NOG Earnings -- The Market Likes The Numbers

From the press release:

First quarter 2013 production of one million barrels of oil equivalent (“Boe”), or 11,115 average Boe per day; an increase of approximately 30% when compared to first quarter of 2012.

• Oil and gas sales, including the impact of settled derivatives, increased 38% to $82.8 million, as compared to the first quarter of 2012
• Northern added 128 gross (9.6 net) wells to production during the first quarter of 2013
• Northern’s oil price differential to the NYMEX WTI benchmark was $3.62 per barrel
• Production expenses totaled $8.64 per Boe of production, falling 12% when compared with the fourth quarter of 2012 and up 3% when compared with the first quarter of 2012
• General and administrative expenses were down 34% on a per Boe basis when compared with first quarter 2012

Northern’s first quarter 2013 adjusted net income was $18.1 million, or $0.29 per diluted share, a 25% increase compared to the first quarter of 2012.

Adjusted net income excludes the impact of unrealized mark-to-market gains and losses on derivative instruments. GAAP net income for the first quarter of 2013 was $9.0 million, or $0.14 per diluted share. Adjusted EBITDA for the first quarter of increased 42% to $63.5 million, as compared to the first quarter of 2012.

Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or think you read here.