Northern Oil & Gas (NOG) Q4 Results - Feb 22

dan_s · Post by **dan_s** » Thu Feb 22, 2024 7:03 pm

FOURTH QUARTER HIGHLIGHTS

Production of 114,363 Boe per day (60.2% oil), a 45% increase from the fourth quarter of the prior year < Just below my forecast of 114,400 Boepd.

GAAP cash flow from operations of $342.4 million. Excluding changes in net working capital, cash flow from operations was $365.9 million, an increase of 56% from the fourth quarter of the prior year < Right at my forecast of $365.877 million operating cash flow.

Capital expenditures of $260.0 million, excluding previously-announced non-budgeted acquisitions and other items

Increased Free Cash Flow (non-GAAP) by 19% to $103.6 million from the fourth quarter of the prior year.

Announced and subsequently closed Utica and Northern Delaware acquisitions

Raised $290.6 million in net proceeds from a Common Stock offering in October 2023

Declared $0.40 per share common dividend for the first quarter of 2024, an increase of 18% from the first quarter of 2023

Providing detailed 2024 production, capital spending and line-item cost guidance

MINNEAPOLIS, February 22, 2024--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) ("NOG") today announced the company’s fourth quarter and full year 2023 results and provided 2024 guidance.

MANAGEMENT COMMENTS

"NOG closed out 2023 in record fashion," commented Nick O’Grady, NOG’s Chief Executive Officer. "Our oil and total volumes grew to all-time highs and we generated record cash flow from operations, while we saw our leverage levels decline meaningfully year over year, even in a year of lower commodity prices."

Mr. O’Grady continued, "As we look out to 2024, our plan delivers standout 20% production growth and significant cash generation that will provide flexibility to further enhance returns. We have great options to deliver additional shareholder returns, growth and other value enhancing measures, all with the goal of delivering another year of superior relative and absolute return. "
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My valuation will stay near $63/share for NOG.