NOG Reports 4Q15 And Full Year (2015) Results: For The Year A Loss Of $16.08/Share; Adjusted: Net Income 78 Cents/Share

From the press release:

• Oil and gas sales, including cash from settled derivatives, totaled $363.7 million for 2015 and $86.5 million for the fourth quarter of 2015
• Reduced capital expenditures by 76% compared to 2014, while still growing total production by 3% year-over-year to 16,285 barrels of oil equivalent ("Boe") per day, above stated guidance
• Reduced cash general and administrative expenses by $2.1 million or 14% compared to 2014
• Ended the year with $403.4 million of liquidity, composed of $3.4 million in cash and $400 million of revolving credit facility availability
• Participated in the completion of 292 gross (18.6 net) wells
• 1.8 million barrels of oil are hedged for 2016 at an average price of $77.50 per barrel

Northern's adjusted net income for the year was $47.6 million , or $0.78 per diluted share.  GAAP net loss for the year, which was impacted by a $1.2 billion non-cash impairment charge, was $975.4 million, or a loss of $16.08 per diluted share.  Adjusted EBITDA for the year was $277.3 million.

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Back-of-the-Envelope

16,285 boepd x 366 days =  6 million bbls.

Hedged: 1.8 million bbls.