- Fourth quarter production increased 8% over the third quarter, averaging a record 43,941 barrels of oil equivalent per day. Production approximated the midpoint of guidance despite higher than forecasted curtailments
- Full year 2019 production increased 51% over 2018, averaging 38,604 Boe per day
- Fourth quarter capital expenditures of $134.6 million, including $45.3 million in ground game and associated D&C capital
- 2019 year-end proved reserves of 163.3 million Boe, up 21% from 2018 year-end
- Senior Secured Notes balance reduced to $341.0 million as of March 10, 2020, down from $695.1 million at 2018 year-end
- Revolving Credit Facility borrowing base increased to $800 million, from $425 million
- 2020 oil production expected to be over 75% hedged at $58 per barrel average price in the current environment
- 2020 capital expenditures anticipated at approximately $200 million in the current environment, down over 55% vs. 2019
- 2020 free cash flow projected to be significant even assuming $30 per barrel WTI price Due to current macro environment, Northern delaying decision on commencing common stock dividend and will reassess in the second quarter
Thursday, March 12, 2020
NOG: 4Q19 And Full Year 2019 Results
Link here.
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