Northern Oil & Gas, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching approximately $2.23 billion, a 2.7% increase from $2.17 billion in 2023. The company’s net income for the year was $520.3 million, down from $922.9 million in the previous year, reflecting a decrease in average realized prices for oil and natural gas. The average realized price for oil was $71.59 per barrel, compared to $74.78 in 2023, while natural gas prices fell to $2.24 per Mcf from $2.98. Despite the decline in prices, the company achieved a 26% increase in production volumes, averaging 124,108 barrels of oil equivalent (Boe) per day, driven by successful acquisitions and drilling activities.
In 2024, Northern Oil & Gas completed over $883.5 million in acquisitions, contributing to an 11% increase in proved reserves, which totaled 378.5 million Boe at year-end. The company’s production growth was also supported by the addition of 90.7 new net wells, alongside 69.4 net wells acquired that were already producing. The company’s operational footprint expanded across key U.S. basins, including the Williston, Permian, Appalachian, and Uinta Basins, with a total of 10,868 gross producing wells as of December 31, 2024.
The company’s strategic focus on non-operated minority working interests allowed it to diversify its risk across multiple operators and basins. As of the end of 2024, Northern Oil & Gas had approximately 292,500 net acres, with 84% developed. The company’s operational strategy emphasizes flexibility in capital expenditures, allowing it to participate in drilling on a well-by-well basis, which mitigates the risks associated with minimum drilling obligations.
Looking ahead, Northern Oil & Gas anticipates continued growth and stability, supported by a robust hedging strategy that covers approximately 73% of its crude oil production. The company plans to allocate between $1.05 billion and $1.20 billion for capital expenditures in 2025, focusing on development and acquisition activities. The management remains optimistic about maintaining sufficient liquidity to fund its operations and capital needs, despite the inherent volatility in commodity prices and potential regulatory changes affecting the oil and gas industry.
About NORTHERN OIL & GAS, INC.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.