O’Grady

Williston Basin independent Northern Oil and Gas, Inc. expects to trim its capital budget by over 55% to about $200 million and generate free cash flow (fcf) in excess of $100 million even at a $35 average oil price in 2020, management said Thursday. Northern has hedged about 27,600 b/d of 2020 oil production at an average price of $58/bbl, representing at least 75% of expected oil volumes for 2020 assuming the current pricing environment, CFO Chad Allen told analysts on a 4Q2019 earnings call.