Northern Oil and Gas (NOG) Q2 FY26 earnings call

Northern Oil and Gas demonstrated the resilience of its diversified portfolio in Q2 FY26, with strong sequential growth in adjusted EBITDA and free cash flow despite Waha-related curtailments. The company continues to execute its capital allocation strategy, returning cash to shareholders through dividends and significant share repurchases, while actively pursuing basin arbitrage and inventory replacement. Management highlighted a persistent disconnect between its internal asset valuation and public market perception, signaling a willingness to monetize assets to demonstrate value.