Northern O & G Stock Price, News & Analysis

Northern Oil and Gas reported strong first-quarter results with $41.7 million in Free Cash Flow, exceeding internal expectations. Oil and natural gas sales reached $157.3 million, while Adjusted Net Income rose to $40.2 million or $0.62 per diluted share. Production averaged 38,417 Boe per day, a 7.5% increase from the previous quarter. The company also declared its first regular quarterly dividend of $0.03 per share. However, a substantial GAAP net loss of $90.4 million was reported due to a $128.6 million non-cash mark-to-market loss on derivatives.

Northern Oil and Gas has declared a cash dividend of $0.03 per share on its common stock. This dividend is scheduled for payment on July 30, 2021, to shareholders recorded as of June 30, 2021. The company focuses on investing in non-operated minority interests in oil and gas properties throughout the premier basins in the United States.

Northern Oil and Gas (NYSE American: NOG) will release its first quarter 2021 financial results on May 7, 2021, before the market opens. Following the earnings release, the Company will conduct a conference call at 10:00 a.m. Central Time. Investors can access the call via phone or through a webcast. Replay options will be available until May 14, 2021. Northern Oil focuses on investing in non-operated minority working and mineral interests in premier U.S. oil and gas properties.

Northern Oil and Gas (NYSE American: NOG) has completed its acquisition of properties from Reliance Marcellus, LLC as of April 1, 2021, for $120.9 million in cash and 3.25 million common stock warrants. This strategic move extends Northern's non-operated model into the Appalachia region, a key natural gas area, enhancing its national footprint. The transaction is expected to yield production between 75-85 MMcfpd and has 66% of its 2021 gas production hedged at an average price of $3.00/MMbtu. Northern is positioned as a consolidator of non-operated assets, aiming to enhance shareholder value.

Northern Oil and Gas reported its fourth quarter and full year 2020 results, highlighting a fourth quarter Adjusted Net Income of $35.7 million or $0.64 per diluted share, up from $21.5 million a year prior. However, the full year GAAP net loss was $921.3 million or $21.55 per diluted share. Production increased by 23% in Q4, averaging 35,738 Boe per day. The company announced a $175 million acquisition from Reliance Marcellus, expected to close in April 2021. Capital expenditures were $48.9 million in Q4, while liquidity stood at $129.8 million at year-end.

Northern Oil and Gas (NYSE American: NOG) has announced that EQT Corporation and other parties have exercised their rights to purchase certain properties from a recent Marcellus Shale acquisition from Reliance Marcellus. As a result, the cash purchase price has been reduced by $48.6 million, from $175 million to $126.4 million, and the acquired assets will decrease by approximately 2,200 net acres. Expected cash flow from operations for 2021 is now projected at $40-$45 million, down from $55-$60 million.

The company plans to reallocate capital savings into high-return opportunities in the Williston and Permian Basins.

Northern Oil and Gas (NOG) announced the expiration of its cash tender offer for its outstanding 8.50% Senior Secured Second Lien Notes due 2023, which closed on March 3, 2021. A total of $1,002 aggregate principal amount of Notes were validly tendered, and all will be accepted for purchase. The settlement is expected on March 5, 2021, with holders receiving $1,000 per $1,000 principal amount plus interest. The company also received consent for amendments to eliminate restrictive covenants in the Indenture governing the Notes, effective from the Early Settlement Date on February 18, 2021.

Northern Oil and Gas (NYSE American: NOG) announced plans to release its fourth quarter and year-end 2020 financial and operational results on March 12, 2021, before market opening. A conference call is scheduled for the same day at 10:00 a.m. Central Time. Interested parties can access the call via the company's website or by phone. Further, the replay will be available until March 19, 2022. Northern Oil focuses on investing in non-operated minority working and mineral interests in premier oil and gas basins in the U.S.