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

Tough Economic Times And Commodities -- November 8, 2022

Link here.

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California

Link here.

From the linked article:

Gas prices hit record highs in many parts of California on Wednesday, with greater Los Angeles seeing an unprecedented average of $6.49 per gallon for regular. Prices in some southern California locations spiked at more than $8.00 per gallon.

But experts said Golden State drivers whose tanks aren't near empty may want to hold off on filling up, because relief may be on the way.

Statewide, prices reached $6.42 per gallon, up a penny from the day before, and just under the record average of $6.44 set June 14. That's nearly $3 higher than the national average of $3.83, according to AAA.

Mystery surcharge. Archived.

That's the average, folks.

Laser-Focused On Dividends -- November 8, 2022

Note: this is not an investment site. No recommendations. Usual disclaimers apply.

Here we go, link here:

EOG, link here:

• In addition, EOG declared a special dividend of $1.50 / share. Link here.
  

 CHRD, link here:

From Social Media Today -- November 8, 2022

Biggest companies in the world since 2000. Link here.

• Apple doesn't show up until 2020
• Apple becomes number 1, overtaking Saudi Aramco, in 2020
• may need to be fact-checked
  

Banks will quickly pull out, link here:

Illusion, you will need an iPad for this.

South Korea: has quietly become one of the world's biggest weapons supplies. Among the top:

• US
• Iran
• South Korea
• Israel

Missiles: Russia unable to make missile any more. Don't take that out of context. Again, if you are not following Peter Zeihan ... well, what can I say?

Also add Stephen Stapcynski to your social media list.

• Singapore-based Bloomberg Business reporter covering energy and commodities
• passionate about natural gas, LNG, power

The Lego Page -- November 8, 2022

Link here. A must-read thread. 

Link here: how to get past a Lego store in the mall this Christmas.

I will soon need a new storage garage for my Lego sets.