NOG Provides Q4 2023 Operations Update And Preliminary 2024 Guidance; Expects Q1 2024 Production Volumes To Be Slightly Lower Than Q4 Of 2023; Sees 20% YoY Growth In Production
Portfolio Pulse from Benzinga Newsdesk
Northern Oil and Gas, Inc. (NOG) provided a Q4 2023 operations update and preliminary 2024 guidance, highlighting a 20% year-over-year growth in production. Q4 production was estimated at 114.4 Mboe per day, with annual production at the high end of guidance. The company executed $25 million in Ground Game acquisitions in Q4 and anticipates a slight decrease in Q1 2024 production volumes due to weather disruptions and planned curtailments. NOG expects strong returns from its acquisitions, with cash flow contributions mainly in 2024.
February 15, 2024 | 9:44 pm
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POSITIVE IMPACT
NOG provided a positive Q4 2023 update and expects a 20% growth in 2024, despite a slight Q1 production dip due to weather and curtailments.
NOG's announcement of a 20% year-over-year growth in production for 2024, along with strong Q4 2023 performance, is likely to positively impact investor sentiment and the stock price in the short term. The slight expected dip in Q1 2024 production due to weather conditions and planned curtailments is acknowledged but is offset by the overall positive growth trajectory and successful acquisitions.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100