Northern Oil and Gas(US:NOG)2020-11-06 18:14Financial & Operational Highlights - Q3 2020 Cash Flow From Operations (CFFO) was $69.0 million, a 30% increase from Q2 2020, exceeding capital expenditures of $43.8 million[7] - $43.8 million in hedge gains were realized in Q3 2020[7] - $160 million of debt was retired Year-To-Date (YTD) as of November 6, 2020[7] - Q3 2020 production was 29,100 barrels of oil equivalent per day (Mboe/d), with an estimated reduction of 11,000 Mboe/d due to curtailments and delays[7,38] - The company anticipates a production recovery in Q4 2020, projecting 30,000-40,000 Mboe/d as curtailments subside[7] - The company's recycle ratio was 2.69x and Return on Capital Employed (ROCE) was 18.8% in Q3 2020[7] Hedging & Free Cash Flow - The hedge book had a gross in-the-money value of over $145 million as of November 4, 2020[10] - For Q4 2020, 25,800 barrels per day (Mbo/d) were hedged at $58.03 per barrel, representing approximately 100% of expected oil production[10,37] - For 2021, 19,400 barrels per day (Mbo/d) were hedged at $55.68 per barrel[10,39] - The company expects $75-100 million in Free Cash Flow (FCF) at the midpoint of the 2021 base case guidance (37,500-42,500 Mboe/d)[11] Strategic Initiatives - The company entered the Permian Basin with a 5% stake in a 21-well EOG development in Lea County, New Mexico[7,23] - The company's Permian deal pipeline has increased to over $500 million of potential transactions since the September 10 announcement[23]