Northern Oil and Gas Q1 Revenues and Net Rise

By Eric Volkman – May 6, 2013 at 9:07PM

NYSE: NOG

Northern Oil and Gas

Market Cap

$4B

Today's Change

(0.49%) $0.21

Current Price

$43.27

Price as of April 26, 2024, 4:00 p.m. ET

Top line sees a big improvement, while net records a more modest gain.

Northern Oil and Gas (NOG 0.49%) results for Q1 have been released. For the quarter, total revenue advanced to nearly $68 million from the $51 million in the same period the previous year. Net income also grew, although not by as much. It landed at just under $9 million ($0.14 per diluted share), an improvement over the $8.8 million (also $0.14) the firm posted in Q1 2012.

Northern Oil and Gas said it was able to post the encouraging results due, in no small part, to increased output. The company quoted CEO Michael Reger as saying that "despite typical first quarter weather, we were able to increase our quarterly sequential average daily production and add nearly ten net wells to producing status."

Fool contributor Eric Volkman has no position in Northern Oil and Gas, and neither does The Motley Fool. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.