Overview

* Northern Oil and Gas ( NOG ) Q2 production up 9% yr/yr, oil volumes rise 10.5%

* Adjusted EBITDA hits record $440.4 mln, reflecting strong operational performance

* Co updates 2025 guidance, reducing capex and production expectations

Outlook

* Northern Oil and Gas ( NOG ) reduces 2025 capital spending by $125 - $150 mln

* Company lowers oil production guidance to 74,000 - 76,000 Bbls per day

* Northern Oil and Gas ( NOG ) revises total production guidance to 130,000 - 133,000 Boe per day

* Company expects 2025 capital expenditures between $925 mln and $1,050 mln

Result Drivers

* APPALACHIAN AND UINTA GROWTH - Strong production growth from Appalachian and Uinta Basin properties, with Uinta volumes up over 18.5% sequentially

* GROUND GAME TRANSACTIONS - Completed 22 transactions adding net acres and wells, contributing to production growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Oil & $574.40

Gas mln

Sales

Q2 EPS $1

Q2 $136.30

Adjusted mln

Net

Income

Q2 Net $99.60

Income mln

Q2 $440.40

Adjusted mln

EBITDA

Q2 $210 mln

Adjusted

Capex

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Northern Oil and Gas Inc ( NOG ) is $36.00, about 20.6% above its July 30 closing price of $28.60

* The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)