Strong Free Cash Flow and Low Leverage
Generated $136 million in free cash flow and $94 million after dividends, with leverage remaining extremely low, offering a cushion to navigate market shifts.
Record First Quarter Production
Total average daily production was approximately 135,000 BOE per day, up 2.5% versus Q4, with oil production coming in flat versus Q4 at approximately 79,000 barrels per day. Year-over-year total production increased by 13%, with oil production up 12%.
Record Q1 Adjusted EBITDA
Adjusted EBITDA in the quarter was approximately $435 million, marking a record for NOG.
Increased Well Activity and Efficiency
Elected 96% of well proposals with expected returns above hurdle rate, saw a 23% increase in lateral lengths resulting in a 10% decrease to normalized well costs.