Northern O & G Stock Price, News & Analysis

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.

Northern Oil and Gas (NYSE: NOG) has announced its schedule for the release of its third quarter 2024 financial and operating results. The company plans to issue these results on Tuesday, November 5, 2024, after the market closes. Following this, NOG will host a conference call on Wednesday, November 6, 2024, at 8:00 a.m. Central Time.

Interested parties can access the conference call via phone or the company's webcast. The dial-in numbers are provided, along with a conference ID. A replay of the call will be available through November 20, 2024, with separate dial-in numbers for domestic and international callers. Additionally, an archive of the conference call webcast will be accessible on NOG's website until November 6, 2025.

Northern Oil and Gas (NYSE: NOG) has closed its acquisition of Uinta Basin assets from XCL Resources and Altamont Energy on October 1, 2024. The deal provides NOG with over a decade of Tier 1 inventory across approximately 15,800 net acres, including 116 net underwritten undeveloped locations and additional exploration potential. NOG partnered with SM Energy in the acquisition, with SM becoming the operator of most assets. The companies have entered into cooperation and long-term joint development agreements. NOG paid $511.2 million in cash at closing, partly funded by a $25.5 million deposit made in June 2024. The transaction remains subject to post-closing settlements.

Northern Oil and Gas (NYSE: NOG) has successfully closed its previously announced acquisition of Delaware Basin assets from Point Energy Partners, a Vortus Investments company, on September 20, 2024. The acquisition, jointly made with Vital Energy, Inc., involved NOG paying $205.0 million in cash at closing, which includes a $22.0 million deposit paid in July 2024. Vital Energy will become the operator of substantially all the acquired assets.

As part of the transaction, NOG and Vital have entered into cooperation and joint operating agreements, which include a multi-year development plan for the Point assets. The closing settlement is subject to post-closing settlements between the parties and reflects preliminary and customary purchase price adjustments.

Point Energy Partners II has completed its $1.1 billion all-cash sale of assets to Vital Energy (NYSE: VTLE) and Northern Oil and Gas (NYSE: NOG). The company, backed by Vortus Investments Advisors, has achieved remarkable growth, increasing production from 300 net boepd to over 40,000 net boepd in six years. Point Energy's success is attributed to innovative practices, including the implementation of 15,000-foot laterals and advanced completion designs in the Delaware Basin.

The company has set industry standards by developing 1st Bone Spring and Wolfcamp C targets, while also building complementary midstream and mineral assets. CEO Bryan Moody and Senior Partner John Sabia credited their team's dedication and the support of financial partners for navigating commodity price cycles and achieving a positive exit. Vortus Co-Founders praised the leadership's military background as a key factor in building a scalable operation.