NOG Earnings -- 3Q22 -- Free Cash Flow Doubled Y/Y

NOG: up 0.4% during the day, prior to earnings release; after hours, initially flat.

Link here.

THIRD QUARTER HIGHLIGHTS

• Record quarterly production of 79,123 Boe per day (57% oil), an increase of 37% from the third quarter of 2021
• Third quarter GAAP cash flow from operations of $276.8 million. Excluding changes in net working capital, cash flow from operations was $269.3 million, an increase of 7% sequentially from the second quarter of 2022
• Capital expenditures of $154.5 million during the third quarter (excluding non-budgeted acquisitions) were higher because of accelerated activity and strong Ground Game execution
• Free Cash Flow of $110.6 million during the third quarter, an increase of 99% from the third quarter of 2021. See “Non-GAAP Financial Measures” below
• Announced $110.0 million core Midland Basin acquisition in August 2022, which closed in October 2022
• Increasing 2022 well count, production and capital expenditure guidance and adjusting operating cost and pricing differential guidance

SHAREHOLDER RETURN HIGHLIGHTS

• Declared $0.30 per share common dividend for the fourth quarter of 2022, an increase of 20% from the third quarter
• Repurchased $38.7 million of common shares in the third quarter and October 2022, for a total of $51.5 million year-to-date at an average price of $28.42 per share (1.81 million shares)
• Retired $10.0 million principal amount of 8.125% Senior Unsecured Notes at an average price of 94.8% of par value in the third quarter and October 2022, for a total of $23.4 million year-to-date at an average price of 96.7% of par value
• On November 8, 2022, exercised right to cause a full conversion of the 6.5% Series A Perpetual Convertible Preferred Stock into shares of common stock, which will be effected on November 15, 2022