Northern Oil & Gas Earnings Cheat Sheet: Swings to Loss as Revenues Drop 65%

Northern Oil & Gas, Inc (NASDAQ:NOG) reported its results for the first quarter. Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties.

Don’t Miss: Wall St. Cheat Sheet’s newest Feature Trades of the Month!

Northern Oil & Gas, Inc Earnings Cheat Sheet for the First Quarter

Results: Swung to a loss of $7.1 million (a GAAP loss of 11 cents/diluted share) in the quarter. The Northern Oil & Gas, Inc had a net income of $1.6 million or 4 cents per share in the year earlier quarter.

Revenue: Fell 65% from $7.2 million to $2.5 million YoY. The revenue figures include subtractions of the market-to-market of derivative instruments.

Actual vs. Wall St. Expectations: NOG reported adjusted net income of of 9 cents/share. By that measure, the company fell short of mean estimate of 18 cents/share. Estimates ranged from 14 cents per share to 21 cents per share.

Quoting Management: Michael Reger, Chief Executive Officer, commented, “With over 25% of our Bakken and Three Forks position developed or under the bit, we believe we are moving ahead at an excellent pace. Importantly, we continue to acquire acreage at prices significantly below levels indicated in recent publicly-announced transactions conducted by other industry participants. We believe our expertise and specialty in non-operated interests continues to yield excellent results and look forward to continuing to add to our acreage inventory throughout 2011. With no debt, cash, receivables and short-term investments of approximately $150 million, we are well positioned to fund the development of our core acreage position in the Bakken and Three Forks play.”

Competitors to Watch: Brigham Exploration Co. (NASDAQ:BEXP), Voyager Oil & Gas, Inc. (VOG), Oasis Petroleum Inc. (NYSE:OAS), Kodiak Oil & Gas Corp. (AMEX:KOG), GeoResources, Inc. (NASDAQ:GEOI), Encore Energy Partners LP (NYSE:ENP), Bill Barrett Corporation (NYSE:BBG), Gasco Energy, Inc. (AMEX:GSX), Delta Petroleum Corp. (NASDAQ:DPTR), Chevron (NYSE:CVX), Chesapeake (NYSE:CHK), ExxonMobil (NYSE:XOM), BP plc (NYSE:BP) and Earthstone Energy, Inc. (BSICD)

Stock Performance: Shares of NOG are up almost 1% to $21.50 per share from the previous close of $21.32.


Don’t Miss Wall St. Cheat Sheet’s newest Feature Trades of the Month!