Northern Oil and Gas ( NYSE: NOG ) said Monday severe weather in December knocked ~10K boe/day from its production in the Williston and Permian Basins, but it expects FY 2022 output to meet prior guidance in the range of 75,250-75,550 boe/day.
Northern Oil ( NOG ) expects Q4 total production volumes to come in slightly lower than Q3 but with higher average daily oil production.
Despite the severe weather, the company turned-in-line 19.9 net wells during Q4, with 5.9 net wells in late December, building strong momentum into 2023; operations have substantially returned to normal in January.
The company anticipates elevated Q4 operating costs of $10.05-$10.10/boe, reflecting the outages and lower production levels, but it expects unit costs to seasonally normalize in Q1 2023.
Northern Oil ( NOG ) also declared a $0.34/share cash dividend , a 13% increase from the prior quarterly dividend, and it plans to recommend for a further 9% increase to its quarterly common stock dividend to $0.37/share for Q2 2023.
Northern Oil's ( NOG ) Mascot project is projected to generate $315M in unlevered free cash flow in 2024-25 combined, compared with a $320M net cash purchase price, Elephant Analytics writes in an analysis posted recently on Seeking Alpha .
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Northern Oil and Gas sees cold weather hit to December production