Northern Oil And Gas (NOG) Misses Q2 EPS by 1c

Northern Oil And Gas (NYSE: NOG) reported Q2 EPS of $0.02, $0.01 worse than the analyst estimate of $0.03.

HIGHLIGHTS

• Total debt reduced by $52.2 million in the second quarter, resulting in over $3 million in interest savings per annum
• Strong risk management drove realized commodity hedge gains of $77.4 million in the second quarter
• Cash flow from operations totaled $53.1 million, excluding $48.5 million received from changes in working capital
• Total capital expenditures were $34.5 million in the second quarter
• Wells in process remain near record levels at 26.7 net wells
• Production averaged 23,804 barrels of oil equivalent (“Boe”) per day, driven by material curtailments and shut-ins
• Approximately 26,500 barrels per day of remaining 2020 oil hedged at over $58 per barrel (“Bbl”) average prices
• Approximately 21,500 barrels per day of 2021 oil hedged at over $54.50 per Bbl average prices

“In one of the most challenging quarters for the oil industry in decades, Northern’s unique, actively managed working-interest business model continues to deliver,” commented Nick O’Grady, Northern’s Chief Executive Officer. “Hedges protected cash flows despite the turmoil, and capital spending reductions were instituted rapidly. We continued to reduce our debt levels, and carefully and methodically have added to our portfolio to build for future growth and returns.”

For earnings history and earnings-related data on Northern Oil And Gas (NOG) click here.

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