Northern Oil And Gas (NYSE: NOG) reported Q4 EPS of $0.25, $0.11 better than the analyst estimate of $0.14. Revenue for the quarter came in at $443.2 million versus the consensus estimate of $159.39 million.

• Production increased 117% over the prior year and 36% over the prior quarter, averaging a record of 36,258 barrels of oil equivalent (“Boe”) per day.
• Lease operating expenses and general and administrative expenses were each down 26% per Boe from the prior year.
• Cash flow from operations, excluding a $10.3 million net increase from changes in working capital, was $107.5 million.
• Drilling and development capital expenditures totaled $78.2 million, a decrease of 4% from the prior quarter.
• Net income increased to $218.3 million or $0.58 per diluted share from a $0.37 loss per diluted share the prior year. Adjusted Net Income increased to $94.8 million or $0.25 per diluted share. Adjusted EBITDA increased 157% over the prior year to $124.9 million.

“The fourth quarter of 2018 was the culmination of a truly transformational year for Northern and further testimony to the effectiveness of our non-operator model,” said Brandon Elliott, Chief Executive Officer of Northern Oil and Gas. “We generated solid, sustainable cash flow from operations and record production. Our success was driven by our team’s ability to efficiently execute on, and in many cases, exceed, our stated business goals for the year.”

Elliott concluded “With an interest in over 5,000 gross wells across our 157,000 acre position in the Williston Basin, we have positioned Northern to build on this strong momentum. In 2019, we will continue to actively manage our capital expenditure budget to achieve our key objectives: further drive free cash flow, reduce our debt obligations and grow debt adjusted cash flow per share. Our focus is on building sufficient, sustainable cash flow to deliver returns to our shareholders regardless of commodity prices. We will be patient and prudent as we continue to evaluate opportunities to grow through our “ground game” and other, larger acquisitions, all while not compromising on these objectives.”

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