Northern Oil And Gas Q1 Production Was 119,436 Boe Per Day Up 37% YoY, Oil Represented 59% Of Total Production With 70,181 Bbls Per Day, An Increase Of 30% YoY
Portfolio Pulse from Benzinga Newsdesk
Northern Oil and Gas (NOG) reported a Q1 production increase of 37% YoY, with daily production at 119,436 Boe. Oil accounted for 59% of this total, marking a 30% YoY increase. The company saw a slight decrease in net wells turned in-line compared to Q4 2023 but highlighted exceptional performance and growth in the Permian Basin, which now represents the largest basin by production for NOG.
April 30, 2024 | 10:42 am
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POSITIVE IMPACT
Northern Oil and Gas reported significant Q1 production growth, with a notable increase in the Permian Basin, now its largest production basin.
The reported increase in production, especially with the significant growth in the Permian Basin, positions NOG positively for short-term growth. The increase in oil production, which is more profitable, and the strategic growth in the Permian Basin, a key oil-producing region, are likely to be viewed positively by investors. This could lead to increased investor confidence and potentially a rise in NOG's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100