Shares of NOG closed down 1.5% following first quarter earnings, as results and commentary largely matched prior expectations without a clear upside catalyst. Management reiterated stable activity and outlook, but investors appear unconvinced by the near-term trajectory amid macro uncertainty.

• Total average daily production reached over 148,000 BOE/d, a 6% sequential increase and a quarterly record.
• Activity and production performance were described as "in line with expectations," with no major operational surprises disclosed.
• Management flagged ongoing macro volatility and cited the impact of oil price swings and geopolitical risk (notably Iran), though current operations remain steady.
• 41 "ground game" deals were completed in the quarter, adding 5,100 net acres and 6 net wells; larger M&A opportunities are under evaluation.
• No significant changes to 2026 activity or guidance were announced; management highlighted longer-term potential, but near-term updates remain pending.