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BRIEF: Northern Oil and Gas reports decline in 3Q income, revenue [Pioneer Press, St. Paul, Minn.]
By Leslie Brooks Suzukamo, Pioneer Press, St. Paul, Minn.McClatchy-Tribune Information ServicesNov. 08--Despite rising oil production, total revenue and net income fell for Northern Oil and Gas in the third quarter.
The Wayzata-based oil exploration company, which owns shares of wells in the North Dakota and Montana Bakken oil fields, reported Thursday, Nov. 8, that its oil and gas sales rose by 85 percent to $80.7 million for the period ended Sept. 30.
Oil and gas sales beat the average expectations of analysts polled by Thomson Reuters, who expected $80.4 million.
Total revenue, however, fell 13 percent to $60.1 million.
Third-quarter net income plunged to $300,161 from $28.6 million a year ago.
Excluding certain expenses, the company posted a per-share income of 27 cents, beating the 26 cent-per share expected by analysts on the same basis.
Leslie Brooks Suzukamo can be reached at 651-228-5475.
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