NOG: 1Q20 results. Link here. Some numbers rounded:
- production increased 28% over the prior year
- production averaged 44K boepd
- cash flow from operations: $94 million (does not include $7 million from changes in working capital)
- 7% increase over the prior year
- exceeded 1Q20 CAPEX of $87 million
- over 27,000 bopd over rest of 2020 hedged at over $55/bbl
- approx 20,000 bopd of 2021 oil production hedged at $55/bbl
- 2020 total CAPEX now forecast to be between $175 million and $200 million, down almost 60% at the midpoint vs 2019 C&C and ground game CAPEX
- as for liquidity and debt:
As of March 31, 2020, Northern had $8.5 million in cash and $590.0 million outstanding on its revolving credit facility. Northern had total liquidity of $218.5 million as of March 31, 2020, consisting of cash and borrowing availability under the revolving credit facility.
As of March 31, 2020, Northern had additional debt outstanding consisting of a $130.0 million 6% Senior Unsecured Note and $327.5 million of 8.5% Senior Secured Notes. During the first quarter, Northern strengthened its balance sheet through several negotiated agreements and open market purchases aimed at reducing the principal amount of the 8.5% Senior Secured Notes. In the aggregate, the company retired $90.2 million in principal amount of these notes during the first quarter. Furthermore, and as noted in a Form 8-K filed on May 8th, Northern has continued to execute on the reduction of its secured debt in the second quarter and has entered into agreements to retire an additional $6.1 million of 8.5% Senior Secured Notes. Upon closing of these transactions, the outstanding principal amount on the 8.5% Senior Secured Notes will be reduced to $321.4 million.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.