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Jun 30, 2021
Northern Oil and Gas Q2 2021 Earnings Report
Announced second quarter results and updated guidance.
Key Takeaways
Northern Oil and Gas reported strong operational and financial results for the second quarter of 2021, driven by bolt-on acquisitions and improved balance sheet management, resulting in substantial production and cash flow growth.
Second quarter total production of 54,623 Boe per day, up 42% sequentially from the first quarter of 2021
Oil production of 33,346 Bbl per day, up 14% sequentially from the first quarter of 2021
Second quarter GAAP cash flow from operations of $106.2 million, excluding changes in net working capital, cash flow from operations was $118.4 million, up 42% from the first quarter of 2021
Total capital expenditures of $68.4 million during the second quarter, excluding the closing of the Marcellus acquisition on April 1, 2021
Forward Guidance
Northern Oil and Gas has updated its 2021 full year guidance to include increased annual production and reduced capital expenditures.
Positive Outlook
- Annual Production (Boe per day): 49,500 - 54,250
- Oil as a Percentage of Sales Volumes: 63% - 64%
- Net Wells Added to Production: 38 - 40
- Total Capital Expenditures (in millions): $215 - $260
- Cash General and Administrative Expense (per Boe): $0.80 - $0.85
Challenges Ahead
- Production Expenses (per Boe): $8.60 - $8.90
- Production Taxes: 9% - 10% of Oil & Gas Sales
- Average Differential to NYMEX WTI (per Bbl): $6.25 - $7.25
- Average Realization as a Percentage of NYMEX Henry Hub (per Mcf): 80% - 100%
- Non-Cash General and Administrative Expense (per Boe): $0.18
Historical Earnings Impact
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Avg. Return Before/After Earnings
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