NYSE$NOG
Northern Oil and Gas Inc. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported record quarterly production and Adjusted EBITDA, driven by successful growth efforts and strategic acquisitions.
Northern Oil and Gas announced strong Q1 2023 results, achieving record quarterly production of 87,385 Boe per day, a 23% increase year-over-year. The company reported a net income of $340.2 million and record Adjusted EBITDA of $325.5 million. They also closed on the acquisition of a working interest in the MPDC Mascot project and increased shareholder returns through dividends and share repurchases.
- Record quarterly production of 87,385 Boe per day, a 23% increase from Q1 2022.
- Net income of $340.2 million and record Adjusted EBITDA of $325.5 million.
- Free Cash Flow of $83.9 million, despite increased development activity and commodity price volatility.
- Closed on the acquisition of a 39.958% non-operated working interest in the MPDC Mascot project for $319.9 million.
Headline financials
Revenue & EPS history
Northern Oil and Gas · Revenue · Quarterly
$582M
Revenue by segment
Northern Oil and Gas · $130M total across 1 segment · Q1 2020
- Oil and Gas Sales$130M—100.0%
Forward guidance
NOG is reaffirming its 2023 full year guidance for production and capital expenditures. The Company is increasing its estimates for natural gas realizations. As a result of this increase, the Company is also adjusting production expenses for the associated processing costs from higher realizations.
Tailwinds
- Annual Production (Boe per day): 91,000 - 96,000
- Oil as a Percentage of Sales Volumes: 62.0 - 64.0%
- Total Capital Expenditures ($ in millions): $737 - $778
- Net Wells Added to Production: 80 - 85
- Cash (excluding transaction costs on non-budgeted acquisitions) General and Administrative Expense (per Boe): $0.80 - $0.90
Headwinds
- Production Expenses (per Boe): $9.35 - $9.60
- Production Taxes (as a percentage of Oil & Gas Sales): 8.0% - 9.0%
- Average Differential to NYMEX WTI (per Bbl): ($3.50) - ($4.50)
- Average Realization as a Percentage of NYMEX Henry Hub (per Mcf): 80% - 90%
- Non-Cash General and Administrative Expense (per Boe): $0.20 - $0.30
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
+2.9%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+7.1%
Avg return
30 days after
58%
38 / 65 earnings
Positive
+34.4%
Q2 2010
Best reaction
-16.6%
Q3 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.4% | -2.8% | -21.1% | |
| Q4 2025 | -0.6% | +6.1% | +16.4% | |
| Q3 2025 | +5.6% | +7.6% | +21.3% | |
| Q1 2025 | -1.9% | -1.9% | +7.4% | |
| Q4 2024 | -0.1% | -9.1% | -14.9% | |
| Q3 2024 | +13.4% | +13.0% | +14.6% | |
| Q2 2024 | +7.4% | -4.1% | +0.2% | |
| Q1 2024 | -8.9% | -7.6% | -8.0% | |
| Q4 2023 | -0.9% | +1.7% | +10.5% | |
| Q3 2023 | +0.9% | -1.9% | -1.1% | |
| Q2 2023 | +5.6% | +6.2% | +9.2% | |
| Q1 2023 | +2.7% | +0.7% | +1.3% | |
| Q4 2022 | +5.1% | +1.5% | -7.3% | |
| Q3 2022 | -3.2% | +5.2% | -11.5% | |
| Q2 2022 | -12.2% | -7.2% | +7.7% | |
| Q1 2022 | +4.6% | -6.4% | +20.8% | |
| Q4 2021 | +2.8% | +9.5% | +28.2% | |
| Q3 2021 | +3.4% | -0.8% | -20.9% | |
| Q2 2021 | +8.2% | +9.3% | +9.9% | |
| Q1 2021 | +4.1% | +4.8% | +23.7% | |
| Q4 2020 | -2.8% | -2.1% | -12.4% | |
| Q3 2020 | +19.7% | +27.7% | +124.6% | |
| Q2 2020 | -4.4% | -5.8% | -29.1% | |
| Q1 2020 | +13.8% | +14.5% | +48.7% | |
| Q4 2019 | -1.2% | -18.8% | -12.5% | |
| Q3 2019 | -1.9% | -3.4% | -8.2% | |
| Q2 2019 | -7.4% | +0.0% | +13.6% | |
| Q1 2019 | -1.3% | -4.8% | -12.2% | |
| Q4 2018 | +11.3% | +8.1% | +17.6% | |
| Q3 2018 | -3.5% | -16.5% | -23.5% | |
| Q2 2018 | -2.4% | -17.5% | -7.6% | |
| Q1 2018 | +14.9% | +28.6% | +42.9% | |
| Q4 2017 | +7.3% | +9.9% | -7.3% | |
| Q3 2017 | -7.7% | -9.2% | +24.6% | |
| Q2 2017 | -5.0% | +1.0% | -21.0% | |
| Q1 2017 | +5.1% | +0.0% | -12.8% | |
| Q4 2016 | +1.7% | -5.0% | -13.3% | |
| Q3 2016 | +8.6% | +2.9% | +85.7% | |
| Q2 2016 | +6.6% | +11.3% | -6.9% | |
| Q1 2016 | -4.8% | — | — | |
| Q4 2015 | +31.8% | — | — | |
| Q3 2015 | +8.0% | — | — | |
| Q2 2015 | +6.1% | — | — | |
| Q1 2015 | -10.8% | — | — | |
| Q4 2014 | +1.7% | — | — | |
| Q3 2014 | +7.5% | — | — | |
| Q2 2014 | +1.7% | — | — | |
| Q1 2014 | -6.3% | — | — | |
| Q4 2013 | -11.5% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2013 | +2.0% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +1.2% | — | — | |
| Q3 2012 | -3.5% | — | — | |
| Q2 2012 | +1.6% | — | — | |
| Q1 2011 | -0.3% | — | — | |
| Q1 2012 | +1.4% | — | — | |
| Q4 2009 | -2.6% | — | — | |
| Q4 2011 | -2.6% | — | — | |
| Q3 2011 | -16.6% | — | — | |
| Q3 2010 | -16.6% | — | — | |
| Q2 2011 | +34.4% | — | — | |
| Q4 2010 | +34.4% | — | — | |
| Q2 2010 | +34.4% | — | — | |
| Q1 2010 | +5.6% | — | — |
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