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Northern Oil and Gas, Inc. (NOG) is a leading independent energy company specializing in the acquisition, exploration, development, and production of crude oil and natural gas properties. Operating in key regions such as the Williston Basin in North Dakota and Montana, the Permian Basin in New Mexico and Texas, and the Appalachian Basin in Pennsylvania and Ohio, NOG plays a significant role in the natural resource sector.
The company focuses on maximizing its asset value through strategic acquisitions and efficient resource management. NOG’s core business revolves around extracting oil and gas from rich deposits in these basins, contributing significantly to the U.S. energy supply.
Recent achievements for Northern Oil and Gas, Inc. include the successful expansion of their operations in the Permian Basin, where they have seen increased production rates. Moreover, the company has maintained a robust financial position, allowing for continued investment in new projects and technologies.
Partnerships with leading technology providers and other industry participants enable NOG to leverage advanced techniques for exploration and drilling, enhancing productivity and reducing costs. Their diversified portfolio across multiple geographic locations ensures stability and continuous growth.
As of the latest updates, Northern Oil and Gas, Inc. continues to drive forward with strategic initiatives aimed at boosting production efficiency and expanding their footprint in the energy market. This proactive approach positions NOG as a resilient and forward-thinking player in the oil and gas industry.
NOG announced its fourth quarter and full year 2024 results, highlighting significant growth and strategic acquisitions. Key achievements include:
Fourth Quarter Highlights:
- Production of 131,777 Boe per day, a 15% increase from the prior year.
- GAAP cash flow from operations of $290.3 million; $358.9 million excluding changes in net working capital.
- Capital expenditures of $258.9 million.
- Free Cash Flow of $96.4 million.
- Closed acquisition of Uinta Basin assets for $511.3 million in cash.
- Declared $0.45 per share common dividend for Q1 2025, a 12.5% increase from Q1 2024.
- Repurchased 693,658 shares at an average price of $36.28 per share.
Subsequent Events:
- Signed agreement to acquire 2,275 net acres in Upton County, TX for $40 million.
Financial Results:
- Q4 oil and natural gas sales of $545.5 million.
- GAAP net income of $71.7 million or $0.71 per diluted share.
- Adjusted Net Income of $111.8 million or $1.11 per adjusted diluted share.
- Adjusted EBITDA of $406.6 million.
- Full year oil and natural gas sales of $2.2 billion.
- Full year GAAP net income of $520.3 million or $5.14 per diluted share.
- Adjusted Net Income of $531.2 million or $5.26 per adjusted diluted share.
- Adjusted EBITDA of $1.6 billion, a 13% increase over the prior year.
2025 Guidance:
- Production expected to be 130,000 - 135,000 Boe per day.
- Total capital spending projected at $1,050 - $1,200 million.
Proved Reserves:
- Total proved reserves increased 11% to 378.5 million Boe.
- Pre-tax PV-10 value of $5.1 billion.
Northern Oil and Gas (NOG) has released its Q4 2024 operations update and 2025 guidance. Q4 production reached 131.0-132.0 MBoe per day, with oil volumes at 78.5-78.9 Mboe per day. The company completed 14 Ground Game transactions worth $27 million in Q4, adding 0.7 net producing wells and 2,274 net acres.
NOG announced a $40 million acquisition in Upton County, TX, adding 2,275 net acres in the Midland Basin. For 2025, NOG projects production of 130,000-135,000 Boe per day and capital spending of $1.05-1.20 billion. The company anticipates 106-110 net well spuds exceeding 97-99 net well completions in 2025, positioning for approximately 10% total production growth and 14% oil production growth in 2026.
Northern Oil and Gas (NYSE: NOG) has declared a Q1 2025 cash dividend of $0.45 per share, marking a 12.5% increase year-over-year and a 7% rise from the previous quarter. The dividend will be paid on April 30, 2025, to stockholders of record as of March 28, 2025.
The company plans to maintain this $0.45 quarterly dividend throughout 2025, which would result in a ~10% increase in total dividends compared to 2024. In Q4, NOG repurchased 693,658 shares at an average price of $36.28 per share. For the full year 2024, the company repurchased 2,535,391 shares at an average of $37.27, delivering nearly $260 million in total shareholder returns through dividends and buybacks.
Northern Oil and Gas (NYSE: NOG) has announced its schedule for the release of fourth quarter and year-end 2024 financial and operating results. The company will release its results on Wednesday, February 19, 2025, after market close, followed by a conference call on Thursday, February 20, 2025, at 8:00 a.m. Central Time.
The conference call will be accessible via phone and webcast, with dial-in numbers provided for both domestic (800-715-9871) and international (646-307-1963) participants. A replay of the call will be available through March 6, 2025, and the webcast archive will be accessible on NOG's website until February 19, 2026.
Northern Oil and Gas (NYSE: NOG) has issued a response to a Reuters article regarding a potential acquisition of Granite Ridge Resources. While NOG typically does not comment on acquisition rumors, the company felt compelled to address this specific situation. As the largest publicly traded dedicated non-operator, NOG confirmed it regularly evaluates numerous acquisition opportunities and frequently sends expressions of interest. However, the company explicitly stated it is not currently engaged in formal negotiations to acquire Granite Ridge.
Northern Oil and Gas (NOG) has announced a new joint development program in Appalachia, committing up to $160 million for a 15% working interest at an average net revenue interest of 84%. The program covers drilling activities scheduled for calendar year 2025 with an existing Appalachian operator known for capital efficiency. This strategic move aims to enhance NOG's natural gas development portfolio with improved visibility and development certainty.
Northern Oil and Gas (NYSE: NOG) has released its Environmental, Social and Governance (ESG) Report for the year ended December 31, 2023. The report follows two key disclosure frameworks: the SASB Oil & Gas Exploration & Production standard and the SASB Asset Management and Custody Activities standard. This dual-framework approach was chosen to accurately reflect NOG's unique business model of managing non-operated minority working and mineral interests. The complete ESG Report is accessible in the Sustainability section of the company's website.
Northern Oil and Gas (NYSE: NOG) has declared a quarterly cash dividend of $0.42 per share, maintaining the previous quarter's level and representing a 5% increase from the prior year. The dividend is payable on January 31, 2025, to stockholders of record as of December 30, 2024. The company announced plans to increase dividends to $0.45 per share throughout 2025, which would represent a ~10% year-over-year increase versus 2024, subject to board approval and market conditions.
Northern Oil and Gas (NOG) reported strong Q3 2024 results with record oil production of 70,913 Bbl per day, up 12% year-over-year. Total production reached 121,815 Boe per day, a 19% increase from Q3 2023. The company achieved GAAP net income of $298.4 million and generated record Free Cash Flow of $177.1 million, up 32% from Q2 2024. Capital expenditures were $198.0 million. NOG closed a joint acquisition with SM Energy Company of Uinta Basin properties from XCL Resources for $519.0 million net to NOG. The company maintained its 2024 production guidance of 120,000-124,000 Boe per day.
Northern Oil and Gas (NOG) reported strong Q3 2024 operational results with production estimated at 121.6-121.8 MBoe per day. Oil volumes reached record levels at 70,775-70,925 Bbls per day, representing 58.1-58.3% of total volumes. The company completed 9.5 wells during the quarter and increased its D&C list to 52.2 net wells. Financial highlights include $208.0-209.0 million in unrealized mark-to-market gains, $29.5-29.7 million in realized hedge gains, and shareholder returns of over $230 million year-to-date through dividends and share repurchases. NOG maintains its 2024 production and capital expenditure guidance.
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