NOG sees third-quarter capital spending up to $253 million

what happened

Newsmetry API reported that Northern Oil and Gas (NOG) expects third-quarter capital expenditures of $250.0 million to $253.0 million, excluding non-budgeted acquisitions and other items. The company closed 19 Ground Game transactions, adding approximately 1,060 net acres and 2.8 net wells, while deploying about $56.5 million on acquisitions and related development. Nearly 85% of capital went to the Permian, Williston and Uinta basins.

NOG described the quarter as operationally clean, with minimal field disruptions. Unrealized mark-to-market losses on derivatives are expected at $300.0 million to $320.0 million, while realized hedge losses are estimated at $51.0 million to $52.0 million. During the quarter, the company repurchased 667,989 common shares for $16.0 million, including commissions, at an average price of $23.96 per share. After those purchases, remaining authorization was approximately $227.2 million.

Fourth-quarter capital expenditures are expected to decline if significant non-budgeted activity does not occur. NOG reiterated its 2026 capital expenditure guidance and said spending should be toward the high end of the range at the current pace. The third-quarter 2026 financial and operating figures are preliminary, unaudited estimates and may change after the company completes its financial closing procedures.

why it matters

The update points to faster activity across NOG’s oil basins as oil strip prices have rallied, while sizeable derivative losses may weigh on quarterly results. NOG declared a $0.45 quarterly cash dividend on August 4, 2026, payable October 30, 2026.

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