Mon, Aug. 29, 2:04 PM
Thu, Aug. 25, 2:01 PM
Tue, Aug. 16, 7:50 AM
- Northern Oil & Gas (NYSEMKT:NOG) says Michael Reger has been terminated as its CEO and from its board, effective immediately, and names CFO Thomas Stoelk as interim CEO.
- NOG says Reger received a Wells Notice from the SEC that recommended enforcement action for alleged violations of federal securities laws.
- Stoelk has been CFO since 2011, and previously was CFO at Superior Well Services during 2005-11 and at Great Lakes Energy Partners during 1999-2005.
- NOG also says it has been evaluating strategic alternatives, and hired Tudor Pickering Holt to advise it.
- NOG says it has access to more than $220M under its revolving credit facility, and that it does not face a bond maturity until 2020.
Thu, Aug. 4, 4:21 PM
Wed, Aug. 3, 5:35 PM
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Mon, May 9, 4:41 PM
Sun, May 8, 5:35 PM
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Fri, Apr. 15, 6:30 PM
- North Dakota crude oil production fell for the third straight month in February to hit its lowest level in 18 months, while the state's rig count sunk to its lowest since October 2005, according to the latest data from the state's Department of Mineral Resources.
- The U.S.’s second largest oil producing state pumped 1.118M bbl/day in February, down very slightly from January's 1.122M but January output fell 2.6% from December, which fell 2.5% from November.
- The number of rigs drilling for oil in North Dakota is now at 29, down from 52 in January and 40 in February; the all-time high was 218 in May 2012.
- However, natural gas production in the state rose 2.9% in February to 1.69B cf/day, a new all-time high.
- Bakken shale exposure includes: CLR, HES, WLL, STO, OAS, MRO, EOG, XOM, NOG, CHK, DNR, SM, NFX, OXY, MUR, COP, SSN, CXO, EOX
- Now read U.S. oil rig count falls by three in latest Baker Hughes tally
Wed, Mar. 30, 3:30 PM
- Analysts at Seaport Global upgrade seven oil and gas producers, advocating for increased exposure to select names they say should protect investors in the event of a move back toward $50/bbl, while downgrading 11 others.
- Seaport upgrades seven companies to Buy: Continental Resources (CLR +3.4%), Callon Petroleum (CPE +1.4%), Marathon Oil (MRO +1.9%), Oasis Petroleum (OAS +2.8%), Rice Energy (RICE +1.7%), Petroquest Energy (PQ +9.1%) and Lonestar Resources (OTCQX:LNREF +6.6%).
- Downgraded to Sell are Whiting Petroleum (WLL +4.1%), Southwestern Energy (SWN -2.5%), WPX Energy (WPX +0.6%), Laredo Petroleum (LPI -1.1%), Jones Energy (JONE +0.9%), Northern Oil & Gas (NOG +1%), Carrizo Oil & Gas (CRZO +1.6%), Memorial Resource (MRD +2.5%), Matador Resources (MTDR -0.3%), Sanchez Energy (SN +1.6%) and PDC Energy (PDCE -0.9%).
- The firm also favors gaining leverage to the Oklahoma STACK play, thus CLR and Newfield Exploration (NFX +1.9%) have "taken the pole position away" from Permian producers Parsley Energy (PE +1.3%) and Pioneer Natural Resources (PXD +1%).
Wed, Mar. 2, 4:17 PM
- Northern Oil & Gas (NYSEMKT:NOG): Q4 EPS of $0.25 beats by $0.02.
- Revenue of $86.5M (-22.5% Y/Y) beats by $4.61M.
Tue, Mar. 1, 5:35 PM
Wed, Feb. 17, 5:47 PM
- North Dakota's crude oil production fell in December for the first time in three months, down 2.5% to 1,152,280 bbl/day, as oil producers begin to acknowledging the low-price reality rolling over the entire energy industry.
- Only 41 drilling rigs are operating in the state as of Wednesday, the lowest level since July 2009, and North Dakota producers have cut back requests to drill new wells, with only 78 permitted in January compared to 125 in November.
- Bakken shale exposure includes: CLR, HES, WLL, STO, OAS, MRO, EOG, XOM, NOG, CHK, DNR, SM, NFX, OXY, MUR, OXY, COP, SSN, CXO, EOX
Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.
Mon, Feb. 1, 5:28 PM
- Northern Oil & Gas (NYSEMKT:NOG) discloses that it will separate the positions of CEO and Chairman in an effort to further enhance its corporate governance practices.
- NOG names Richard Weber, an existing independent NOG director, as its new Chairman, while Michael Reger will continue as CEO and a director.
- Weber is a founding partner, Chairman and CEO of privately held PennEnergy Resources, and has been an NOG director since 2011.
Nov. 14, 2015, 8:25 AM
- The number of oil wells in North Dakota that have been drilled but not fracked surpassed 1,000 for the first time in September, as producers wait for prices to recover before turning them on.
- As a result, more than 8% of oil wells in North Dakota now are sitting idle, harming the industry's ability to grow production; daily output in the state fell 2% in September to ~1.16M bbl/day.
- The backlog is "sending a definite signal to the market that oil and gas operators are not willing to do a lot of drilling or hydraulic fracturing or production at these low prices," says Lynn Helms, director of the state's Department of Mineral Resources, who figures the backlog is not likely to be worked off until next year at least, and only if oil prices rise.
- Top North Dakota producers include CLR, HES, EOG, WLL, XOM, OAS, NOG, EOX, MRO
Nov. 4, 2015, 4:36 PM
- Northern Oil & Gas (NYSEMKT:NOG): Q3 EPS of $0.24 beats by $0.07.
- Revenue of $101.2M (-44.0% Y/Y) beats by $15.42M.