Q2 2024 Northern Oil and Gas Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA increased by 31% year over year and 52% compared to two years ago.
- Quarterly cash flow from operations, excluding working capital, rose by 33% year over year.
- Return on capital employed was over 28%, significantly higher than peers.
- Production increased to over 123,000 BOE per day, driven by steady turn-in-line activity.
- Free cash flow more than doubled in the quarter, indicating strong underlying asset performance.
- Oil prices were higher, but gas prices were significantly lower compared to two years ago.
- Higher costs associated with oil takeaway in the Uinta Basin.
- Natural gas production is expected to decline by more than 15% in the second half of the year.
- Potential for increased CapEx if oil prices remain strong, which could impact free cash flow.
- Refrack operations, while promising, are costly and require careful technical evaluation.
Greetings, and welcome to the NOG second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
It is now my pleasure to introduce your host, Evelyn Infurna, Vice President, Investor Relations. Thank you. You may begin.
Good morning. Welcome to NOG's second-quarter earnings conference call. Yesterday, after the market closed, we released our financial results for the second quarter. You can access our earnings release and presentation on our Investor Relations website at noginc.com; and our 10-Q will be filed with the SEC within the next few days.
I'm joined this morning by our Chief Executive Officer, Nick O'Grady; our President, Adam Dirlam; our Chief Financial Officer, Chad Allen; and our Chief Technical Officer, Jim Evans. Our agenda for today's call is as follows.
Nick will provide remarks on the quarter and on our recent accomplishments. Then, Adam will give you an overview of operations and
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