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Northern O&G Lowers Spending in 3Q; Keeps Guidance Flat
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Northern Oil and Gas, Inc. announced 2015 third quarter results.
Highlights: Production averaged 15,844 barrels of oil equivalent per day, for a total of 1,457,610 Boe Oil and gas sales, including settled derivatives (hedges), totaled $92.7 million Northern's credit facility balance was paid down by $18 million during the quarter, to $170 million, as a result of positive cash flow from operations Northern added 85 gross (2.7 net) wells to production during the third quarter Approximately 2.3 million barrels of oil are hedged for the next four calendar quarters at an average price of approximately $85.00 per barrelNorthern's adjusted net income for the third quarter of 2015 was $14.6 million, or $0.24 per diluted share. GAAP net loss for the third quarter of 2015, which was impacted by…
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