Filloon's Take on OAS and NOG's 1Q12 Earnings

Link here.

Northern Oil and Gas had missed analyst estimates on earnings for four quarters straight. It did the same in the first quarter of 2012, but was much better than in previous quarters. It reported an EPS of 23 cents/share versus the Street's estimate of 24 cents. Revenues came up short as well with a reported $50.5 million versus the Street's estimate of $65.35 million. It reported a $14.7 million loss associated with derivatives. Net income per fully diluted share was 14 cents. All in all, a pretty good quarter.

I noted the same thing, and reported that. I can't get too excited about loses associated with derivatives.

And same with NOG;

Oasis also reported first quarter of 2012 earnings Monday. It looked as though Oasis had a terrible quarter, but this is not the case. Oasis reported revenues of $138.6 million versus the Street's estimate of $127.47 million. It reported earnings of 13 cents/share versus the Street's estimate of 32 cents. This is a bit deceiving, as it had an $18.586 million net loss on derivative instruments. This is equal to 20 cents/share and when added to the 13 cents reported, shows Oasis beat EPS estimates by a penny.