Title : NOG: 3Q18 Earnings
link : NOG: 3Q18 Earnings
NOG: 3Q18 Earnings
NOG press release: Third quarter production averaged 26,708 Boe per day, an increase of 74% year-over-year and 27% sequentially.- increasing fourth quarter production guidance to a range of 35,000 - 36,000 boepd, an increase of over 100% year-over-year and 30% sequentially
- Northern has reactivated its existing stock repurchase program, which had $108.3 million in remaining authority. Northern has agreed to repurchase 7.36 million shares from certain shareholders in the fourth quarter
- third quarter net income was $19.0 million, and adjusted net income was $34.5 million
- adjusted EBITDA increased 174% year-over-year and 39% sequentially to $97.9 million (non-GAAP)
- 3Q18 production averaged 26,708 barrels of oil equivalent per day, totaling 2,457,119 boe, comprised of 84% crude oil
- 3Q18 net income increased to $19.0 million, or $0.06 per diluted share, compared to a loss of $16.1 million, or ($0.26) per diluted share in the third quarter of 2017
- 3Q18 adjusted net income increased to $34.5 million, or $0.11 per diluted share, from $2.2 million or $0.04 per diluted share in the third quarter of 2017
- adjusted EBITDA increased to $97.9 million, compared to $35.7 million in the third quarter of 2017
- Northern’s third quarter 2018 crude oil differential was $4.16 per barrel below the NYMEX daily average for the period, compared to $6.22 in the third quarter 2017, an improvement of $2.06 per barrel
- lease operating expense of $7.39 per Boe for the quarter declined 17% year-over-year and 3% sequentially, bringing year-to-date LOE at the low end of the company’s 2018 guidance.General and administrative (“G&A”) expense of $1.90 per barrel increased 12% sequentially due primarily to costs associated with recent significant transactions
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