Northern Oil and Gas has announced a third quarter 2024 operations update.

THIRD QUARTER HIGHLIGHTS

• Production estimated to be 121.6 – 121.8 MBoe per day
• Oil volumes estimated to have increased quarter-over-quarter to record levels despite a lower 9.5 net wells turned-in-line (“TIL”)
• Strong AFE and spud activity drove growth in D&C list to 52.2 net wells-in-process
• Repurchased 397,301 shares of common stock for $36.38 per share
• Provides hedging update
• Reiterates 2024 annual production guidance and capital expenditure guidance

THIRD QUARTER OPERATIONAL UPDATE

Production volumes in the third quarter of 2024 are estimated to have averaged 121.6 – 121.8 MBoe per day. As expected, the Company saw significantly fewer completions quarter-over-quarter, with 9.5 wells turned-in-line. The reduction in completions was offset by an increase in refrac activity and strong well performance. Oil production increased to an estimated 58.1% – 58.3% of total volumes, or approximately 70,775 – 70,925 Bbls per day, an improvement from the prior quarter despite a nearly 70% sequential quarter reduction in TILs.

Overall drilling activity remains robust on the Company’s properties and is building momentum into the fourth quarter. The Company added approximately 20.2 net wells to the D&C list during the third quarter, a 7.4% increase from the prior quarter. The D&C list of wells-in-process increased quarter-over-quarter to 52.2 net wells at quarter-end, up 11.2 from the prior quarter. As a result, the Company expects a significant increase in the cadence of TILs for the fourth quarter and remains on target for the year.

Natural gas price realizations decreased in the Williston, Permian and Appalachian Basins, driven by lower absolute benchmark prices, wider regional natural gas basis and lower NGL prices versus the second quarter. Realized prices for natural gas are estimated to be 71% - 72% of average NYMEX Henry Hub prices for the third quarter, lower than prior periods in 2024. Realized prices for oil are estimated to be at a discount of $3.44 - $3.46 per Bbl compared to average NYMEX WTI benchmark prices, a slight improvement from the prior quarter. Lease operating costs were an estimated $9.54 - $9.57 per Boe, modestly higher than the second quarter.

“We achieved significant accomplishments in the third quarter, including the seamless and on schedule closing of our Point acquisition in late September,” commented Nick O’Grady, NOG’s Chief Executive Officer. “Our oil production climbed to record levels in the third quarter, despite a material reduction in wells turned-in-line and budgeted capital expenditures. Having closed our XCL acquisition in early October, it along with Point are poised to contribute to our growing D&C list and a large slate of wells scheduled to be put onto production in the fourth quarter and beyond. We expect another step up in volumes, building strong momentum as we look toward yet another year of growth.”

KeyFacts Energy Industry Directory: Northern Oil and Gas