Welcome to our dedicated page for Northern Oil and Gas news (Ticker: NOG), a resource for investors and traders seeking the latest updates and insights on Northern Oil and Gas stock.
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.
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.
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.
Northern Oil and Gas (NYSE: NOG) announced its plans to release earnings for Q3 2022 on November 8, 2022, after market close. A conference call is scheduled for November 9, 2022, at 10:00 a.m. Central Time for discussion of the results. Interested parties can access the call via phone or webcast. Replay information will be available until November 16, 2022.
NOG focuses on investing in non-operated minority interests in oil and gas properties across premier U.S. basins.
Northern Oil and Gas (NOG) has announced a definitive agreement to acquire a 36.7% working interest in the Mascot Project for
Northern Oil and Gas (NYSE: NOG) announced the pricing of $435 million in 3.625% convertible senior notes due 2029, increasing from the initial $350 million. The offering will settle on October 14, 2022. Proceeds will be allocated towards capped call transactions, share repurchases totaling $30 million, and reducing outstanding debt. Each note has an initial conversion rate of 26.3104 shares per $1,000 principal, with a conversion price of approximately $38.01 per share. The capped call transactions aim to limit stock dilution upon conversion of the notes.
Northern Oil and Gas (NYSE: NOG) plans to offer $350 million of convertible senior notes due 2029 in a private offering to institutional buyers. An additional $50 million may be purchased by initial buyers. Proceeds will fund capped call transactions and repurchase $25 to $30 million of common stock, alongside funding the cash price for recent acquisitions in the Delaware Basin. The notes will mature on April 15, 2029, with conversion rights for noteholders. These offerings underscore NOG's strategy to strengthen its financial position while pursuing growth opportunities.
Northern Oil and Gas (NYSE: NOG) has announced the acquisition of non-operated working interest properties in the Northern Delaware Basin for
Northern Oil and Gas (NYSE: NOG) has successfully closed its $110 million acquisition of non-operated properties in the Midland Basin as of October 3, 2022. Management plans to recommend a 20% increase in its quarterly dividend to $0.30 per share for Q4 2022. Additionally, NOG repurchased $10 million of its senior unsecured notes and approximately 359,000 shares at an average price of $24.22 during Q3 2022. The company aims to enhance shareholder returns while focusing on efficient capital allocation.
Northern Oil and Gas (NYSE: NOG) has announced the acquisition of core non-operated working interest properties in the Northern Delaware Basin for
Northern Oil and Gas, Inc. (NYSE: NOG) has announced a $110 million acquisition of non-operated interests in the Midland Basin. The deal is expected to close in October 2022 and will add over 1,800 Boe per day in production, with a majority being oil. The acquisition includes approximately 1,600 acres in Howard County, Texas and is projected to generate $48 million in unhedged cash flow over the next year, representing a 2.3x purchase price multiple. The transaction aims to enhance NOG's financial metrics and leverage ratio.
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