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Mar 31, 2022
Northern Oil and Gas Q1 2022 Earnings Report
Announced record first quarter production and updated guidance.
Key Takeaways
Northern Oil and Gas announced record first quarter results driven by accretive acquisitions of high quality properties. The company achieved record Adjusted EBITDA, Free Cash Flow, and production. Management plans to recommend to the Board of Directors a $0.25 per share dividend for the third quarter of 2022.
Record first quarter production of 71,255 Boe per day (60% oil), up 85% from the first quarter of 2021
First quarter GAAP cash flow from operations of $154.0 million. Excluding changes in net working capital, cash flow from operations was $235.0 million, up 49% sequentially from the fourth quarter of 2021
Total capital expenditures of $85.6 million during the first quarter, excluding closing of previously-announced Veritas acquisition on January 27, 2022
Record Free Cash Flow of $146.0 million during the first quarter, up 106% sequentially from the fourth quarter of 2021
Forward Guidance
NOG updated its 2022 full year guidance including increased annual production and improved oil pricing differentials.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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