Northern O & G Stock Price, News & Analysis

Northern Oil and Gas, Inc. (NYSE: NOG) announced a cash dividend of $0.34 per share, a 13% increase from the previous quarter. This dividend will be paid on April 28, 2023, to shareholders on record as of March 30, 2023. The company aims for a further 9% increase to $0.37 per share in Q2 2023, achieving its dividend growth plan ahead of schedule. Despite production disruptions due to severe weather, NOG expects 2022 production between 75,250 and 75,550 Boe per day. Share repurchases totaled $54.5 million in 2022, enhancing shareholder returns.

On January 26, 2023, it was announced that Northern Oil and Gas (NYSE: NOG) will replace South Jersey Industries (NYSE: SJI) in the S&P SmallCap 600 index, effective before the market opens on February 2, 2023. This change comes as Infrastructure Investments Fund is acquiring South Jersey Industries, with the deal expected to finalize shortly, pending conditions. The addition of NOG to the index highlights its growing prominence in the energy sector.

Northern Oil and Gas (NYSE: NOG) will release its fourth quarter and year-end 2022 financial results on February 23, 2023, after market close. A conference call is scheduled for February 24, 2023, at 10:00 a.m. Central Time. Interested parties can join via phone at (866) 373-3407 or through a webcast. The conference call replay will be available until April 25, 2023, using the dial-in (877) 660-6853. NOG focuses on non-operated minority working and mineral interests in oil and gas properties across premier basins in the U.S.

Northern Oil and Gas (NYSE: NOG) has successfully closed its acquisition of a 39.958% working interest in the non-operated Mascot Project in the core of the Midland Basin. The transaction, which was upsized from the original announcement, involved an initial cash settlement of $320 million, including a $43 million deposit from October 2022. The acquisition is expected to positively impact production and related capital expenditures for NOG.

Northern Oil and Gas (NYSE: NOG) has successfully completed its acquisition of non-operated interests in the Northern Delaware Basin for a total cash settlement of $131.6 million. This acquisition includes a $13.0 million deposit paid in October 2022. The transaction aims to enhance NOG's portfolio by integrating valuable assets in a key area of focus for the company. Further details about the acquisition can be found in a prior press release dated October 11, 2022.

Northern Oil and Gas (NOG) has successfully completed the acquisition of non-operated interests in the Northern Delaware Basin from Alpha Energy Partners for $155.1 million, including a $17.5 million deposit made in September 2022. This strategic acquisition is expected to foster substantial growth and enhance long-term returns for shareholders. NOG's President highlighted the low-cost inventory potential linked to top operators in the Permian Basin, emphasizing efficient capital allocation to boost shareholder returns.

Northern Oil and Gas, Inc. (NYSE: NOG) has successfully completed its semi-annual borrowing base redetermination. The borrowing base under its reserves-based revolving credit facility has been increased from $1.3 billion to $1.6 billion. Additionally, NOG has raised the elected commitment amount from $850 million to $1 billion. This approval was unanimously granted by Wells Fargo Bank and a syndicate of 14 lenders on November 10, 2022.

Northern Oil and Gas reported record production of 79,123 Boe/day in Q3 2022, a 37% increase from Q3 2021. The company achieved a GAAP net income of $583.5 million and cash flow from operations of $276.8 million. Capital expenditures rose to $154.5 million, driven by increased activity. Notably, free cash flow surged by 99% to $110.6 million. NOG declared a $0.30 per share dividend, a 20% increase, and repurchased $38.7 million in common shares. The company is raising its production and capital expenditure guidance for 2022, anticipating significant growth moving into 2023.

Northern Oil and Gas (NYSE: NOG) announced the mandatory conversion of its 6.500% Series A Perpetual Convertible Preferred Stock into common stock, effective November 15, 2022. Holders will receive 4.4878 shares of common stock and $6.3337 for each preferred share converted. This conversion will not impact NOG’s fully diluted share count, with approximately 7,376,740 shares of common stock being issued. The company will also pay about $15.8 million in total for the final preferred dividend and conversion payment, reducing annual dividend payments by approximately $1.8 million.