Northern Oil raises its FY23 production view to 96,000-100,000 Boe per day

Previously 91,000 to 96,000 Boe per day, “reflecting strong well performance, contributions from the Forge and Novo acquisitions and adjustments for a lower expected TIL count in 2023,” the company said. The TIL count and cadence changes are driven by modifications to the drilling plan for the MPDC Mascot project and by price-driven deferrals from a large Williston Basin operating partner. The Company is also adjusting the corporate oil mix to account for the acquired volumes. The Company also is guiding to production expectations of 99,000 to 103,000 Boe per day for the third quarter of 2023, based on an August 15, 2023 closing date for the Novo acquisition. “NOG remains focused on maximizing returns on our assets,” commented Nick O’Grady, NOG’s Chief Executive Officer, “We fully support our operating partners and the decisions driving some changes to the 2023 plan. We expect these changes to benefit our shareholders through higher realized prices and by driving down costs. Well performance continues to exceed our internal estimates, which sets the stage for further capital efficient growth as we look toward 2024. Our updated guidance also highlights the continued path of reducing unit costs and improving margins.”