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Northern Oil Raises Capex, Guidance Again for 2018; Details Latest Bakken IP30s
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Northern Oil and Gas reported its Q2 2018 results.
Increases Capex, Guidance Again for 2018This is the second time Northern Oil has raised its spending/guidance for 2018 - the company raised both in Q1 as well.
The company has been on a buying spree in the Bakken this year, adding to its assets via multiple deals (click here to access the deals).
Raising full year 2018 production guidance; expect average daily production to increase by 60 - 64% over 2017 Raising capex to $215-230 million (up +29% at the midpoint from original plans)Northern expects to add approximately 25 - 27 organic net wells to production for the year with a drilling and completion budget of between $200 and $216 million, resulting in a total capital expenditure budget, including acreage, workover and other…
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