Northern O & G Stock Price, News & Analysis

Northern Oil and Gas (NYSE: NOG) reported strong Q2 2024 results, with record quarterly production of 123,342 Boe per day, up 36% year-over-year. The company achieved GAAP net income of $138.6 million and Adjusted EBITDA of $413.1 million. NOG generated $133.7 million in Free Cash Flow and repurchased 895,076 shares at an average price of $38.96. The company announced two joint acquisitions: $510 million for Uinta Basin properties and $220 million for Delaware Basin properties. NOG's Board approved a new $150 million share repurchase authorization and management recommended a 5% increase to the quarterly dividend. The company updated its 2024 guidance, increasing production estimates to 120,000-124,000 Boe per day and capital expenditures to $890-$970 million.

Northern Oil and Gas (NYSE: NOG) has provided a shareholder return update, highlighting significant stock repurchases and plans for a dividend increase. The company repurchased 895,076 shares in Q2 2024 at an average price of $38.96 per share, bringing the total repurchases for the first half of 2024 to 1,444,432 shares at an average price of $37.99. NOG has allocated approximately $55 million to share repurchases and $80 million to dividends year-to-date. The Board of Directors has approved a new $150 million share repurchase authorization. Management will recommend a 5% increase in the quarterly dividend to $0.42 per share for Q3 2024, citing strong cash flow and a robust business outlook.

Northern Oil and Gas (NYSE: NOG) has announced a joint acquisition with Vital Energy of assets from Point Energy Partners for $1.1 billion. NOG will acquire a 20% stake for $220 million, primarily in Ward County, TX. The assets include:

• >4,500 Boe per day production (>75% oil)
• ~4,000 net leasehold and mineral acres
• Expected cash flow >$75 million in next 12 months
• Free cash flow >$40 million expected

The transaction, effective April 1, 2024, is expected to close in late Q3 2024. NOG anticipates Q4 2024 production of >3,250 Boe per day and $11.3 million in capital expenditures. The acquisition will be funded through operations, cash on hand, and credit facility borrowings.

Northern Oil and Gas (NYSE: NOG) has announced it will release its second quarter 2024 financial and operating results on July 30, 2024, after the market closes. The company will also host a conference call on July 31, 2024, at 8:00 a.m. Central Time to discuss the results. Interested parties can join via phone or webcast. Replay of the call will be available until August 14, 2024, and the webcast archive will be accessible on NOG's website until July 30, 2025.

Northern Oil and Gas (NOG) announced a joint acquisition with SM Energy, purchasing the Uinta Basin assets from XCL Resources for $2.55 billion. NOG's share of the deal is $510 million for a 20% stake, covering over 9,300 net acres and yielding more than 10,500 barrels of oil equivalent per day. The transaction is expected to boost NOG's cash flow by over $170 million in the next 12 months. The deal will be funded through cash flow, existing cash, and borrowings. NOG highlights significant upside from long-term drilling prospects and cost savings from an integrated sand mine facility.

SM Energy announced a $2.04 billion acquisition of Uinta Basin assets from XCL Resources, with SM Energy obtaining 80% interest. This acquisition aims to enhance SM Energy's portfolio by adding 37,200 net acres, boosting production by 43 MBoed, and extending inventory life by two years. The deal is expected to be immediately accretive, increasing the 2025E Adjusted EBITDAX by 35% and Adjusted Free Cash Flow by 45%. Funding will be through debt and cash. Additionally, SM Energy will increase its fixed dividend by 11% and initiate a new $500 million share repurchase program. Closing is anticipated in September 2024.

NOG, also known as Northern Oil and Gas, declared a $0.40 per share quarterly cash dividend, in line with previous disclosures, payable on July 31, 2024. The dividend reflects the company's commitment to rewarding its shareholders.

Northern Oil and Gas, Inc. (NYSE: NOG) reported record quarterly production, strong financial results, and strategic moves in the first quarter of 2024. The company achieved 119,436 Boe per day, with net income of $11.6 million and Adjusted EBITDA of $387.0 million. They closed on an acquisition, paid dividends, repurchased stock, and reduced debt. NOG's CEO emphasized the focus on value creation and maximizing returns for investors.

NOG announced the completion of its semi-annual borrowing base redetermination, leaving the borrowing base at $1.8 billion and increasing the committed amount to $1.5 billion. New members like JP Morgan Chase, Mizuho Bank, and Comerica Bank joined the lending syndicate, showing confidence in NOG's growth strategy and opportunities.