Northern Oil and Gas, Inc.

Greetings and welcome to NOG's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. To ask a question at this time, you will need to press star followed by the number one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Evelyn Infurna, Vice President, Investor Relations. Thank you. You may begin.

Good morning. Welcome to NOG's second quarter 2026 earnings conference call. Yesterday after the close, we released our financial results. You can access our earnings release and presentation in the investor relations section of our website at noginc.com. We will be filing our June 30th, 2026 10Q with the SEC within the next few days. I'm joined this morning by our Chief Executive Officer, Nick O'Grady, our President, Adam Dirlam, and our Chief Financial Officer, Chad Allen, as well as our Chief Technical Officer, Jim Evans. Our agenda for today's call will be as follows. Chad will provide an overview of our financial performance, followed by Adam, who will share an overview of NOG's operations and business development activities. Nick will close with a remark about NOG's positioning and value proposition. After our prepared remarks, the team will be available to answer any questions. Before we begin, let me remind you of our safe harbor language. Please be advised that our remarks today, including the answers to your questions, may include forward looking statements within the meaning of the Private Securities Litigation Reform Act. These forward looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by our forward looking statements. Those risks include, among others, matters that we've described in our earnings release as well as in our filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. We disclaim any obligation to update those forward-looking statements. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Reconciliations of these measures to the closest gap measures can be found in our earnings release. With that, I will turn the call over to Chad.

Thanks, Evelyn. Q2 was a clear demonstration of our diversified portfolio business model. When one region hits turbulence, other aspects of our platform pick up the slack. In this quarter, that showed up directly in the numbers. Adjusted Able is up 17% sequentially, and Free Cash Flow is up over 400% from the first quarter. That's the model working as designed. Total production was up 9% year-over-year with record natural gas volumes up 35% year-over-year and 5% sequentially. As previously disclosed, we saw significant curtailments in the second quarter as a result of challenging Waha economics. In a volatile environment, our operating partners in the Permian made prudent decisions to generate excess cash flows and with improving economic conditions, we've seen volumes come back online, including three net turn in lines that will contribute to the third quarter. Outside of that Waha driven curtailment, the underlying assets performed well. The Williston and Uinta both topped our internal expectations and our Appalachian volumes set another record with a full quarter of contribution of our Utica joint development. Our early well results have been strong. On pricing, our unhedged net realized oil price improved 36% from the first quarter. Gas realizations were 90% of Henry Hub, and with our hedges, Waha basis included, reached 123%. Strong NGL prices contributed as well. Waha pressures have receded, and we're seeing that trend continue thus far into Q3. Production expenses per BOE were down 4% year over year. Budgeted capital expenditures were $196 million, comprised of $151 million of organic D&C and $45 million of ground game activity. Normalized well costs were $761 per lateral foot, essentially in line with the first quarter. Spending this quarter skewed more towards oil-weighted. Perming at 37%, Williston at 33%. Appalachian, you went to each at 14%, and our newly-acquired DuVernay position beginning to contribute at 2%. We ended the quarter with over $1 billion of total liquidity. Our balance sheet remains well-positioned to fund our development program and continue executing on inorganic opportunities as they arise. Turning to capital allocation and shareholder returns, this is where the free cash flow generation translates directly into returns. We repurchased 2.95 million shares, roughly 3% of shares outstanding, at an average price of $20.37, with about 81% of that activity completed before the dividend record date in late June. That repurchase largely offset the shares issued to the DuVernay seller, so we effectively funded a scaled acquisition while holding share count roughly flat. Subsequent to quarter end, The Board increased our stock repurchase authorization, bringing total capacity to approximately $243 million, a clear signal of how we view the value in our stock at current levels. On the dividend, our Board declared 45 cents per share for the quarter, or approximately $48 million paid on July 31st. Against the $159 million of free cash flow this quarter alone, the dividend is covered several times over. to give the dividends a floor, not a ceiling, on the capital we return to shareholders. With that, I'll turn the call over to Adam.