NYSE$NOG
Northern Oil and Gas Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Northern Oil and Gas's financial performance significantly improved, marked by record production and strategic acquisitions.
Northern Oil and Gas announced record quarterly production and strong financial results for Q2 2024. The company achieved record production of 123,342 Boe per day, a 36% increase year-over-year. Net income was $138.6 million, and Adjusted EBITDA reached $413.1 million, a 31% increase from Q2 2023. The company also announced strategic acquisitions and increased shareholder returns through share repurchases and dividend recommendations.
- Record quarterly production of 123,342 Boe per day, a 36% increase year-over-year.
- GAAP net income of $138.6 million and Adjusted EBITDA of $413.1 million.
- Cash flow from operations increased by 33% compared to Q2 2023.
- Announced joint acquisitions in the Uinta and Delaware Basins.
Headline financials
Revenue & EPS history
Northern Oil and Gas · Revenue · Quarterly
$561M
Revenue by segment
Northern Oil and Gas · $130M total across 1 segment · Q1 2020
- Oil and Gas Sales$130M—100.0%
Forward guidance
NOG is providing preliminary updated annual guidance, with the assumption that the pending XCL and Point acquisitions close on October 1, 2024. Overall, the impact of the acquisitions serves to increase annual production and to reduce per unit operating expenses, production tax rates and per unit cash G&A costs.
Tailwinds
- Annual Production (Boe per day) revised to 120,000 - 124,000 from 115,000 - 120,000
- Annual Oil Production (Bbls per day) revised to 73,000 - 76,000 from 70,000 - 73,000
- Net Wells Turned-in-Line (“TIL”) revised to 93.0 - 98.0 from 87.5 - 92.5
- Net Wells Spud revised to 73.0 - 78.0 from 67.5 - 72.5
- Production Taxes (as a percentage of Oil & Gas Sales) revised to 9.0% - 9.5% from 9.0% - 10.0%
Headwinds
- Total Capital Expenditures ($ in millions) revised to $890 - $970 from $825 - $900
- Production Expenses (per Boe) revised to $9.15 - $9.40 from $9.25 - $9.90
- Average Differential to NYMEX WTI (per Bbl) revised to ($4.00) - ($4.85) from ($4.00) - ($4.40)
- Average Realization as a Percentage of NYMEX Henry Hub (per Mcf) revised to 87.5% - 92.5% from 80% - 85%
- DD&A Rate (per Boe) revised to $16.50 - $17.50 from $15.50 - $17.50
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 Q2 2024
+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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