Tuesday, November 8, 2016

NOG -- 3Q16

WAYZATA, Minn. , Nov. 8, 2016 /PRNewswire/ -- Northern Oil and Gas, Inc. today announced 2016 third quarter results and completion of the semi-annual redetermination of the borrowing base under Northern's revolving credit facility.

  • Production totaled 1,236,708 barrels of oil equivalent (boe) or the third quarter, averaging 13,442 Boe per day, despite approximately 600 Boe per day of shut-in production during the quarter
  • Oil and gas sales, including cash from settled derivatives, totaled $50.7 million for the third quarter
  • Capital expenditures totaled $15.8 million during the third quarter, a reduction of 42.4% compared to the third quarter of 2015
  • Production expenses of $8.83 per Boe for the third quarter came in at the low end of management's expense guidance
  • Cash flow from operations for the first nine months of 2016 has exceeded capital expenditures, resulting in a $30 million reduction in debt since the beginning of the year
  • On November 8, 2016 , the borrowing base under Northern's revolving credit facility was reaffirmed at $350 million , providing quarter-end liquidity of $233.3 million , composed of $3.3 million in cash and $230.0 million of revolving credit facility availability
Northern's adjusted net income for the third quarter was $2.4 million , or $0.04 per diluted share. GAAP net loss for the quarter was $45.6 million , or a loss of $0.74 per diluted share, which was impacted by a $43.8 million non-cash impairment charge and a $5.6 million loss on the mark-to-market of derivative instruments. Adjusted EBITDA for the third quarter was $33.0 million . See "Non-GAAP Financial Measures" below for additional information on these measures.

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