Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on anything you read here or anything you think you may have read here.
NOG: a proxy for the Bakken.
- repurchase program: 12.0 million shares since October 1, 2018; almost 5 million shares in CY19 through January 21, 2019
- 4Q18 crude oil production: expected to be in the upper half of prior guidance of 35,000 - 36,000 boepd despite constraints
- 2019 hedges: $63/bbl
- completions in line with expectations
- NOG added 7.7 net wells to production in 4Q18 (exactly 25% of full year addition)
- CY2018: 30.8 net wells brought to production
- expects 4Q18 differential will be between $9.00 and $10.00 per bbl
- 2018 differential: modestly (sic) above the high end of prior guidance of $4.76 - $5.75
- differentials in 1Q19 have improved substantially from 4Q18
- 4Q18 LOE were better than anticipated: as a result, full year 2018 average LOE is now expected to be slightly below the low end of prior guidance of $7.50 to $7.75/per bbl
- CY2019: NOG anticipates strong cash flow from operations; will exceed the company's CAPEX budget
- company strategy: the company acquired approximately 1.0 net producing well, 3.3 net wells in process and 8,465 net acres in the fourth quarter and first few weeks of January at an average price of $1,785 per acre. As the natural consolidator of non-operated working interests in the Williston Basin, Northern believes this trend will disproportionately benefit the company.