Financial PerformanceForecast modest EBITDX miss driven by wider pricing differentials (MTM for 3Q oil; weaker Waha gas/Bakken NGLs).
Production VolumeTotal volumes were down approximately 1% quarter-over-quarter, reflecting reduced gas-directed activity in Appalachia.
Shareholder ConcernsShareholders may be battling with long-term accretion to NOG’s equity value versus the impact to next year’s free cash flow per share, as indicated by a modest decrease in NOG shares.