Highlights:
- Production increased 92% over the prior year, averaging 34,598 barrels of oil equivalent (“Boe”) per day; strong well performance driving an increase in 2019 production guidance with no change to capital spending guidance.
- Drilling and development capital expenditures totaled $74.0 million, a 5% reduction versus the prior quarter.
- Cash flow from operations, excluding an $11.4 million net increase from changes in working capital, was $87.5 million.
- Northern spent $15.1 million on share repurchases in the quarter and $8.4 million on ground game acquisitions.
First quarter 2019 production totaled 3.1 million Boe and averaged 34,598 Boe per day, a 92% increase from the prior year. Oil and gas sales in the first quarter increased 53% from the prior year to $132.7 million. Net income in the first quarter was a loss of $107.2 million or $0.29 per diluted share, primarily driven by a $152.2 million non-cash mark-to-market loss on hedges. Adjusted Net Income in the first quarter was $27.8 million or $0.07 per diluted share. Adjusted EBITDA totaled $104.8 million in the first quarter, an 87% increase from the prior year. Adjusted EBITDA was down sequentially primarily due to a decline in realized gas prices. (See “Non-GAAP Financial Measures” below.)
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