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Mar 31
Northern Oil and Gas Q1 2025 Earnings Report
Reported first quarter 2025 results
Key Takeaways
Northern Oil and Gas reported strong first quarter 2025 results, with significant increases in net income, adjusted EBITDA, and production compared to the prior year. The company's strategic decisions and non-operated model contributed to improved margins and robust free cash flow generation.
First quarter GAAP net income was $139.0 million, a significant increase from the prior year.
Adjusted EBITDA in the first quarter increased by 12% year-over-year to $434.7 million.
First quarter production increased by 13% from the prior year to 134,959 Boe per day.
The company generated $135.7 million in Free Cash Flow during the first quarter.
Northern Oil and Gas
Northern Oil and Gas
Northern Oil and Gas Revenue by Segment
Revenue by Segment
Oil and Gas Sales Revenue
CapyFin.comGain (Loss) on Commodity Derivatives, Net Revenue
CapyFin.comOther Revenues Revenue
CapyFin.com Forward Guidance
Northern Oil and Gas anticipates no material changes to its initial 2025 annual guidance, maintaining flexibility based on commodity market volatility.
Positive Outlook
- Anticipates 2025 annual production of 130,000 - 135,000 Boe per day.
- Expects 2025 annual oil production of 75,000 - 79,000 Bbls per day.
- Forecasts 2025 total capital spending in the range of $1,050 - $1,200 million.
- Expects production expenses of $9.15 - $9.40 per Boe.
- Anticipates cash G&A expenses (excluding transaction costs) of $0.85 - $0.90 per Boe.
Challenges Ahead
- Guidance is subject to potential adjustments based on commodity price changes.
- Lower commodity prices could lead to increased Ground Game capital allocation and lower total spending.
- Average differential to NYMEX WTI is expected to be negative ($4.75) - ($5.50) per Bbl.
- Average realization as a percentage of NYMEX Henry Hub is expected to be 85% - 90% per Mcf.
- Production taxes are expected to be 8.5% - 9.0% of oil & gas sales.