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Northern Oil & Gas, Inc (NOG)

- NYSEMKT
  • Fri, Aug. 14, 12:47 PM
    • The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
    • The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
    • Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
    • Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
    • Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
    • ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
    | Fri, Aug. 14, 12:47 PM | 206 Comments
  • Wed, Aug. 5, 4:54 PM
    • Northern Oil & Gas (NYSEMKT:NOG): Q2 EPS of $0.19 beats by $0.08.
    • Revenue of $40.9M (-45.2% Y/Y) misses by $47.69M.
    • Press Release
    | Wed, Aug. 5, 4:54 PM | Comment!
  • Fri, Jul. 24, 12:54 PM
    • No new well completion reports have been filed in North Dakota since July 10, the longest gap this year, according to the state’s Department of Mineral Resources.
    • The slump in reported completions is unusual and coincides with the fall in oil prices which has seen wellhead prices for Bakken crude drop below $50/bbl; Reuters' John Kemp says if the slump continues for much longer, it could be a sign that shale producers are deferring putting more wells into production to save cash and wait for better prices.
    • The number of wells reported completed so far in July is running far below the previous level and well below the number the DMR estimates is needed to hold production steady, Kemp writes.
    • Top Bakken producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
    | Fri, Jul. 24, 12:54 PM | 33 Comments
  • Thu, Jul. 9, 12:26 PM
    | Thu, Jul. 9, 12:26 PM | 32 Comments
  • Mon, Jul. 6, 3:15 PM
    • WTI crude oil settled at a three-month low $52.53/bbl, -7.7%, on a confluence of worries about the Greece debt drama, China’s stock markets and a new flood of Iranian oil; Brent crude fell to $56.50, -6.3%, to snap its 100-day MA.
    • WTI has dropped 10% over three straight sessions and Brent more than 7% lower in two consecutive days, breaking out of the narrow trading band of the past three months and risking a deeper slide ahead.
    • The energy sector (XLE -1.3%) is easily the worst performing equity group today: CLR -7.4%, NOG -7.8%, OAS -8.5%, DNR -6.7%, WLL -6%.
    • Oil supermajors also are sharply lower: XOM -1%, COP -2.8%, CVX -1.1%, BP -3.3%, TOT -3%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | Mon, Jul. 6, 3:15 PM | 93 Comments
  • Fri, Jun. 12, 6:44 PM
    • North Dakota oil production fell 1.8%, or nearly 22K bbl/day, in April to ~1.17M bbl/day after recording a surprising jump in March, as weak crude prices led producers to ease production.
    • The number of drilling rigs operating in North Dakota stands at 76, the lowest since December 2009, according to the latest monthly report from the state's Department of Mineral Resources.
    • The agency director has said he expects the state’s oil production to remain at 1.1M-1.2M bbl/day until oil prices recover.
    • April natural gas production was up slightly at 1.54B cf/day from 1.51B cf/day in March.
    • Unimpressed commentator Gregor McDonald tweets: "Sorry America, but 9,525 wells in the North Dakota Bakken producing on average 116 bbl/day is more cartoon than triumph."
    • Top Bakken producers include: CLR, EOG, XOM, HES, COP. MRO, WLL, OAS, NOG, EOX
    | Fri, Jun. 12, 6:44 PM | 23 Comments
  • Wed, Jun. 10, 12:58 PM
    • The rapid contraction in the Bakken oil price discount may indicate a faster than expected production decline in the area, dealers say.
    • The buying frenzy pushed Bakken delivered at Clearbrook, Minn., to trade just $0.35/bbl below the West Texas benchmark last week, dealers say, the narrowest discount since July 2013; four months ago, it traded at a $7.50 discount.
    • Also, midwest refiners ran the most crude ever for the month of May thanks to a light maintenance slate and robust margins, triggering a bidding war for light barrels.
    • Regardless, the disappearing discount offers a partial reprieve for large producers such as Continental Resources (NYSE:CLR) and Hess (NYSE:HES) after the past year slashed global oil prices by as much as 60%.
    • Other top Bakken producers include: EOG, WLL, XOM, OAS, NOG, EOX, MRO
    | Wed, Jun. 10, 12:58 PM | 16 Comments
  • Wed, May 13, 6:19 PM
    • North Dakota recorded a surprising jump in oil and natural gas production in March, as producers successfully wring efficiencies out of existing operations in an attempt to maintain production even at depressed prices.
    • The state's oil producers pumped nearly 1.2M bbl/day in March, up ~15K from February, while natural gas output rose 14% to 47.2M cf, according to the Department of Mineral Resources.
    • The agency says 189 North Dakota wells were completed in March at locations owned by Exxon Mobil (NYSE:XOM), Hess (NYSE:HES), Continental Resources (NYSE:CLR) and ConocoPhillips (NYSE:COP), as "these four appear to be more in tune with having normal cash flow, and continue to complete their wells in a more aggressive manner."
    • But in a sign of divergent strategies in the state, EOG Resources (NYSE:EOG) and Marathon Oil (NYSE:MRO) continue to delay fracking.
    • Other top Bakken producers include WLL, OAS, NOG and EOX
    | Wed, May 13, 6:19 PM | 80 Comments
  • Mon, May 11, 4:59 PM
    • Oil production from seven major U.S. shale plays is expected to fall by 86K bbl/day in June, according to the latest report from the Energy Information Administration.
    • Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47K bbl/day, while production at the Bakken shale play, centered in North Dakota, is expected to drop by 31K bbl/day, the report says.
    • "The data shows that production in the Bakken and Eagle Ford [plays] peaked in March at 1.33M bbl/day and 1.73M bbl/day, respectively," says WTRG Economics energy economist James Williams.
    • Among the top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Among the top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | Mon, May 11, 4:59 PM | 20 Comments
  • Thu, May 7, 4:19 PM
    • Northern Oil & Gas (NYSEMKT:NOG): Q1 EPS of $0.10 misses by $0.02.
    • Revenue of $76.1M (-7.3% Y/Y) misses by $10.63M.
    • Press Release
    | Thu, May 7, 4:19 PM | Comment!
  • Wed, Mar. 25, 6:08 PM
    • The number of drill rigs in North Dakota’s oil patch has slipped below 100 for the first time in five years thanks to weaker crude oil prices.
    • Only 98 rigs are now drilling in the area, 100 fewer than on the same day a year ago and the lowest since March 2010.
    • North Dakota has been producing ~1.2M bbl/day of oil, and industry officials say ~115 rigs need to be drilling to keep that level of production.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | Wed, Mar. 25, 6:08 PM | 16 Comments
  • Fri, Mar. 20, 10:33 AM
    • No matter how unfavorable market fundamentals may be to Bakken operators, North Dakota likely will see a big surge in production this June, potentially besting another supply record even if prices continue to crater, according to the director of the state's Department of Mineral Resources.
    • Production is expected to remain at 1.1M-1.2M bbl/day over the next few months before skyrocketing in June by nearly 10%, or an additional 75K-100K bbl/day, propelled by a state-mandated time limit on drilling and the expected trigger of a major oil tax incentive.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | Fri, Mar. 20, 10:33 AM | 19 Comments
  • Tue, Mar. 17, 7:40 PM
    • Crude oil production at three major U.S. shale oil fields - the Eagle Ford in south Texas, the Bakken in North Dakota, and the Niobrara in Colorado and adjacent states - is projected to fall this month for the first time in six years, the Energy Information Administration says.
    • Net production from the three fields is expected to drop by a combined 24K bbl/day, but overall losses likely will be masked by production gains in the Permian Basin in west Texas and other regions.
    • It is one of the first signs that idling hundreds of drilling rigs and billions of dollars in corporate cutbacks are starting to affect the U.S. oil patch, but it also shows that drilling technology and techniques have advanced to the point that productivity gains may be negligible in some shale plays.
    • Top Eagle Ford producers: EOG, BHP, COP, CHK, MRO, APC
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    • Top Niobrara producers: NBL, APC, ECA, CHK, EOG, WPX
    | Tue, Mar. 17, 7:40 PM | 37 Comments
  • Thu, Mar. 12, 6:32 PM
    • North Dakota says production of crude oil from the Bakken Shale fell in January from all-time highs the previous month, slipping 3.3% 1.19M bbl/day from a record 1.23M bbl/day in December, according to a new report from the state's department of mineral resources.
    • As prices for Bakken sweet crude fell to a six-year low of an average of $31.41/bbl in January, down from $40.74 December, the number of completions of previously drilled wells fell sharply to 47 from 183 in the prior month.
    • The number of active rigs used to drill new wells in North Dakota sank to 111 as of today, the fewest since April 2010 and about half the peak of 218 rigs in May 2012; the state's mineral resources director predicts a bottom 100 rigs, noting that 115 active rigs are needed to maintain stable production.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | Thu, Mar. 12, 6:32 PM | 38 Comments
  • Mon, Mar. 2, 7:35 PM
    • The crude oil aboard the train that derailed and exploded two weeks ago in West Virginia contained so much combustible gas that it would have been barred from rail transport under safety regulations set to go into effect next month, WSJ reports.
    • The oil’s vapor pressure was 13.9 psi, which exceeds the limit of 13.7 psi that North Dakota is set to impose in April on oil moving by truck or rail from the Bakken Shale.
    • Plains All American Pipeline (NYSE:PAA), which shipped the oil, says it follows regulations governing the shipping and testing of crude; CSX, the railroad that carried the oil, says it had stepped up its inspections of the track along the route.
    • The new information about the West Virginia accident likely will increase regulators’ focus on the makeup of oil being shipped by train; oil from sahle formations is known to contain far more combustible gas than traditional crude oil, which has a vapor pressure of ~6 psi.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    | Mon, Mar. 2, 7:35 PM | 16 Comments
  • Thu, Feb. 26, 4:23 PM
    • Northern Oil & Gas (NYSEMKT:NOG): Q4 EPS of $0.21 beats by $0.02.
    • Revenue of $257.52M (+152.6% Y/Y) beats by $154.4M.
    • Press Release
    | Thu, Feb. 26, 4:23 PM | Comment!
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Company Description
Northern Oil & Gas Inc is engaged in the acquisition, exploration, development and production of crude oil and natural gas properties,mainlyin the Bakken and Three Forks formations within the Williston Basin of the United States.