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Northern Oil and Gas Provides Q2 Production, Capital Expenditure, Buyback Update

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Northern Oil and Gas (NOG) expects to report Q2 oil production of about 67,500 to 68,250 barrels per day, the company said Monday.

During the quarter, the company had about 7,000 barrels of oil equivalent per day shut in by operators in April, May and part of June, driven by adverse wellhead economics.

Production on the shut-in assets was returning Q2 closed, with the company expecting the volumes to remain online and higher oil production expected in Q3.

The company said it expects Q2 capital spending of $190 million to $200 million.

The company also said it has repurchased around 3 million shares as part of a buyback program.

On Friday, the company authorized a $150 million increase to the buyback program, bringing to the total authorization to around $243 million, it said.

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