Northern Oil & Gas (NOG) Q3 Results - Nov 8

[dan_s]

Looks VERY GOOD

NOG Announces Third Quarter 2022 Results

THIRD QUARTER HIGHLIGHTS

Record quarterly production of 79,123 Boe per day (57% oil), an increase of 37% from the third quarter of 2021 < Beat my forecast of 76,000 Boepd.
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 < Beat my forecast of $254.7 million operating cash flow.
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.
Announced $110.0 million core Midland Basin acquisition in August 2022, which closed in October 2022 < Should push Q4 production over 85,000 Boepd.
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

I will update my forecast for NOG tomorrow morning.

[Fraser921]

Looks good

OXY also came out, says a miss, but FCF was great at 3.6 b. Warren Buffett will be happy > Bought after hours on knee jerk dip