Northern Oil & Gas, Inc. reported significant financial performance improvements for the three months and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $753.6 million, a substantial increase from $314.0 million in Q3 2023. This growth was driven by oil and gas sales of $513.5 million, slightly up from $511.7 million in the prior year. The company also experienced a notable turnaround in commodity derivatives, reporting a gain of $238.2 million in Q3 2024, compared to a loss of $199.5 million in Q3 2023.
For the nine months ended September 30, 2024, total revenues amounted to $1.71 billion, a 25% increase from $1.37 billion in the same period of 2023. Oil revenues rose to $1.42 billion, up from $1.17 billion, while natural gas and NGL revenues increased marginally to $183.7 million from $180.4 million. However, net income for the nine months decreased to $448.6 million from $534.1 million in 2023, reflecting a decline in profitability despite higher revenues.
Operating expenses for Q3 2024 totaled $319.7 million, up from $271.5 million in Q3 2023, primarily due to increased production expenses, which rose to $106.9 million from $82.5 million. The depletion, depreciation, amortization, and accretion expenses also increased significantly to $185.7 million from $133.8 million, driven by a 19% rise in production levels.
Strategically, Northern Oil & Gas has been active in acquisitions, completing the Delaware Acquisition for $147.8 million in January 2024 and the Point Acquisition for approximately $200.6 million in September 2024. The company also finalized the XCL Acquisition in October 2024 for about $519 million. These acquisitions contributed to a 30% increase in production volumes for the first nine months of 2024 compared to the same period in 2023.
As of September 30, 2024, Northern Oil & Gas reported total assets of $5.06 billion, up from $4.48 billion at the end of 2023. The company’s long-term debt increased to $1.95 billion from $1.84 billion, while cash and cash equivalents rose significantly to $34.4 million from $8.2 million. The company’s liquidity position remains strong, with $1.3 billion in total liquidity, including $1.2 billion available under its revolving credit facility.
Overall, Northern Oil & Gas has demonstrated robust revenue growth and strategic expansion through acquisitions, although profitability has faced challenges in the current fiscal year.
About NORTHERN OIL & GAS, INC.
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