NOG Anticipates ~115,000-120,000 Boe Per Day Of Production In 2024, An Increase Of ~20% At The Midpoint From 2023 Levels. NOG Currently Expects Total Capital Spending In The Range Of $825M-$900M For 2024
Author: Benzinga Newsdesk | February 22, 2024 05:09pm
2024 ANNUAL GUIDANCE
NOG anticipates approximately 115,000 - 120,000 Boe per day of production in 2024, an increase of approximately 20% at the midpoint from 2023 levels. NOG currently expects total capital spending in the range of $825 - $900 million for 2024 with approximately 50% of its 2024 budget to be spent on the Permian, 35% on the Williston, and 1% on the Appalachian. The remainder of the budget is for Ground Game capital and increased workover and other items.
2024 Guidance
Annual Production (Boe per day)
115,000 - 120,000
Annual Oil Production (Bbls per day)
70,000 - 73,000
Total Capital Expenditures ($ in millions)
$825 - $900
Net Wells Turned-in-Line
87.5 - 92.5
Net Wells Spud
67.5 - 72.5
Operating Expenses and Differentials
Production Expenses (per Boe)
$9.25 - $10.00
Production Taxes (as a percentage of Oil & Gas Sales)
9.0% - 10.0%
Average Differential to NYMEX WTI (per Bbl)
($4.00) - ($4.50)
Average Realization as a Percentage of NYMEX Henry Hub (per Mcf)
80% - 85%
DD&A (per Boe)
$15.50 - $17.50
General and Administrative Expense (per Boe):
Non-Cash
$0.25 - $0.30
Cash (excluding transaction costs on non-budgeted acquisitions)
