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Mar 31, 2021
Northern Oil and Gas Q1 2021 Earnings Report
Announced first quarter results, demonstrating strong operational performance and strategic acquisitions.
Key Takeaways
Northern Oil and Gas reported a strong first quarter with production exceeding internal expectations, driven by the Williston & Permian properties. The company generated $41.7 million in Free Cash Flow and improved its liquidity and balance sheet through strategic financings and debt reduction. They also declared their first ever quarterly common stock dividend.
First quarter production reached 38,417 Boe per day, a 7.5% increase sequentially.
GAAP cash flow from operations was $62.8 million, and Free Cash Flow was $41.7 million.
Capital expenditures totaled $38.1 million, a 22% decrease from the previous quarter.
The company closed the Appalachian Basin acquisition from Reliance Marcellus, LLC.
Forward Guidance
Northern Oil and Gas provided estimated guidance for 2021 for Williston and Permian Properties, as well as Reliance Marcellus Properties and Corporate.
Positive Outlook
- Annual Production (Boe per day): 37,750 - 42,750
- Net Wells Added to Production: 32 - 34
- Oil as a Percentage of Sales Volumes: 78 - 80%
- Annual Production (Mmcf per day): 75 - 85 (Reliance Marcellus Properties)
- Total Capital Expenditures (in millions): $200 - $250
Challenges Ahead
- Production Expenses (per Boe): $8.75 - $9.75
- Average Differential to NYMEX WTI: $6.50 - $8.50
- Production, Asset G&A and Marketing Expenses (per Mcf): $0.85 - $0.95 (Reliance Marcellus Properties)
- Average Differential to NYMEX Henry Hub (per Mcf): $0.55 - $0.65 (Reliance Marcellus Properties)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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