Northern Oil and Gas reports Q3 adjusted EPS 9c, consensus 11c
Reports Q3 revenue $233.88M, consensus $165.57M.Reports Q3 production increased 53% over the prior year, and 17% sequentially, averaging 40,786 barrels of oil equivalent per day. "Strong net well additions from our organic well opportunities and the success we have had in our ground game acquisitions generated strong production growth during the quarter," commented the company. "While well performance and net well additions have remained robust, they did not completely offset 4,500 Boe per day of shut-ins and curtailments during the quarter. The good news is we expect the well performance and net well additions to remain strong while we expect the infrastructure issues to begin to subside as we close out 2019. Future cash flows will support plans to reduce debt ratios and return capital to shareholders in 2020."