Welcome to our dedicated page for Northern Oil and Gas news (Ticker: NOG), a resource for investors and traders seeking the latest updates and insights on Northern Oil and Gas stock.
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 (NYSE: NOG) reported record quarterly production of 90,878 Boe per day in Q2 2023, up 25% year-over-year. The company posted net income of $167.8 million and Adjusted EBITDA of $315.5 million. NOG generated $47.6 million in Free Cash Flow and paid a $0.37 per share dividend, up 9% from Q1.
Key highlights include:
- Closed $167.9 million Forge assets acquisition
- Entered $500 million Novo assets acquisition agreement
- Issued $500 million in 8.75% Senior Notes
- Completed $224.7 million common stock offering
- Increased production guidance to 96,000-100,000 Boe per day for 2023
NOG's Q2 oil and gas sales were $416.5 million. The company had total liquidity of $1.01 billion as of June 30, 2023.
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