 million for Ground Game activity. Non-budgeted acquisitions amounted to $466.2 million. Normalized well costs on AFE elections declined sequentially, averaging $749 per lateral foot in Q1 2026, compared to $833 in Q1 2025. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p><h3>Liquidity and Shareholder Returns</h3><p>Total liquidity as of March 31, 2026, was $1.2 billion, comprising $1.1 billion of committed borrowing availability under its Revolving Credit Facility and $37.0 million cash on hand. A common stock offering in March 2026 generated net proceeds of $227.9 million from 8.3 million shares. The board of directors declared a cash dividend of $0.45 per share, payable on April 30, 2026. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p><h3>Outlook / Guidance</h3><p>Northern Oil and Gas, Inc. anticipates an acceleration of wells brought to production (TILs) through the balance of 2026. Management expressed confidence in future activity durability and M&amp;A market liquidity due to improvements in 2027 and 2028 forward prices. The company expects meaningful growth ahead, supported by a strong balance sheet and robust free cash flow. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1104485/000110448526000017/exhibit991-2026qx1earnings.htm"></span></p>

Northern Oil & Gas | 8-K: FY2026 Q1 Revenue: USD 5.029 M