Northern Oil and Gas reports Q2 adjusted EPS $1.49, consensus $1.35

Reports Q2 revenue $476.6M, consensus $172.32M. Reports quarterly production of 90,878 Boe per day, increases of 4% from the first quarter of 2023 and 25% from the second quarter of 2022. “NOG made meaningful strides in expanding its exposure to high-quality, low-breakeven acreage in the second quarter by executing on two highly accretive large-scale acquisitions with Forge and Novo. It was also a banner quarter for the Ground Game, completing 13 transactions that are expected to add over 16 net wells to production over the next several years,” commented Nick O’Grady, NOG’s Chief Executive Officer. “For the remainder of the year, we see potential for record levels of production and elevated cash flow from operations and free cash flow, as we begin to harvest our first half investments.”