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Tuesday, November 12, 2019

Northern Oil And Gas Announces 3Q19 Results -- November 12, 2019

Press release here. Third quarter production increased 53% over the prior year, and 17% sequentially, averaging 40,786 barrels of oil equivalent (“Boe”) per day.
  • Cash flow from operations, excluding a $32.5 million net decrease from changes in working capital and other items, was $103.5 million for the third quarter, an 11% increase versus the second quarter.
  • Organic drilling and development capital expenditures totaled $80.1 million during the third quarter.
  • Northern closed the VEN Bakken acquisition and also added another 13.3 net wells to production during the third quarter, which helped offset the curtailments, shut-ins and completion delays that negatively impacted production by an estimated 4,500 Boe per day during the quarter.
  • Ground Game success continued in the third quarter, with $9.9 million of acquisition capital and an additional $23.0 million of associated development capital allocated to drive cash flow for shareholder returns in 2020. 
NOG: forecast here; forecast 11 cents; SeekingAlpha;
  • pre-market trading: NOG down 2.4%; down 5 cents
  • actual: 12 cents; beat by a penny
  • revenue: $150 million
  • revenue: missed by $2.70 million
Market: all major indices up in pre-market trading, albeit not by much.
  • AAPL: up slightly
Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Flashback from 2013. One of those sweet human interest stories of which we see so few. Link here

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