Kodiak Oil & Gas (UNKNOWN:KOG.DL) reported its fourth-quarter and full-year financial results after the market closed today. The company reported net income of $26.6 million or $0.17 per share, which missed analysts' estimates by a penny. That was still 40% higher than the $33.3 million, or $0.12 per share the company earned in last year's fourth quarter.

Operating cash flow was also strong at Kodiak Oil & Gas. The company's net cash flow from operating activities was $168.1 million in the quarter. That was well above the $69.4 million the company reported in the fourth quarter of 2012.

Fueling earnings and cash flow growth was the company's surging production. Production volumes increased 98% from the fourth quarter of 2012 to 3.3 million barrels of oil equivalent this past quarter. However, the company's growth rate did slow sequentially, as production was up just 2% over the prior quarter. 

Slowing sequential production wasn't the only headwind that Kodiak Oil & Gas faced in the quarter. The price it realized for its oil slipped 13% from just the prior quarter, though its average realized oil price is up 9% year over year. In addition to lower oil prices, Kodiak's lease operating expenses rose in the quarter by 4% over the prior quarter and is up 9% over the past year.

Despite the headwinds, Kodiak Oil & Gas reported a pretty strong quarter. Looking ahead, the company sees strong production growth again in 2014, though the rate will slow to 45%. The company remains well positioned to grow as it continues drilling in the oil-rich Bakken Shale.