WAYZATA, Minn., May 9, 2016 /PRNewswire/ -- Northern Oil and Gas,
Inc. (NYSE MKT: NOG) today announced 2016 first quarter results, as
well as a borrowing base redetermination and amendments under its
revolving credit facility.
HIGHLIGHTS
- Production averaged 13,552 barrels of oil equivalent ("Boe")
per day, for a total of 1,233,227 Boe
- Oil and gas sales, including cash from settled derivatives,
totaled $53.8 million
- Northern added 41 gross (3.0 net) wells to production during
the first quarter
- Capital expenditures totaled $18.1
million during the first quarter, a reduction of 59%
compared to the first quarter of 2015
- Free cash flow was used to reduce Northern's credit facility
balance by $33 million during the
first quarter, to $117 million
- On May 6, 2016, the borrowing
base under Northern's revolving credit facility was set at
$350 million, providing quarter-end
liquidity of $237.4 million, composed
of $4.4 million in cash and
$233.0 million of revolving credit
facility availability
Northern's adjusted net income for the first quarter was
$0.5 million, or $0.01 per diluted share. GAAP net loss for
the quarter was $126.6 million, or a
loss of $2.08 per diluted share,
which was impacted by a combined $127.4
million of non-cash impairment charges, losses on the
mark-to-market of derivative instruments and write-off of debt
issuance costs. Adjusted EBITDA for the first quarter was
$36.2 million. See "Non-GAAP
Financial Measures" below for additional information on these
measures.
MANAGEMENT COMMENT
"Our long standing focus on capital discipline allowed Northern
to reduce spending, generate free cash flow and pay down an
additional $33 million of debt during
the quarter," commented Northern's Chief Executive Officer,
Michael Reger. "With our
borrowing base redetermination and the improvements to our covenant
requirements, we are in a strong liquidity position to continue the
execution of our business plan."
LIQUIDITY
At March 31, 2016, Northern had
$117 million in outstanding
borrowings under its revolving credit facility, down from
$150 million at December 31, 2015. On May 6th the amended borrowing base was
set at $350 million, providing
quarter-end liquidity of $237.4
million, composed of $4.4
million in cash and $233.0
million of revolving credit facility availability.
In connection with the borrowing base redetermination, the
credit agreement governing the revolving credit facility was
amended to (i) reduce the minimum ratio of EBITDAX to interest
expense that Northern will be required to maintain in future
quarters, (ii) increase the interest rate on borrowings by 50
basis points and (iii) limit Northern's ability to maintain
excess cash liquidity without using it to reduce outstanding
borrowings under the revolving credit facility.
HEDGING
Northern hedges portions of its expected production volumes to
increase the predictability of its cash flow and to help maintain a
strong financial position. The following table summarizes
Northern's open crude oil swap derivative contracts scheduled to
settle after March 31, 2016.
Contract
Period
|
|
Volume
(Bbls)
|
|
Weighted
Average Price
(per Bbl)
|
2016:
|
|
|
|
|
Q2
|
|
450,000
|
|
$90.00
|
Q3
|
|
450,000
|
|
$65.00
|
Q4
|
|
450,000
|
|
$65.00
|
CAPITAL EXPENDITURES & DRILLING ACTIVITY
|
|
First
Quarter
2016
|
Capital Expenditures
Incurred:
|
|
|
Drilling, Completion
& Capitalized Workover Expense
|
|
$15.4
million
|
Acreage
|
|
$1.6
million
|
Other
|
|
$1.1
million
|
|
|
|
Net Wells Added to
Production
|
|
3.0
|
Net Producing Wells
(Period-End)
|
|
207.3
|
|
|
|
Net Wells in Process
(Period-End)
|
|
7.3
|
|
|
|
Weighted Average AFE
for In-Process Wells (Period End)
|
|
$7.8
million
|
For the first quarter, the weighted average authorization for
expenditure (or AFE) cost for wells that Northern elected to
participate in (consented) was $7.1
million.
GUIDANCE
Despite first quarter curtailments that reduced production by
approximately 1,600 Boe per day during the quarter, Northern
continues to expect 2016 total production to be down approximately
15% compared to 2015 production levels, with full year capital
expenditures expected to total between $60
and $70 million. Management's current expectations for
certain 2016 operating metrics are as follows:
|
|
2016
|
Operating
Expenses:
|
|
|
Production Expenses
(per Boe)
|
|
$9.00 -
$9.50
|
Production Taxes (% of
Oil & Gas Sales)
|
|
10%
|
General and Admin.
Expense (per Boe)
|
|
$3.75 -
$4.25
|
|
|
|
Average
Differential to NYMEX WTI
|
|
($8.00) to
($10.00)
|
ACREAGE
As of March 31, 2016, Northern
controlled 164,894 net acres targeting the Williston Basin Bakken and Three Forks formations. During the first
quarter of 2016, Northern acquired leasehold interests covering an
aggregate of approximately 764 net acres, for an average cost of
$1,214 per net acre. As of
March 31, 2015, approximately 81% of
Northern's North Dakota acreage
position, and approximately 74% of Northern's total acreage
position, was developed, held by production or held by
operations.
FIRST QUARTER 2016 RESULTS
The following table sets forth selected operating and financial
data for the periods indicated.
|
Three Months
Ended
March
31,
|
|
2016
|
|
2015
|
|
%
Change
|
Net
Production:
|
|
|
|
|
|
Oil (Bbl)
|
1,107,989
|
|
1,328,510
|
|
(17)
|
Natural Gas and NGLs
(Mcf)
|
751,424
|
|
1,202,455
|
|
(38)
|
Total (Boe)
|
1,233,227
|
|
1,528,919
|
|
(19)
|
|
|
|
|
|
|
Average Daily
Production:
|
|
|
|
|
|
Oil (Bbl)
|
12,176
|
|
14,761
|
|
(18)
|
Natural Gas and NGL
(Mcf)
|
8,257
|
|
13,361
|
|
(38)
|
Total (Boe)
|
13,552
|
|
16,988
|
|
(20)
|
|
|
|
|
|
|
Average Sales
Prices:
|
|
|
|
|
|
Oil (per
Bbl)
|
$
|
24.61
|
|
$
|
36.12
|
|
(32)
|
Effect of Gain on
Settled Derivatives on Average Price (per Bbl)
|
22.97
|
|
30.10
|
|
(24)
|
Oil Net of Settled
Derivatives (per Bbl)
|
47.58
|
|
66.22
|
|
(28)
|
Natural Gas and NGLs
(per Mcf)
|
1.47
|
|
2.05
|
|
(28)
|
Realized Price on a
Boe Basis Including all Realized Derivative Settlements
|
43.64
|
|
59.16
|
|
(26)
|
|
|
|
|
|
|
Costs and Expenses
(per Boe):
|
|
|
|
|
|
Production
Expenses
|
$
|
9.70
|
|
$
|
9.29
|
|
4
|
Production
Taxes
|
2.24
|
|
3.54
|
|
(37)
|
General and
Administrative Expense
|
3.52
|
|
2.85
|
|
24
|
Depletion,
Depreciation, Amortization and Accretion
|
14.47
|
|
29.57
|
|
(51)
|
|
|
|
|
|
|
Net Producing
Wells at Period End
|
207.3
|
|
192.3
|
|
8
|
Oil and Natural Gas Sales
In the first quarter of 2016, oil, natural gas and NGL sales
decreased 44% as compared to the first quarter of 2015, driven by a
30% decrease in realized prices, excluding the effect of settled
derivatives, and a 19% decrease in production. The lower
average realized price in the first quarter of 2016 as compared to
the same period in 2015 was principally driven by lower average
NYMEX oil and gas prices, which were partially offset by a lower
oil price differential. Oil price differential during the
first quarter of 2016 was $9.02 per
barrel, as compared to $12.45 per
barrel in the first quarter of 2015.
Beginning in 2016, certain of our operators began curtailing
production due to their desire to produce the wells at higher
prices than currently exist. We estimate the impact from this
curtailed production reduced production in the first quarter of
2016 by approximately 1,600 barrels of oil equivalent per day.
Derivative Instruments (Hedges)
Northern enters into derivative instruments to manage the price
risk attributable to future oil production. Gain (loss) on
derivative instruments, net is comprised of (i) cash gains and
losses recognized on settled derivatives during the period, and
(ii) non-cash mark-to-market gains and losses incurred on
derivative instruments outstanding at period-end.
|
Three Months
Ended
March
31,
|
|
2016
|
|
2015
|
|
(in
millions)
|
Derivative
Instruments (Hedges):
|
|
|
|
Cash Derivative
Settlements
|
$
|
25.5
|
|
$
|
40.0
|
Non-Cash
Mark-to-Market of Derivative Instruments
|
(22.0)
|
|
(14.3)
|
Gain on Derivative
Instruments, Net
|
$
|
3.5
|
|
$
|
25.7
|
Northern's average realized price (including all cash derivative
settlements) received during the first quarter of 2016 was
$43.64 per Boe compared to
$59.16 per Boe in the first quarter
of 2015. The gain on settled derivatives increased Northern's
average realized price per Boe by $20.64 in the first quarter of 2016 and by
$26.16 in the first quarter of
2015.
As a result of forward oil price changes, Northern recognized a
non-cash mark-to-market derivative loss of $22.0 million in the first quarter of 2016,
compared to a loss of $14.3 million
in the first quarter of 2015.
Production Expenses
Production expenses decreased from $14.2
million in the first quarter of 2015 to $12.0 million in the first quarter of 2016.
On a per unit basis, production expenses increased 4% from the
first quarter of 2015 to $9.70 per
Boe in the first quarter of 2016 due to lower production
levels.
Production Taxes
Northern pays production taxes based on realized crude oil and
natural gas sales. These costs were $2.8 million in the first quarter of 2016
compared to $5.4 million in the first
quarter of 2015. As a percentage of oil and natural gas
sales, production taxes decreased to 9.8% in the first quarter of
2016 from 10.7% in the first quarter of 2015.
General and Administrative Expense
General and administrative expense was $4.3 million for the first quarter of 2016
compared to $4.4 million for the
first quarter of 2015. Lower compensation expenses in the
first quarter of 2016 were offset by higher legal and professional
expenses.
Depletion, Depreciation, Amortization and Accretion
Depletion, depreciation, amortization and accretion ("DD&A")
was $17.8 million in the first
quarter of 2016 compared to $45.2
million in the first quarter of 2015. Depletion
expense, the largest component of DD&A, decreased by
$27.3 million in the first quarter of
2016 as compared to the first quarter of 2015. On a per Boe
basis, depletion expense was $14.35
per Boe in the first quarter of 2016 compared to $29.45 per Boe in the first quarter of
2015. The year-over-year decrease was due to the impairment
of oil and gas properties, which lowered the depletable base.
Impairment of Oil and Natural Gas Properties
As a result of current low commodity prices and their effect on
the proved reserve values of properties, Northern recorded a
non-cash ceiling test impairment of $104.3
million in the first quarter of 2016 and $360.4 million in the first quarter of
2015. The impairment charge affected reported net income but
did not reduce cash flow.
Interest Expense & Write-off of Debt Issuance
Costs
Interest expense, net of capitalized interest, was $16.1 million in the first quarter of 2016
compared to $11.7 million in the
first quarter of 2015. The increase in interest expense for
the first quarter of 2016 as compared to the first quarter of 2015
was primarily due to a higher average cost of borrowing between
periods. In May 2015, Northern
closed a $200 million Senior Notes
offering, and these notes bear a higher interest rate as compared
to borrowings under the revolving credit facility.
During the three months ended March 31,
2016, $1.1 million of debt
issuance costs were written-off as a result of the reduction in the
borrowing base.
Income Tax Provision
Northern recognized no income tax benefit during the first
quarter of 2016 due to a valuation allowance placed on its net
deferred tax asset. This compares to an income tax benefit of
$135.5 million or 37.1% in the first
quarter of 2015.
Net Income
Northern recorded a net loss of $126.6
million, or a loss of $2.08
per diluted share, for the first quarter of 2016, compared to a net
loss of $229.7 million, or a loss of
$3.79 per diluted share, for the
first quarter of 2015. The net loss in the first quarter of
2016 was impacted by the non-cash impairment of oil and natural gas
properties, the valuation allowance placed on the net deferred tax
asset, write-off of debt issuance costs and a non-cash loss on the
mark-to-market of derivative instruments.
Non-GAAP Financial Measures
Adjusted Net Income for the first quarter of 2016 was
$0.5 million (representing
$0.01 per diluted share), compared to
$6.0 million (representing
approximately $0.10 per diluted
share) for the first quarter of 2015. Northern defines
Adjusted Net Income as net income excluding (i) (gain) loss on the
mark-to-market of derivative instruments, (ii) write-off of debt
issuance costs and, (iii) impairment of oil and natural gas
properties, net of tax.
Adjusted EBITDA for the first quarter of 2016 was $36.2 million, compared to Adjusted EBITDA of
$67.5 million for the first quarter
of 2015. The decrease in Adjusted EBITDA is primarily due to
lower realized commodity prices and lower production in the first
quarter of 2016 compared to the first quarter of 2015.
Northern defines Adjusted EBITDA as net income before (i) interest
expense, (ii) income taxes, (iii) depreciation, depletion,
amortization, and accretion, (iv) (gain) loss on the mark-to-market
of derivative instruments, (v) non-cash share based compensation
expense, (vi) write-off of debt issuance costs and (vii) impairment
of oil and natural gas properties.
Adjusted Net Income and Adjusted EBITDA are non-GAAP
measures. A reconciliation of these measures to the most
directly comparable GAAP measure is included in the accompanying
financial tables found later in this release. Management
believes the use of these non-GAAP financial measures provides
useful information to investors to gain an overall understanding of
current financial performance. Specifically, management
believes the non-GAAP results included herein provide useful
information to both management and investors by excluding certain
expenses and unrealized derivatives gains and losses that
management believes are not indicative of Northern's core operating
results. In addition, these non-GAAP financial measures are
used by management for budgeting and forecasting as well as
subsequently measuring Northern's performance, and management
believes it is providing investors with financial measures that
most closely align to its internal measurement processes.
FIRST QUARTER 2016 EARNINGS RELEASE CONFERENCE CALL
In conjunction with Northern's release of its financial and
operating results, investors, analysts and other interested parties
are invited to listen to a conference call with management on
Tuesday May 10, 2016 at 11:00 a.m. Central Time.
Those wishing to listen to the conference call may do so via the
company's website, www.northernoil.com, or by phone as follows:
Dial-In Number: (855) 638-5677 (US/Canada) and (262) 912-4762 (International)
Conference ID: 1179256 - Northern Oil and Gas, Inc. First
Quarter 2016 Earnings Call
Replay Dial-In Number: (855) 859-2056 (US/Canada) and (404) 537-3406 (International)
Replay Access Code: 1179256 - Replay will be available
through May 17, 2016
UPCOMING CONFERENCE SCHEDULE
2016 Global Energy and Power Executive Conference
June
6 – 7, 2016, New York,
NY
EnerCom's The Oil & Gas Conference
21
August
14 – 18, 2016, Denver,
CO
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production
company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.
More information about Northern Oil and Gas, Inc. can be found
at www.NorthernOil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding
future events and future results that are subject to the safe
harbors created under the Securities Act of 1933 (the "Securities
Act") and the Securities Exchange Act of 1934 (the "Exchange
Act"). All statements other than statements of historical
facts included in this release regarding Northern's financial
position, business strategy, plans and objectives of management for
future operations, industry conditions, and indebtedness covenant
compliance are forward-looking statements. When used in this
release, forward-looking statements are generally accompanied by
terms or phrases such as "estimate," "project," "predict,"
"believe," "expect," "anticipate," "target," "plan," "intend,"
"seek," "goal," "will," "should," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about
actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond
Northern's control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: changes in crude oil and natural gas
prices, the pace of drilling and completions activity on Northern's
properties, Northern's ability to acquire additional development
opportunities, changes in Northern's reserves estimates or the
value thereof, general economic or industry conditions, nationally
and/or in the communities in which Northern conducts business,
changes in the interest rate environment, legislation or regulatory
requirements, conditions of the securities markets, Northern's
ability to raise capital, changes in accounting principles,
policies or guidelines, financial or political instability, acts of
war or terrorism, and other economic, competitive, governmental,
regulatory and technical factors affecting Northern's operations,
products, services and prices.
Northern has based these forward-looking statements on its
current expectations and assumptions about future events.
While management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond Northern's control.
CONTACT:
Brandon Elliott, CFA
Executive Vice President
Corporate Development and Strategy
952-476-9800
belliott@northernoil.com
NORTHERN OIL AND
GAS, INC.
|
CONDENSED
STATEMENTS OF OPERATIONS
|
FOR THE THREE
MONTHS ENDED MARCH 31, 2016 AND 2015
|
(UNAUDITED)
|
|
|
Three Months
Ended
March 31,
|
|
2016
|
|
2015
|
REVENUES
|
|
|
|
Oil and Gas
Sales
|
$
|
28,367,341
|
|
$
|
50,454,148
|
Gain on Derivative
Instruments, Net
|
3,463,883
|
|
25,663,283
|
Other
Revenue
|
5,012
|
|
7,207
|
Total
Revenues
|
31,836,236
|
|
76,124,638
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
Production
Expenses
|
11,959,260
|
|
14,199,090
|
Production
Taxes
|
2,766,899
|
|
5,413,108
|
General and
Administrative Expense
|
4,337,402
|
|
4,352,806
|
Depletion,
Depreciation, Amortization and Accretion
|
17,846,089
|
|
45,213,039
|
Impairment of Oil and
Natural Gas Properties
|
104,311,122
|
|
360,428,962
|
Total
Expenses
|
141,220,772
|
|
429,607,005
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(109,384,536)
|
|
(353,482,367)
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
Interest Expense, Net
of Capitalization
|
(16,098,682)
|
|
(11,736,547)
|
Write-off of Debt
Issuance Costs
|
(1,089,507)
|
|
—
|
Other Income
(Expense)
|
6,971
|
|
342
|
Total Other Income
(Expense)
|
(17,181,218)
|
|
(11,736,205)
|
|
|
|
|
LOSS BEFORE INCOME
TAXES
|
(126,565,754)
|
|
(365,218,572)
|
|
|
|
|
INCOME TAX
PROVISION (BENEFIT)
|
—
|
|
(135,480,000)
|
|
|
|
|
NET
LOSS
|
$
|
(126,565,754)
|
|
$
|
(229,738,572)
|
|
|
|
|
Net Loss Per Common
Share – Basic
|
$
|
(2.08)
|
|
$
|
(3.79)
|
Net Loss Per Common
Share – Diluted
|
$
|
(2.08)
|
|
$
|
(3.79)
|
Weighted Average
Shares Outstanding – Basic
|
60,964,029
|
|
60,556,180
|
Weighted Average
Shares Outstanding – Diluted
|
60,964,029
|
|
60,556,180
|
NORTHERN OIL AND
GAS, INC.
|
CONDENSED BALANCE
SHEETS
|
MARCH 31, 2016 AND
DECEMBER 31, 2015
|
|
|
March 31,
2016
(unaudited)
|
|
December 31,
2015
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
4,388,142
|
|
$
|
3,390,389
|
Trade Receivables,
Net
|
29,704,685
|
|
51,445,026
|
Advances to
Operators
|
1,650,977
|
|
1,689,879
|
Prepaid and Other
Expenses
|
765,838
|
|
892,867
|
Derivative
Instruments
|
42,628,541
|
|
64,611,558
|
Total Current
Assets
|
79,138,183
|
|
122,029,719
|
|
|
|
|
Property and
Equipment
|
|
|
|
Oil and Natural Gas
Properties, Full Cost Method of Accounting
|
|
|
|
Proved
|
2,360,273,521
|
|
2,336,757,089
|
Unproved
|
4,590,118
|
|
10,007,529
|
Other Property and
Equipment
|
1,812,833
|
|
1,837,469
|
Total Property and
Equipment
|
2,366,676,472
|
|
2,348,602,087
|
Less – Accumulated
Depreciation, Depletion and Impairment
|
(1,881,317,642)
|
|
(1,759,281,704)
|
Total Property and
Equipment, Net
|
485,358,830
|
|
589,320,383
|
|
|
|
|
Deferred Income Taxes
(Note 9)
|
—
|
|
—
|
Other Noncurrent
Assets, Net
|
8,691,724
|
|
10,080,846
|
|
|
|
|
Total
Assets
|
$
|
573,188,737
|
|
$
|
721,430,948
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
62,860,879
|
|
$
|
65,319,170
|
Accrued
Expenses
|
5,080,643
|
|
7,893,975
|
Accrued
Interest
|
18,674,412
|
|
4,713,232
|
Asset Retirement
Obligations
|
194,796
|
|
188,770
|
Total Current
Liabilities
|
86,810,730
|
|
78,115,147
|
|
|
|
|
Long-term
Debt
|
803,121,312
|
|
835,290,329
|
Asset Retirement
Obligations
|
5,761,738
|
|
5,627,586
|
|
|
|
|
Total
Liabilities
|
$
|
895,693,780
|
|
$
|
919,033,062
|
|
|
|
|
Commitments and
Contingencies (Note 8)
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY (DEFICIT)
|
|
|
|
Preferred Stock, Par
Value $.001; 5,000,000 Authorized, No Shares Outstanding
|
—
|
|
—
|
Common Stock, Par
Value $.001; 95,000,000 Authorized (3/31/2016 –
63,732,441 Shares Outstanding
and 12/31/2015 – 63,120,384 Shares Outstanding)
|
63,732
|
|
63,120
|
Additional Paid-In
Capital
|
441,883,231
|
|
440,221,018
|
Retained Earnings
(Deficit)
|
(764,452,006)
|
|
(637,886,252)
|
Total Stockholders'
Equity (Deficit)
|
(322,505,043)
|
|
(197,602,114)
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
|
573,188,737
|
|
$
|
721,430,948
|
Reconciliation of
Adjusted Net Income
|
|
|
Three Months
Ended
March
31,
|
|
2016
|
|
2015
|
Net Loss
|
$
|
(126,565,754)
|
|
$
|
(229,738,572)
|
Add:
|
|
|
|
Impact of Selected
Items:
|
|
|
|
Loss on the
Mark-to-Market of Derivative Instruments
|
21,983,017
|
|
14,331,367
|
Write-off of Debt
Issuance Costs
|
1,089,507
|
|
—
|
Impairment of Oil and
Natural Gas Properties
|
104,311,122
|
|
360,428,962
|
Selected Items,
Before Income Taxes (Benefit)
|
127,383,646
|
|
374,760,329
|
Income Tax of Selected
Items(1)
|
(272,729)
|
|
(139,036,082)
|
Selected Items, Net
of Income Taxes (Benefit)
|
127,110,917
|
|
235,724,247
|
|
|
|
|
Adjusted Net
Income
|
$
|
545,163
|
|
$
|
5,985,675
|
|
|
|
|
Weighted Average
Shares Outstanding – Basic
|
60,964,029
|
|
60,556,180
|
Weighted Average
Shares Outstanding – Diluted
|
61,543,796
|
|
60,633,200
|
|
|
|
|
Net Loss Per Common
Share – Basic
|
$
|
(2.08)
|
|
(3.79)
|
Add:
|
|
|
|
Impact of Selected
Items, Net of Income Taxes (Benefit)
|
2.09
|
|
3.89
|
Adjusted Net Income
Per Common Share – Basic
|
$
|
0.01
|
|
$
|
0.10
|
|
|
|
|
Net Loss Per Common
Share – Diluted
|
$
|
(2.06)
|
|
(3.79)
|
Add:
|
|
|
|
Impact of Selected
Items, Net of Income Taxes (Benefit)
|
2.07
|
|
3.89
|
Adjusted Net Income
Per Common Share – Diluted
|
$
|
0.01
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
(1) For the 2016 column, this
represents a tax impact using an estimated tax rate of 35.9% and
37.1% for the three
months ended
March 31, 2016 and 2015, respectively. For 2016,
this column includes a $45.5 million adjustment
for a change
in valuation allowance for the three months ended March 31,
2016.
|
|
Reconciliation of
Adjusted EBITDA
|
|
|
Three Months
Ended
March
31,
|
|
2016
|
|
2015
|
Net Loss
|
$
|
(126,565,754)
|
|
$
|
(229,738,572)
|
Add:
|
|
|
|
Interest
Expense
|
16,098,682
|
|
11,736,547
|
Income Tax Provision
(Benefit)
|
—
|
|
(135,480,000)
|
Depreciation,
Depletion, Amortization and Accretion
|
17,846,089
|
|
45,213,039
|
Impairment of Oil and
Natural Gas Properties
|
104,311,122
|
|
360,428,962
|
Non-Cash Share Based
Compensation
|
1,391,793
|
|
1,030,317
|
Write-off of Debt
Issuance Costs
|
1,089,507
|
|
—
|
Loss on the
Mark-to-Market of Derivative Instruments
|
21,983,017
|
|
14,331,367
|
Adjusted
EBITDA
|
$
|
36,154,456
|
|
$
|
67,521,660
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/northern-oil-and-gas-inc-announces-2016-first-quarter-results-and-borrowing-base-redetermination-and-amendments-under-revolving-credit-facility-300265241.html
SOURCE Northern Oil and Gas, Inc.