Northern Oil and Gas Q2 production rises on record gas output
NOG•Drivers of quarterly results
- Natural gas production - Record natural gas output and strong Appalachian volumes contributed to higher overall production, per company
- Realized commodity prices - Adjusted EBITDA rose 17% sequentially, mainly due to a 13% improvement in realized commodity price per boe
- Well performance - Uinta assets and other basins outperformed internal estimates, supporting production growth
Q2 production rises on record gas output
- U.S. non-operated oil and gas holder's Q2 production rose 9% yr/yr to 145,659 Boe/d
- Q2 oil and gas sales grew, with adjusted net income and EBITDA up from prior quarter
- Company repurchased 2.95 mln shares, boosting buyback authorization to $243 mln
Key quarterly figures and analyst coverage
| Metric | Actual |
|---|---|
| Q2 Oil & Gas Sales | $670.8 mln |
| Q2 Adjusted Net Income | $122.5 mln |
| Q2 Net Income | $236.6 mln |
| Q2 Adjusted EBITDA | $401 mln |
| Q2 Capex | $195.80 mln |
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
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