NOG Declares $0.30 Quarterly Cash Dividend, 20% Increase over Prior Quarter; Provides Shareholder Return Update

Rhea-AI Summary

Northern Oil and Gas (NYSE: NOG) has declared a cash dividend of $0.30 per share, marking a 20% increase from the previous dividend. This dividend will be paid on January 31, 2023, to stockholders of record by the end of business on December 29, 2022. In the third quarter and October 2022, NOG repurchased 1.37 million shares at an average of $28.34 each, totaling $51.5 million year-to-date. The company has $98.5 million remaining for further buybacks and has retired $23.4 million of its notes at an average price of 96.7% of par value.

Positive

• Declared a cash dividend of $0.30 per share, a 20% increase.
• Completed buybacks of 1.81 million shares, totaling $51.5 million.
• Year-to-date notes repurchase of $23.4 million enhances financial stability.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.30 per share, representing a 20% increase from the prior quarterly dividend. The dividend is payable on January 31, 2023, to stockholders of record as of the close of business on December 29, 2022.

SHAREHOLDER RETURN UPDATE

During the third quarter and October 2022, the Company repurchased 1.37 million shares of common stock at an average price of $28.34 per share. In total, year-to-date, the Company has repurchased 1.81 million common shares at an average price of $28.42 per share, for a total of $51.5 million. The Company has $98.5 million remaining available on its existing common stock repurchase authorization.

Year-to-date through the end of October 2022, the Company has retired $23.4 million of its 8.125% Senior Unsecured Notes at an average price of 96.7% of par value. The Company has $26.6 million remaining available on its existing notes repurchase authorization.

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005575/en/

Investor Relations

952-476-9800

ir@northernoil.com

Source: Northern Oil and Gas, Inc.

FAQ

What is the dividend amount declared by NOG?

NOG has declared a dividend of $0.30 per share.

When will the dividend be paid to NOG shareholders?

The dividend will be paid on January 31, 2023.

What was the share buyback amount for NOG in 2022?

NOG repurchased shares totaling $51.5 million year-to-date.

How many shares did NOG repurchase in the third quarter?

NOG repurchased 1.37 million shares during the third quarter and October 2022.

What is the remaining amount for NOG's stock repurchase authorization?

NOG has $98.5 million remaining on its stock repurchase authorization.