Northern Oil and Gas(US:NOG)2021-05-07 19:50Financial & Operational Highlights - Northern Oil & Gas achieved strong Q1 Free Cash Flow of $41.7 million, representing a 43% increase QoQ [9, 11] - The company's annualized Q1 FCF Yield is a compelling 17.6% [11] - A dividend of $0.03 per share was established [12] - The company's Q1 production was 38.4 Mboe/d, a 7.5% increase vs Q4:20 [17, 19] - Northern Oil & Gas' Q1 Recycle Ratio was 3.16x, and ROCE was 25.4%, remaining amongst the best in the industry [14, 18, 23] - The company's cash margin was $28.57/boe, with DD&A at $9.03/boe [24, 25] Strategic Initiatives & Balance Sheet - A substantial Marcellus acquisition was made for $120.9 million in cash, with $95 million of FCF expected in the first 4 years [22] - $418 million of debt due before 2024 was retired [23] - $690 million of debt and equity was raised in Q1 [27] - The company is targeting a leverage ratio of 1x Debt / EBITDA at the current strip [28] 2021 Guidance - 2021 Bakken/Permian production is guided at 37,750 - 42,750 Boe per day [43] - 2021 Bakken/Permian capital expenditures are projected to be $200 - $250 million [42] - 2021 Marcellus production is guided at 75 - 85 Mmcf per day [43] - 2021 Marcellus capital expenditures are projected to be $20 - $25 million [47]