Northern Oil and Gas estimates Q3 production 121.6-121.8 MBoe/d

Northern Oil and Gas (NOG) announced a third quarter 2024 operations update. Production volumes in the third quarter of 2024 are estimated to have averaged 121.6 – 121.8 MBoe per day. As expected, the Company saw significantly fewer completions quarter-over-quarter, with 9.5 wells turned-in-line. The reduction in completions was offset by an increase in refrac activity and strong well performance. Oil production increased to an estimated 58.1% – 58.3% of total volumes, or approximately 70,775 – 70,925 Bbls per day, an improvement from the prior quarter despite a nearly 70% sequential quarter reduction in TILs. Overall drilling activity remains robust on the Company’s properties and is building momentum into the fourth quarter. The Company added approximately 20.2 net wells to the D&C list during the third quarter, a 7.4% increase from the prior quarter. The D&C list of wells-in-process increased quarter-over-quarter to 52.2 net wells at quarter-end, up 11.2 from the prior quarter. As a result, the Company expects a significant increase in the cadence of TILs for the fourth quarter and remains on target for the year. Natural gas price realizations decreased in the Williston, Permian and Appalachian Basins, driven by lower absolute benchmark prices, wider regional natural gas basis and lower NGL prices versus the second quarter. Realized prices for natural gas are estimated to be 71% – 72% of average NYMEX Henry Hub prices for the third quarter, lower than prior periods in 2024. Realized prices for oil are estimated to be at a discount of $3.44 – $3.46 per Bbl compared to average NYMEX WTI benchmark prices, a slight improvement from the prior quarter. Lease operating costs were an estimated $9.54 – $9.57 per Boe, modestly higher than the second quarter.