Northern Oil and Gas, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2022
August 03, 2022 at 04:15 pm EDT
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Northern Oil and Gas, Inc. reported earnings results for the second quarter ended June 30, 2022. For the second quarter, the company reported revenue was USD 441.45 million compared to USD 24.81 million a year ago. Net income was USD 251.26 million compared to net loss of USD 90.56 million a year ago. Basic earnings per share from continuing operations was USD 3.08 compared to basic loss per share from continuing operations of USD 1.55 a year ago. Diluted earnings per share from continuing operations was USD 2.74 compared to diluted loss per share from continuing operations of USD 1.55 a year ago.
Northern Oil and Gas, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, exploitation, development and production of crude oil and natural gas properties in the United States, primarily in the Williston Basin, the Appalachian Basin, and the Permian Basin. Its primary focus is investing in non-operated minority working and mineral interests in oil and gas properties, with a core area of focus in three basins within the United States. It primarily engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. The Company also holds a 30% interest in Forge Energy II Delaware, LLC, (Forge Assets). Forge Assets are primarily located in Ward and Reeves Counties, Texas and include approximately 10,200 net acres, 30.5 net producing wells, 2.3 net wells-in-process and 20 low-breakeven net undeveloped locations.