Northern Oil And Gas (NYSE: NOG) reported Q3 EPS of $0.09, $0.02 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $233.88 million versus the consensus estimate of $168.77 million.

• Third quarter production increased 53% over the prior year, and 17% sequentially, averaging 40,786 barrels of oil equivalent (“Boe”) per day.
• Cash flow from operations, excluding a $32.5 million net decrease from changes in working capital and other items, was $103.5 million for the third quarter, an 11% increase versus the second quarter.
• Organic drilling and development capital expenditures totaled $80.1 million during the third quarter.
• Northern closed the VEN Bakken acquisition and also added another 13.3 net wells to production during the third quarter, which helped offset the curtailments, shut-ins and completion delays that negatively impacted production by an estimated 4,500 Boe per day during the quarter.
• Ground Game success continued in the third quarter, with $9.9 million of acquisition capital and an additional $23.0 million of associated development capital allocated to drive cash flow for shareholder returns in 2020.

“Strong net well additions from our organic well opportunities and the success we have had in our ground game acquisitions generated strong production growth during the quarter,” commented Brandon Elliott, Chief Executive Officer. “While well performance and net well additions have remained robust, they did not completely offset 4,500 Boe per day of shut-ins and curtailments during the quarter. The good news is we expect the well performance and net well additions to remain strong while we expect the infrastructure issues to begin to subside as we close out 2019. Future cash flows will support plans to reduce debt ratios and return capital to shareholders in 2020.”

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