NOG anticipates no material changes to its initial guidance. Given the recent volatility in commodity markets and NOG‘s focus on returns, NOG will remain flexible and adapt as appropriate. NOG would expect potential increases in Ground Game capital allocation as a percentage of the total in the event that commodity prices materially weaken, and would expect total completions, spuds and total capital spending to move in tandem with overall commodity prices. NOG continues to expect approximately 130,000 – 135,000 Boe per day of production in 2025. NOG currently expects total capital spending in the range of $1,050 – $1,200 million for 2025, with approximately 66% of its 2025 budget to be spent on the Permian, 20% on the Williston, 7% on the Appalachian and 7% on the Uinta.
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