Northern Oil And Gas Sees Full Year 2024 Production Expected Between 115,000 – 120,000 boe Per Day, With Oil Production Estimated At 70,000 – 73,000 bbl Per Day
Portfolio Pulse from Benzinga Newsdesk
Northern Oil and Gas (NOG) provided preliminary production and capital expenditure guidance for 2024, forecasting full-year production between 115,000 – 120,000 boe per day, with oil production estimated at 70,000 – 73,000 bbl per day. The company plans to budget approximately $825 – $900 million in total capital expenditures, focusing on drilling, completion, acquisitions, and workover expenses. The budget allocation includes 50% for the Permian Basin, 35% for the Williston Basin, and 1% for the Appalachian Basin. NOG expects a slight decline in quarterly production in Q1 2024, with modest increases thereafter. The company also anticipates steady activity in the Williston and other assets, with reduced Appalachian natural gas activity due to lower prices.

February 15, 2024 | 9:44 pm
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Northern Oil and Gas forecasts a 2024 production of 115,000-120,000 boe/day and plans a capital expenditure budget of $825-$900 million, focusing on drilling and completion in the Permian and Williston Basins.
The guidance indicates a positive outlook for NOG's production and investment strategy, focusing on key basins. The detailed capex plan and production estimates suggest a strategic approach to growth and operational efficiency, likely to be viewed positively by investors.
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