Northern Oil And Gas (NYSE: NOG) reported Q1 EPS of $0.04, $0.01 better than the analyst estimate of $0.03. Revenue for the quarter came in at $506.79 million versus the consensus estimate of $152.41 million.

HIGHLIGHTS

• First quarter production increased 28% over the prior year, averaging 43,735 barrels of oil equivalent (“Boe”) per day
• Cash flow from operations, excluding $7.1 million from changes in working capital, totaled $93.6 million, which was a 7% increase over the prior year and exceeded first quarter capital expenditures of $86.7 million
• Senior Secured Notes reduced by $90.2 million in the first quarter; signed agreements to retire an additional $6.1 million subsequent to quarter-end
• Over 27,000 barrels per day of remaining 2020 oil production hedged at over $58 per barrel (“Bbl”) average prices
• Approximately 20,000 barrels per day of 2021 oil production hedged at over $55 per Bbl average prices
• 2020 total capital expenditures now anticipated between $175 - $200 million, down 56% at the midpoint vs. 2019 D&C and ground game capital expenditures

“Many companies are reacting quickly to the COVID-19 pandemic and the unprecedented fall in commodity prices,” commented Nick O’Grady, Northern’s Chief Executive Officer. “Northern is different. Instead of reacting to this calamity, we actually prepared in advance for it. The steps we have taken to improve our balance sheet over the past several years, our vastly superior multi-year risk management, and our strict capital allocation standards put us in a position of strength despite the current outlook. Over the next two years, we project generating free cash flows that approximate our entire current equity market capitalization. We will continue to ratchet down our debt levels, take advantage of market dislocations, and seek out distressed acquisitions that provide strong upside convexity.”

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