Northern O & G Stock Price, News & Analysis

Northern Oil and Gas (NOG) plans to release its second-quarter 2022 earnings on August 3, 2022, after market close. The company will host a conference call on August 4, 2022, at 11:00 a.m. Central Time, accessible via phone or webcast. Interested parties can dial (866) 373-3407 for the call, with international listeners reaching out at (412) 902-1037. A replay will be available until August 11, 2022, using (877) 660-6853 for U.S. callers and (201) 612-7415 for international ones. More information can be found on NOG’s website.

Northern Oil and Gas, Inc. (NYSE: NOG) has finalized a deal to cancel its outstanding equity warrants linked to the Reliance Marcellus acquisition, exchanging them for shares of NOG common stock on a cashless basis. This transaction reduced potential shares from 3.25 million to 2.32 million. Additionally, NOG has repurchased $2.5 million of its 6.5% Series A Convertible Preferred Stock and $8.4 million of its 8.125% Senior Unsecured Notes. Year-to-date, the company has repurchased $57.5 million in Preferred Stock and 334,051 shares of common stock, indicating a strategic move to simplify its capital structure.

Northern Oil and Gas (NYSE: NOG) announced a $170 million acquisition of oil-rich properties in the Williston Basin, with an expected production of over 2,500 Boe per day. The transaction enhances NOG's portfolio, adding 17.5 net undeveloped locations and boosting cash flow expectations to over $73 million in the next year. NOG anticipates a Q4 2022 exit rate exceeding previous production guidance. Financing will come from cash and existing credit facilities, maintaining a leverage ratio below 1x. This strategic move positions NOG for significant growth and shareholder returns.

Northern Oil and Gas, Inc. (NYSE: NOG) announced on June 7, 2022, an amended credit agreement with Wells Fargo, increasing its borrowing base to $1.3 billion from $850.0 million. The facility's maturity has been extended to June 2027, providing enhanced financial flexibility. Additionally, NOG has raised its elected commitment amount to $850.0 million. CFO Chad Allen expressed gratitude to the bank syndicate for their support, highlighting the robust reserve base that facilitated these improvements.

Northern Oil and Gas reported record first quarter production of 71,255 Boe per day, a significant 85% increase from Q1 2021. GAAP cash flow from operations reached $154 million, while adjusted net income was $138.9 million, up 49% sequentially. The company achieved record free cash flow of $146 million, rising 106% sequentially. They announced a 36% increase in the quarterly dividend to $0.19 per share and initiated a stock repurchase program. Despite a reported GAAP net loss of $206.6 million due to derivative losses, operational metrics demonstrate strong growth and management confidence in 2022 projections.

Northern Oil and Gas (NOG) announced a quarterly cash dividend of $0.19 per share, marking a 36% increase from the previous dividend. The dividend will be paid on July 29, 2022, to stockholders of record as of June 29, 2022. Additionally, NOG plans to recommend a 32% increase in the third quarter dividend to $0.25 per share. The company also repurchased $40.0 million of its convertible preferred stock in 2022, aiming to reduce annual dividend payments by $2.6 million and decrease its common stock share count.

Northern Oil and Gas, Inc. (NYSE: NOG) will release its first quarter 2022 financial and operational results on May 5, 2022, after market close. A conference call to discuss these results is scheduled for May 6, 2022, at 10:00 a.m. Central Time. Participants can join via phone or the company's webcast. The replay of the call will be available until May 13, 2022. Northern Oil focuses on investing in non-operated minority working and mineral interests in premier U.S. oil and gas basins. Further details can be found on their website.

Northern Oil and Gas (NYSE: NOG) has announced an updated long-term base dividend growth plan, projecting a 23% average quarterly dividend increase through year-end 2023. For Q2 2022, the company plans to recommend a dividend of $0.19 per share, representing a 36% increase from Q1. Additionally, NOG has repurchased approximately $26.3 million of its Series A Preferred Stock, reducing outstanding obligations and share count. NOG remains confident in achieving less than 1.0x leverage in 2022, emphasizing strong free cash flow.

Northern Oil and Gas (NOG) reports a strong fourth quarter & full year 2021, with production averaging 64,155 Boe per day, up 11% from Q3. Q4 GAAP cash flow from operations reached $133.1 million, a 29% rise. The company achieved Free Cash Flow of $70.7 million, a 28% increase, and closed the Veritas acquisition for $419.4 million. For 2022, NOG expects production of 70,000 - 75,000 Boe per day with planned capital expenditures of $350 - $415 million. The company announced a Base Dividend Growth plan, aiming for a 20% average dividend increase per quarter through 2023.