Northern Oil & Gas Raises 2023 Production Targets, Expects Q2 Production To Face Negative Impact
Portfolio Pulse from Lekha Gupta
Northern Oil & Gas Inc (NOG) has revised its 2023 guidance and provided an operational update for Q2 2023. The company has raised its 2023 production targets to 96,000 - 100,000 Boe per day, up from 91,000 - 96,000, due to better-than-expected well performance and contributions from the Forge and Novo acquisitions. However, Q2 2023 production is expected to be negatively impacted by around 900 Boe per day due to lower oil prices. The company's shares closed higher by 2.77% at $38.15 on Tuesday.
July 26, 2023 | 11:23 am
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Northern Oil & Gas has raised its 2023 production targets, which could lead to increased revenues. However, the company expects a negative impact on Q2 2023 production due to lower oil prices.
The company's raised production targets for 2023 could lead to increased revenues, which would be positive for the stock. However, the expected negative impact on Q2 2023 production due to lower oil prices could offset these gains, leading to a neutral short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100