NOG Board Approves Increase in Share Buyback Authorization; Adds $100 Million to Existing Program
Northern Oil and Gas (NYSE: NOG) has announced a $100 million increase to its July 2024 share repurchase program, bringing the total authorization to $200 million. The company has already repurchased approximately 334,982 shares quarter to date at an average price of $29.86 per share, totaling $10.0 million.
The expanded buyback program comes during a period of increased market volatility and demonstrates NOG's confidence in its strategy and commitment to returning capital to shareholders. The company plans to balance share repurchases with maintaining a strong leverage profile, supported by its disciplined hedging strategy.
Northern Oil and Gas (NYSE: NOG) ha annunciato un aumento di 100 milioni di dollari al suo programma di riacquisto di azioni di luglio 2024, portando l'autorizzazione totale a 200 milioni di dollari. L'azienda ha già riacquistato circa 334.982 azioni dall'inizio del trimestre a un prezzo medio di 29,86 dollari per azione, per un totale di 10,0 milioni di dollari.
Il programma di riacquisto ampliato arriva in un periodo di maggiore volatilità del mercato e dimostra la fiducia di NOG nella sua strategia e l'impegno a restituire capitale agli azionisti. L'azienda prevede di bilanciare i riacquisti di azioni con il mantenimento di un profilo di leva forte, supportato dalla sua strategia di copertura disciplinata.
Northern Oil and Gas (NYSE: NOG) ha anunciado un aumento de 100 millones de dólares en su programa de recompra de acciones de julio de 2024, elevando la autorización total a 200 millones de dólares. La compañía ya ha recomprado aproximadamente 334,982 acciones en lo que va del trimestre a un precio promedio de 29.86 dólares por acción, totalizando 10.0 millones de dólares.
El programa de recompra ampliado llega en un período de mayor volatilidad del mercado y demuestra la confianza de NOG en su estrategia y su compromiso de devolver capital a los accionistas. La compañía planea equilibrar las recompras de acciones con el mantenimiento de un perfil de apalancamiento sólido, respaldado por su estrategia de cobertura disciplinada.
노던 오일 앤 가스 (NYSE: NOG)는 2024년 7월 주식 재매입 프로그램에 1억 달러의 증가를 발표하며 총 승인 금액을 2억 달러로 늘렸습니다. 회사는 현재까지 평균 가격 29.86달러에 334,982주를 재매입했으며, 총 금액은 1천만 달러에 달합니다.
확대된 재매입 프로그램은 시장의 변동성이 커지는 시기에 이루어지며, NOG의 전략에 대한 신뢰와 주주에게 자본을 반환하겠다는 의지를 보여줍니다. 회사는 재매입을 강력한 레버리지 프로필 유지와 균형을 맞추고, 이를 지원하는 규율 있는 헤지 전략을 통해 이루어갈 계획입니다.
Northern Oil and Gas (NYSE: NOG) a annoncé une augmentation de 100 millions de dollars de son programme de rachat d'actions de juillet 2024, portant l'autorisation totale à 200 millions de dollars. La société a déjà racheté environ 334 982 actions depuis le début du trimestre à un prix moyen de 29,86 dollars par action, totalisant 10,0 millions de dollars.
Le programme de rachat élargi intervient dans une période de volatilité accrue du marché et démontre la confiance de NOG dans sa stratégie et son engagement à restituer du capital aux actionnaires. L'entreprise prévoit de concilier les rachats d'actions avec le maintien d'un solide profil d'endettement, soutenu par sa stratégie de couverture disciplinée.
Northern Oil and Gas (NYSE: NOG) hat eine Erhöhung um 100 Millionen Dollar für sein Aktienrückkaufprogramm im Juli 2024 angekündigt, wodurch die Gesamtermächtigung auf 200 Millionen Dollar steigt. Das Unternehmen hat bereits etwa 334.982 Aktien im laufenden Quartal zu einem Durchschnittspreis von 29,86 Dollar pro Aktie zurückgekauft, was insgesamt 10,0 Millionen Dollar ausmacht.
Das erweiterte Rückkaufprogramm erfolgt in einer Phase erhöhter Marktvolatilität und zeigt NOGs Vertrauen in seine Strategie und das Engagement, Kapital an die Aktionäre zurückzugeben. Das Unternehmen plant, Aktienrückkäufe mit der Aufrechterhaltung eines starken Verschuldungsprofils in Einklang zu bringen, unterstützt durch seine disziplinierte Hedging-Strategie.
- Doubled share buyback authorization to $200 million total
- Already executed $10 million in share repurchases at $29.86 average price
- Strong hedging strategy provides financial flexibility
- Demonstrates commitment to returning capital to shareholders
- Market experiencing increased volatility
- Need to balance buybacks with maintaining leverage profile
Quarter to date, the Company has repurchased approximately
The increased authorization reflects the Company’s confidence in its strategy, business plan and prospects and underscores NOG’s long-term commitment to returning capital to shareholders.
MANAGEMENT COMMENTS
“NOG remains steadfast in its commitment to unlocking value and strategically deploying capital to maximize shareholder returns,” stated Chad Allen, NOG’s Chief Financial Officer. “Amid heightened market volatility, we will prudently balance share repurchases with maintaining a strong and improving leverage profile. The expanded share repurchase authorization enhances our long-term capital allocation flexibility. While maintaining a strong balance sheet remains our foremost priority, our disciplined hedging strategy provides the flexibility to pursue growth opportunities, deleveraging and share repurchases – allowing us to strengthen our financial position while seizing unique value opportunities for shareholders.”
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included or referenced in this press release regarding NOG’s dividend plans and practices, share repurchases, capital allocation, financial position, business strategy, plans and objectives for future operations, industry conditions, cash flow, and borrowings are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s properties and properties pending acquisition; NOG’s ability to acquire additional development opportunities; the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices; legislation or regulatory requirements; conditions of the securities markets; NOG’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311533014/en/
Evelyn Leon Infurna
Vice President of Investor Relations
952-476-9800
ir@noginc.com
Source: Northern Oil and Gas, Inc.
FAQ
How much did NOG increase its share buyback program by in 2024?
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What is the purpose of NOG's increased share buyback authorization?
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