Northern Oil & Gas Inc

NOG

Equity

ISIN US6655313079 / Valor 56935907

New York Stock Exchange, Inc (2025-01-10)

USD 39.96+1.42%

Northern Oil & Gas Inc
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About company

Northern Oil & Gas Inc is the largest publicly traded non-operated upstream energy asset owner in the United States, focusing on the acquisition, exploration, development, and production of oil and natural gas properties primarily in the Williston, Permian, and Appalachian basins. The company prides itself on being a data-driven enterprise, utilizing proprietary data and precise forecasting to inform its capital allocation process. With a data lake that includes performance and operational data across multiple operators, wells, basins, and commodities, Northern Oil & Gas relies on its seasoned engineering team to lead technical analysis and drive decision-making within the company.

Summarized from source with an LLMView SourceSector: Energy

Record Free Cash Flow

Northern Oil & Gas Inc. reported a record free cash flow of $177.1 million in Q3 2024, despite facing weak commodity prices. This achievement marks a significant increase of 32.5% sequentially, as capital expenditures receded for the third consecutive quarter. The company continues to focus on maintaining strong financial performance as it heads into the fourth quarter.

Adjusted EBITDA and Production

For Q3 2024, Northern Oil & Gas Inc. reported an adjusted EBITDA of $412.4 million, reflecting a 7% year-over-year increase, although it saw a slight decline of 0.2% quarter-over-quarter due to lower pricing. The company's average daily production was 121.8 Mboe/d, which represents a 19% increase year-over-year, with oil production up by 2% quarter-over-quarter.

Shareholder Returns

In Q3 2024, Northern Oil & Gas Inc. declared a dividend of $0.42 per share, marking a 10.5% increase year-over-year. Additionally, the company repurchased approximately 397,301 shares of common stock at an average price of $36.38 per share, demonstrating its commitment to returning value to shareholders through dividends and share repurchases.

Balance Sheet and Liquidity

Northern Oil & Gas Inc. maintained a stable leverage ratio in Q3 2024, despite the addition of Point to its revolving line of credit. The company's net debt increased by only about $50 million after acquiring Point, thanks to strong base free cash flow. At the end of the quarter, Northern Oil & Gas Inc. had approximately $1.3 billion of available liquidity, with expectations for steady deleveraging in the future.

Outlook and Development Activity

Looking ahead, Northern Oil & Gas Inc. anticipates a highly active fourth quarter as its drilling and completions list builds. The company continues to have success with its organic acreage leasing program and is evaluating larger non-operated and drilling joint venture opportunities. Despite potential commodity price weaknesses, Northern Oil & Gas Inc. remains disciplined and focused on identifying opportunities that align with its strategic goals.

Summarized from source with an LLMView Source

Key figures

12.8%1Y

82.2%3Y

95.9%5Y

Performance

32.8%1Y

46.3%3Y

66.2%5Y

Volatility