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Northern Oil and Gas, Inc. - NOG STOCK NEWS

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.

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Northern Oil and Gas (NYSE: NOG) has successfully closed its acquisition of a 39.958% working interest in the non-operated Mascot Project in the core of the Midland Basin. The transaction, which was upsized from the original announcement, involved an initial cash settlement of $320 million, including a $43 million deposit from October 2022. The acquisition is expected to positively impact production and related capital expenditures for NOG.

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Northern Oil and Gas (NYSE: NOG) has successfully completed its acquisition of non-operated interests in the Northern Delaware Basin for a total cash settlement of $131.6 million. This acquisition includes a $13.0 million deposit paid in October 2022. The transaction aims to enhance NOG's portfolio by integrating valuable assets in a key area of focus for the company. Further details about the acquisition can be found in a prior press release dated October 11, 2022.

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Northern Oil and Gas (NOG) has successfully completed the acquisition of non-operated interests in the Northern Delaware Basin from Alpha Energy Partners for $155.1 million, including a $17.5 million deposit made in September 2022. This strategic acquisition is expected to foster substantial growth and enhance long-term returns for shareholders. NOG's President highlighted the low-cost inventory potential linked to top operators in the Permian Basin, emphasizing efficient capital allocation to boost shareholder returns.

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Northern Oil and Gas, Inc. (NYSE: NOG) has successfully completed its semi-annual borrowing base redetermination. The borrowing base under its reserves-based revolving credit facility has been increased from $1.3 billion to $1.6 billion. Additionally, NOG has raised the elected commitment amount from $850 million to $1 billion. This approval was unanimously granted by Wells Fargo Bank and a syndicate of 14 lenders on November 10, 2022.

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Northern Oil and Gas reported record production of 79,123 Boe/day in Q3 2022, a 37% increase from Q3 2021. The company achieved a GAAP net income of $583.5 million and cash flow from operations of $276.8 million. Capital expenditures rose to $154.5 million, driven by increased activity. Notably, free cash flow surged by 99% to $110.6 million. NOG declared a $0.30 per share dividend, a 20% increase, and repurchased $38.7 million in common shares. The company is raising its production and capital expenditure guidance for 2022, anticipating significant growth moving into 2023.

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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.

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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.

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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.

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Northern Oil and Gas (NOG) has announced a definitive agreement to acquire a 36.7% working interest in the Mascot Project for $330 million. The acquisition includes producing properties, midstream assets, and 62 gross wells in Midland County, Texas. NOG anticipates average production of 6,450 Boe/day in 2023, with significant cash flow generation expected. The transaction is set to enhance financial metrics and will be financed through cash and revolving credit. Expected unlevered free cash flow totals around $300 million through 2025.

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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.

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FAQ

What is the current stock price of Northern Oil and Gas (NOG)?

The current stock price of Northern Oil and Gas (NOG) is $39.4 as of January 8, 2025.

What is the market cap of Northern Oil and Gas (NOG)?

The market cap of Northern Oil and Gas (NOG) is approximately 3.9B.

What does Northern Oil and Gas, Inc. do?

Northern Oil and Gas, Inc. engages in the acquisition, exploration, development, and production of crude oil and natural gas properties.

Where does Northern Oil and Gas, Inc. operate?

The company operates in the Williston Basin, Permian Basin, and Appalachian Basin in the United States.

What are Northern Oil and Gas, Inc.'s key areas of focus?

NOG focuses on maximizing asset value through acquisitions, efficient resource management, and innovative drilling techniques.

What recent achievements has Northern Oil and Gas, Inc. accomplished?

NOG has recently expanded its operations in the Permian Basin and maintained a strong financial position.

Who are Northern Oil and Gas, Inc.'s partners?

NOG partners with leading technology providers and industry participants to enhance productivity and reduce costs.

What is the significance of Northern Oil and Gas, Inc. in the energy market?

NOG contributes significantly to the U.S. energy supply through efficient extraction of oil and gas from key basins.

How does Northern Oil and Gas, Inc. ensure continuous growth?

By diversifying its portfolio across multiple geographic locations and investing in new projects and technologies.

What strategic initiatives is Northern Oil and Gas, Inc. currently pursuing?

NOG is focused on boosting production efficiency and expanding their market footprint.

What regions are included in Northern Oil and Gas, Inc.'s operations?

Operations include the Williston Basin (ND and MT), Permian Basin (NM and TX), and Appalachian Basin (PA and OH).

How does Northern Oil and Gas, Inc. plan to maintain its industry position?

Through strategic acquisitions, resource management, and advanced drilling technologies.
Northern Oil and Gas, Inc.

NYSE:NOG

NOG Rankings

NOG Stock Data

3.93B
92.47M
7.39%
112.48%
14.64%
Oil & Gas E&P
Crude Petroleum & Natural Gas
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United States of America
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