Northern Oil And Gas (NYSE: NOG) reported Q2 EPS of $0.09, $0.01 better than the analyst estimate of $0.08. Revenue for the quarter came in at $109.05 million versus the consensus estimate of $92.86 million.

• Raising full year 2018 production guidance; expect average daily production to increase by 60 - 64% over 2017.
• Second quarter production exceeded expectations, increasing 53% year-over-year and 17% sequentially to average 21,046 barrels of oil equivalent (“Boe”) per day.
• Exited the second quarter with 16.4 net wells in process after adding 8.1 organic net wells to production.
• Announced $500 million in signed acquisitions year-to-date using a combination of cash and equity, which Northern expects to fold into its existing asset base without the addition of new employees.

“We are only half way through 2018; however, production has materially exceeded our expectations, cash costs are lower and our success executing on acquisitions has surpassed even our lofty internal goals,” commented Northern’s Chief Executive Officer, Brandon Elliott. “We plan to close our Pivotal Petroleum and W Energy acquisitions at the end of the third quarter, upon which Northern will have reached our goals of substantially growing EBITDA and improving our debt metrics, significantly ahead of plan. We are still not satisfied and continue to aggressively look at all avenues to drive increased growth and returns to our shareholders.”

GUIDANCE:

Northern is raising its 2018 production guidance as a result of increased activity as well as the recently announced Pivotal Petroleum and W Energy acquisitions that are expected to close at the end of the third quarter. Northern expects to add approximately 25 - 27 organic net wells to production for the year with a drilling and completion budget of between $200 and $216 million, resulting in a total capital expenditure budget, including acreage, workover and other capitalized costs but excluding announced acquisitions, of between $215 and $230 million. Additional information regarding Northern’s current expectations are included in the tables below.

For earnings history and earnings-related data on Northern Oil And Gas (NOG) click here.