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Jun 30, 2023
Northern Oil and Gas Q2 2023 Earnings Report
Announced second quarter results, including record quarterly production.
Key Takeaways
Northern Oil and Gas reported record quarterly production of 90,878 Boe per day, a 25% increase from the previous year. Net income was $167.8 million, and Adjusted EBITDA reached $315.5 million, a 16% increase year-over-year. The company also closed on the acquisition of a 30% stake in the Forge assets and entered into an agreement for a stake in the Novo assets.
Record quarterly production of 90,878 Boe per day, up 25% year-over-year.
Net income of $167.8 million and Adjusted EBITDA of $315.5 million.
Closed on the acquisition of a 30% stake in the Forge assets for $167.9 million.
Entered into a joint acquisition agreement for a 33.33% stake in the Novo assets for $500.0 million.
Forward Guidance
NOG issued updated 2023 guidance to reflect recent acquisitions and other matters.
Positive Outlook
- Annual Production (Boe per day) 96,000 - 100,000
- Q3 2023 Production (Boe per day) 99,000 - 103,000
- Oil as a Percentage of Production 62.0% - 63.0%
- Net Wells Turned-in-Line (“TIL”) 75 - 78
- Non-Cash General and Administrative Expense (per Boe) $0.20 - $0.25
Challenges Ahead
- Average Differential to NYMEX WTI (per Bbl) ($3.25) - ($4.25)
- Average Realization as a Percentage of NYMEX Henry Hub (per Mcf) 85.0% - 95.0%
- Total Budgeted Capital Expenditures (in millions) $764 - $800
- Production Expenses (per Boe) $9.35 - $9.55
- Production Taxes (as a percentage of Oil & Gas Sales) 8.0% - 9.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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