Northern Oil and Fuel Inc. (NOG) has reported adjusted earnings of $1.11 per share for the fourth quarter of 2024, in contrast with $1.61 per share within the previous-year quarter.
Income for the quarter was recorded at $515 million, in contrast with $793.5 million in the identical interval in 2023, the corporate mentioned in an earnings launch.
For full-year 2024, NOG reported adjusted earnings of $5.26 per share, in contrast with $6.58 in 2023. Income was $2.23 billion, in contrast with $2.17 billion within the earlier yr.
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The corporate’s fourth-quarter manufacturing was 131,777 barrels of oil equal per day (boepd), a 15 % improve from the prior-year interval. Oil manufacturing was a file 78,939 barrels per day (bpd), an 11 % sequential improve over the third quarter, and represented 59.9 % of manufacturing within the fourth quarter, it acknowledged. NOG had 25.8 web wells turned in line in the course of the fourth quarter, in comparison with 9.5 web wells turned in line within the third quarter of 2024.
NOG mentioned its fourth quarter benefited from “a full contribution of the Level acquisition in addition to the contribution from the XCL acquisition and a rise in turn-in-line exercise, offset by shut-ins and disruptions from forest fires, curtailments and quite a few deferrals on accomplished wells from price-sensitive non-public operators within the Williston Basin, in addition to materials downtime from third-party crude takeaway within the Uinta Basin”.
Full yr 2024 manufacturing was 124,108 boepd, a 26 % improve from the prior yr.
NOG anticipates roughly 130,000 to 135,000 boepd of manufacturing in 2025. NOG at the moment expects whole capital spending within the vary of $1.05 billion to $1.2 billion for the yr, with roughly 66 % of its 2025 funds to be spent on the Permian, 20 % on the Williston, 7 % on the Appalachian and seven % on the Uinta.
Earlier within the month, NOG mentioned it entered right into a definitive settlement to accumulate belongings in Upton County, Texas, with one in every of its present non-public working companions for an unadjusted buy worth of $40 million in money, topic to customary closing changes.
The belongings embody roughly 2,275 web acres within the Midland Basin. NOG has entered right into a joint growth settlement on the properties, and it expects to shut the transaction inside 60 days. The related 2025 growth prices post-closing for these belongings have been included in its preliminary capital expenditure steerage, the corporate mentioned.
“NOG continues to boost the bar, delivering one other yr of money movement, manufacturing and reserve progress, strategic investments in high-value belongings, and the deliberate growth of our inside infrastructure—all reinforcing our long-term skill to create shareholder worth,” NOG CEO Nick O’Grady mentioned.
“Constructing on the sturdy basis laid in 2024, we have now meticulously crafted a 2025 capital plan designed to drive progress in 2025, 2026 and past. We count on to execute a file variety of SPUDs, constructing momentum all year long. Our diversified mannequin positions NOG with substantial exterior alternatives to create extra worth, additional solidifying our dedication to delivering each top-tier relative and absolute returns,” he mentioned.
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