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Northern Oil and Gas, Inc. reports developments tied to its strategy of acquiring and investing in non-operated minority working and mineral interests in hydrocarbon-producing basins within the contiguous United States. Company updates commonly cover oil and natural gas production, commodity-price hedging, lease operating costs, capital expenditures and cash flow measures.
Recurring news also includes acquisitions of upstream and midstream assets, ground game transactions that add acreage and wells, common-stock dividends, equity offerings and other capital actions. Basin exposure includes areas such as the Williston, Permian, Uinta and Appalachian regions, with company materials also referencing Ohio Utica assets.
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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.
Northern Oil and Gas (NOG) has announced early results from its cash tender offer for its 8.50% Senior Secured Second Lien Notes due 2023. Approximately $272.1 million, or 94.6% of the total outstanding notes, were validly tendered by the deadline of February 17, 2021. The company plans to purchase these notes at $1,030 per $1,000 principal amount. The offer is contingent on the successful completion of a concurrent bond offering, also expected on February 18, 2021, to satisfy financing conditions. Proposed amendments to the indenture governing the notes will be implemented if conditions are met.
Northern Oil and Gas (NYSE American: NOG) announces the promotions of Mike Kelly to Chief Strategy Officer and Jim Evans to Executive Vice President & Chief Engineer, effective immediately. Both promotions recognize their contributions toward expanding the company. Mike Kelly has served as Executive Vice President of Finance since January 2020, while Jim Evans has been Senior Vice President of Engineering since January 2020 and has been with the company since 2013. These changes signify Northern's commitment to growth and development in the oil and gas sector.
Northern Oil and Gas (NYSE American: NOG) has announced a $550 million private placement of 8.125% senior notes due 2028. The offering, set to close on February 18, 2021, will be used to fund part of the acquisition of natural gas assets from Reliance Marcellus LLC, repay existing debts, and cover corporate expenses. The offering is not contingent on the acquisition's completion, and the notes will not be registered under the Securities Act, targeting qualified institutional buyers and non-U.S. persons.
Northern Oil and Gas has priced its public offering of 12,500,000 shares at $9.75 each, with an option for underwriters to purchase an additional 1,875,000 shares. The offering is expected to close on February 9, 2021. Proceeds will primarily fund the acquisition of non-operated natural gas assets in the Appalachian Basin from Reliance Marcellus. If the acquisition does not occur, funds will be used for debt repayment and general corporate purposes. The offering is conducted under a shelf registration with the SEC.
Northern Oil and Gas (NOG) has launched a cash tender offer for its outstanding 8.50% Senior Secured Second Lien Notes due 2023. The offer will conclude on March 3, 2021, unless extended. Holders who tender notes by February 17, 2021, can receive $1,030 per $1,000 note, including a $30 early tender premium. The offer is contingent upon the successful completion of a concurrent bond offering. The company is also soliciting consents for amendments to eliminate restrictive covenants. Payments will include accrued interest, with settlements expected shortly after each tender period.