Northern Oil and Gas Q4 2021 Earnings Report
Key Takeaways
Northern Oil and Gas announced a transformational year in 2021, with Q4 production reaching 64,155 Boe per day, a 11% increase from the previous quarter. The company reported a net income of $171.1 million or $2.13 per diluted share, and an adjusted EBITDA of $175.3 million, up 29% from Q3. The company closed the Veritas acquisition in the Permian Basin on January 27, 2022 and announced a Base Dividend Growth plan in December 2021.
Q4 production increased by 11% from the third quarter of 2021, reaching 64,155 Boe per day (59.2% oil).
GAAP net income for Q4 was $171.1 million, or $2.13 per diluted share.
Adjusted EBITDA for Q4 increased by 29% over the third quarter, totaling $175.3 million.
Capital expenditures for Q4 totaled $83.7 million, excluding non-budgeted acquisitions.
Northern Oil and Gas
Northern Oil and Gas
Forward Guidance
NOG anticipates approximately 70,000 - 75,000 Boe per day of production in 2022, an increase of approximately 35% at the midpoint from 2021 levels. NOG currently expects total capital spending in the range of $350 - $415 million for 2022.