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Mar 31, 2024
Northern Oil and Gas Q1 2024 Earnings Report
Announced first quarter results and achieved a new quarterly production record.
Key Takeaways
Northern Oil and Gas, Inc. reported strong Q1 2024 results, marked by record quarterly production of 119,436 Boe per day, a 37% increase year-over-year. The company's Permian Basin production reached record volumes, surpassing the Williston Basin for the first time. NOG also closed on strategic acquisitions and continued its focus on shareholder returns through dividends and share repurchases.
Record quarterly production of 119,436 Boe per day, up 37% year-over-year.
GAAP net income of $11.6 million and Adjusted EBITDA of $387.0 million.
Permian Basin production became the largest basin by production for the first time.
Reiterated annual guidance with some modest adjustments and additional detail for the second quarter.
Revenue by Segment
Forward Guidance
NOG is reiterating its annual guidance as shown in the table below, with some modest adjustments and additional detail for the second quarter.
Positive Outlook
- Annual Production (Boe per day) 115,000 - 120,000
- Annual Oil Production (Bbls per day) 70,000 - 73,000
- Net Wells Turned-in-Line (“TIL”) 87.5 - 92.5
- Net Wells Spud 67.5 - 72.5
- Non-Cash General and Administrative Expense (per Boe) $0.25 - $0.30
Challenges Ahead
- Production Expenses (per Boe) $9.25 - $9.90
- Production Taxes (as a percentage of Oil & Gas Sales) 9.0% - 10.0%
- Average Differential to NYMEX WTI (per Bbl) ($4.00) - ($4.40)
- Average Realization as a Percentage of NYMEX Henry Hub (per Mcf) 80% - 85%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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