NOG - Northern Oil & Gas, Inc. (NYSE: NOG)

NOG, as part of the recently announced XCL joint acquisition in the Uinta Basin, through its AMI agreement, will exercise the option to purchase additional Uinta assets alongside its operating partner for an unadjusted purchase price of $17.5 million. For a mere 3.5% of its Uinta transaction value, the option exercise increases NOG's estimated Uinta acreage by nearly 70% and undeveloped inventory by approximately 20%. https://lnkd.in/eVn2NQYb

It's official. NOG raises its dividend for the 12th time in 14 quarters. The increase to $0.42 for the quarter represents 11% year over year and 5% sequentially with the yield at current trading levels at a healthy 4.5%. We are dedicated to increasing cash returns to our investors as the business grows, and NOG has the luxury of having such options given its rich free cash flow and myriad of future growth possibilities. https://lnkd.in/eDdCbGix

NOG reported strong 2q results today, with record production and other metrics. The Company continues to be poised for standout growth both this year and looking towards 2025, yet it continues to generate peer leading return on capital employed. “NOG’s results continue to underscore its role as the definitive national working interest franchise, diversified by region and commodity mix, with low leverage, strong free cash flow, and growing cash returns,” commented Nick O’Grady, NOG’s Chief Executive Officer. “Our cash flow and production are at record levels, and we have increased our shareholder returns. At the same time, we continue to find both organic and inorganic paths to growth for our investors positioning NOG as a superior investment alternative for the long term. As we reinforce through our financial results and through our corporate actions, we are unrivaled in our niche and continue to press our advantage. We remain highly aligned with and motivated to continue to deliver for our investors in the future.” https://lnkd.in/gHQdivTn

“Last night we announced our fifth joint acquisition and our second venture with Vital Energy. These large acquisitions have been game changers for NOG. They allow us to deploy larger amounts of capital at one time at highly attractive returns and afford us a seat at the table allowing us to have a say on how our capital is deployed. They streamline our operations and enable us to be highly capital efficient,” commented Nick O’Grady, NOG’s Chief Executive Officer. “Point and XCL are both highly accretive and self-funding. Our optimism and visibility on free cash flow generation has prompted us to recommend a 5% increase to our current dividend with the potential for a further increase during our annual dividend review. NOG is well positioned to defend its position as the non-operating partner of choice and to continue to generate value for our stakeholders.”

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“Today NOG announced the joint acquisition of XCL Resource's Uinta Basin assets with SM Energy for $510 million. This represents the most important acquisition in our Company's history. We add a fourth basin to the business, representing about 8% of our pro forma volumes. XCL gives us another asset with a decade plus of continuous development on what we underwrote, with significant future upside still untapped”, commented Nick O’Grady, Chief Executive Officer of NOG.    “With this acquisition, we are replicating our proven strategy of purchasing a high-quality asset alongside a strong operator defined by vigorous governance and line of sight to development and future growth. As the non-operated model goes, we are redefining what is in the realm of the possible.  We are solidifying our position as the definitive national, non-operated franchise with low leverage, strong free cash flow and growing returns of capital to shareholders, diversified by both commodity mix and basin. We are excited to be working with SM, one of our most efficient operators, to extract value for our collective stakeholders”. For more information on the acquisition visit NOGInc.com

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NOG declares another strong quarterly quarterly dividend. In addition, the company augmented the $41 million in dividend payments in Q1 with an additional $20 million in common stock repurchases. We bought 549,657 shares at an average price of $36.42, or 10% below yesterday's close. Annualized, and based on the average share price over the first quarter NOG delivered a 7% shareholder return. Combined with our stock appreciation in Q1, we delivered an annualized total return of over 32% for the first quarter, so we are off to quite a good start, indeed! https://lnkd.in/guxpN8JV