Wednesday, March 1, 2017

NOG Announces Earnings; How Many Jobs Were Lost Due To ObamaCare? -- March 1, 2017


March 6, 2017: from CNBC -- Chicago the next to go the way of Philadelphia. Next, a special tax on beer. Then, on steak. And so it goes.

Original Post

 I have no idea but a tax of 1.5 cent per ounce on sugary and diet drinks in Philadelphia cost 100 workers their jobs. The denominator: 423 employees. Up to 100 of the 423 city's PepsiCo workers are now out of a job: PepsiCo's beverage sales fell 40% in the city because of the tax.

Link here.

But if that many jobs were lost due to a piddly 15 cents being added to a can of Coke, can you imagine how many jobs were lost and are going to be lost because of:
  • ObamaCare
  • a mandated minimum wage unrelated to market economics
  • subsidies for solar and wind energy, artificially raising the cost of electricity
  • the thousands of pages of government regulations published in Obama's last year of his presidency?
NOG Announces 4Q16 And Full Year Results

  • average 90-day initial production rate on Northern's wells using enhanced completions increased 47% in 2016 as compared to 2015
  • completed $8.9 million property acquisition in the fourth quarter that added 375 barrels of oil per day since the date of acquisition 
  • full year 2016 capital expenditures, excluding the fourth quarter property acquisition, totaled $75.6 million or a 41.3% decrease as compared to 2015 
  • production totaled 1,259,274 barrels of oil equivalent (boe) for the fourth quarter, averaging 13,688 Boe per day or 2% higher than last quarter, despite down-time due to weather during December 
  • ended the year with $212.5 million of liquidity, composed of $6.5 million in cash and $206.0 million of revolving credit facility availability 
  • Northern's adjusted net income for the fourth quarter was $2.4 million , or $0.04 per diluted share. GAAP net loss for the quarter was $12.3 million , or a loss of $0.20 per diluted share.
  • Adjusted EBITDA for the fourth quarter was $35.1 million

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