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Jun 30, 2022
Northern Oil and Gas Q2 2022 Earnings Report
Reported record quarterly production and Adjusted EBITDA, increased shareholder returns, and decreased leverage ratios.
Key Takeaways
Northern Oil and Gas, Inc. announced strong second quarter results with record Adjusted EBITDA, growing production, accelerated shareholder returns, and declining leverage ratios. The company reported a GAAP net income of $251.3 million, production of 72,689 Boe per day, and Adjusted EBITDA of $272.5 million.
Record quarterly production of 72,689 Boe per day (57% oil), an increase of 33% from the second quarter of 2021
GAAP cash flow from operations of $210.2 million. Excluding changes in net working capital, cash flow from operations was $252.2 million, an increase of 7% sequentially from the first quarter of 2022
Total capital expenditures of $131.8 million during the second quarter, driven by accelerated activity and strong Ground Game execution
Free Cash Flow of $114.3 million during the second quarter, an increase of 147% from the second quarter of 2021.
Forward Guidance
NOG reiterated its 2022 production and capital expenditure guidance while adjusting operating cost and pricing differential guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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