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Sep 30, 2022
Northern Oil and Gas Q3 2022 Earnings Report
Announced third quarter results, achieving record quarterly production and Adjusted EBITDA.
Key Takeaways
Northern Oil and Gas announced strong Q3 2022 results, with record quarterly production of 79,123 Boe per day, a 37% increase year-over-year. The company reported GAAP net income of $583.5 million, or $6.77 per diluted share, and Adjusted EBITDA of $292.4 million, a 7% increase from the previous quarter. Free Cash Flow was $110.6 million, up 99% from Q3 2021.
Record quarterly production of 79,123 Boe per day (57% oil), a 37% increase from Q3 2021.
GAAP cash flow from operations was $276.8 million; excluding changes in net working capital, cash flow from operations was $269.3 million, up 7% sequentially from Q2 2022.
Capital expenditures were $154.5 million, driven by accelerated activity and Ground Game execution.
Free Cash Flow was $110.6 million, a 99% increase from Q3 2021.
Northern Oil and Gas
Northern Oil and Gas
Forward Guidance
NOG is increasing production, net well completion, and capital expenditure guidance, and adjusting certain other guidance items.
Positive Outlook
- Significant year-to-date Ground Game success
- Development activity pull-forwards
- Stronger organic well elections
- Additional turn-in-lines ahead of schedule
- Notably better well performance