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Dec 31, 2021
Northern Oil and Gas Q4 2021 Earnings Report
Northern Oil and Gas reported strong Q4 2021 results, marked by increased production, net income, and adjusted EBITDA.
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.
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.
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