HIGHLIGHTS
- Repurchased 895,076 shares of common stock during Q2 2024
- Repurchased 1,444,432 shares in total during Q1 and Q2
2024
- Board of Directors approved new $150 million share repurchase
authorization
- Management will recommend that the Board of Directors approve a
5% mid-year increase to NOG’s quarterly common stock dividend, to
$0.42 per share, for the third quarter of 2024
Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”)
provided a shareholder return update.
SHAREHOLDER RETURN UPDATE
NOG repurchased 895,076 shares of common stock during the second
quarter of 2024 at an average price, inclusive of commissions, of
$38.96 per share. During the first half of 2024, the Company
repurchased 1,444,432 shares at an average price, inclusive of
commissions, of approximately $37.99 per share. In total, the
Company has allocated approximately $55 million to share
repurchases year-to-date. Additionally, the Company has declared
common stock dividends totaling approximately $80 million
year-to-date, bringing capital allocated to shareholder returns to
approximately $135 million in the first half of 2024.
In July 2024, NOG’s Board of Directors approved a new $150
million common stock repurchase authorization, replacing its prior
authorization which was substantially depleted. Under this program,
shares may be repurchased periodically, including in the open
market or privately negotiated transactions. The actual timing,
manner, number, and value of shares repurchased, if any, will
depend on a number of factors, including the availability of free
cash flow, market price, general market and economic conditions,
applicable legal and contractual requirements, and other business
considerations.
Per Company policy, interim modifications to the dividend can be
driven by material changes in realized commodity prices,
significant corporate actions or other events, prior to the
Company’s planned annual dividend review during the first quarter
of a given fiscal year. Management intends to submit a request to
the Board of Directors for a 5%, or $0.02, mid-year increase to
NOG’s quarterly common stock dividend, to $0.42 per share, for the
third quarter of 2024. The recommendation is driven by strong cash
flow experienced year-to-date and a robust business outlook,
combined with the confidence in the cash flows to be provided by
NOG’s pending acquisitions, Under Delaware law, the Board may not
approve dividends more than 60 days before the record date.
The Company continues to plan for its regularly scheduled annual
review of dividend policy with the Board of Directors in the first
quarter of 2025.
MANAGEMENT COMMENTS
“NOG continues with a multi-pronged approach to creating value,”
commented Nick O’Grady, NOG’s Chief Executive Officer. “We see
benefits to retiring our shares when attractive, increasing our
cash returns to our shareholders when appropriate, and continuing
to find organic and inorganic growth opportunities to drive the
highest possible long term total return for our investors. Our
share repurchases and recommendation for a mid-year increase to our
dividend are a testament to the confidence we have in NOG’s
future.”
“Per our policy, significant corporate actions can warrant
interim increases to the dividend prior to our annual review,”
commented Chad Allen, NOG’s Chief Financial Officer. “We believe
our strong base business outlook and the significant cash flows
associated with our pending acquisitions also provide capacity for
additional shareholder returns over time.”
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 United States. More information about NOG can be found
at www.noginc.com.
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 (the “Securities
Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
All statements other than statements of historical facts included
in this release regarding NOG’s dividend plans and practices
(including timing and amounts), financial position, business
strategy, plans and objectives of management for future operations,
and other matters are forward-looking statements. When used in this
release, forward-looking statements are generally accompanied by
terms or phrases such as “estimate,” “guidance,” “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 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 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, 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,
legislation or regulatory requirements, conditions of the
securities markets, NOG's ability to consummate any pending
acquisition transactions, other risks and uncertainties related to
the closing of pending acquisition transactions, NOG's ability to
raise or access capital, changes in accounting principles, policies
or guidelines, 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.
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. NOG does not undertake any duty to
update or revise any forward-looking statements, except as may be
required by the federal securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240725383066/en/
Evelyn Leon Infurna Vice President of Investor Relations (952)
476-9800 ir@northernoil.com
Grafico Azioni Northern Oil and Gas (NYSE:NOG)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni Northern Oil and Gas (NYSE:NOG)
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Da Nov 2023 a Nov 2024
