Northern Oil And Gas ( (NOG) ) has released its Q3 earnings. Here is a breakdown of the information Northern Oil And Gas presented to its investors.
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Northern Oil and Gas, Inc. (NOG) is a company that focuses on acquiring and investing in non-operated minority working and mineral interests in key hydrocarbon-producing regions in the United States.
In its third quarter of 2024 earnings report, Northern Oil and Gas announced record oil production and robust financial performance despite challenging market conditions. The company reported a significant increase in oil production, achieving 121,815 barrels of oil equivalent per day, a 19% rise from the same quarter last year.
The company’s financial results highlight a GAAP net income of $298.4 million and an adjusted EBITDA of $412.4 million, marking a 7% increase from the prior year. Free cash flow reached a record $177.1 million, up 32% from the previous quarter. Moreover, NOG completed several strategic acquisitions, including a substantial joint purchase with SM Energy Company for properties in the Uinta Basin.
Looking ahead, NOG is optimistic about its growth trajectory. The company’s management reaffirmed its capital expenditure and production guidance for the year, suggesting a stable outlook despite market volatility. NOG’s ability to generate cash flow and execute strategic acquisitions positions it well for potential future growth.
