Non-op E&P Northern Oil and Gas (NOG), fresh off closing deals in the Utica Shale and Delaware Basin, has announced a $0.40 per share dividend, an 18% year-over-year increase.
NOG’s board declared a cash dividend payable on April 30 to stockholders of record as of the close of business on March 28.
“At the same time, through our practice of systematic hedging, we are protecting our underwritten returns. With an improved hedge profile, strong balance sheet and significant free cash flow, we have great options to deliver growth and value in multiple forms,” NOG CFO Chad Allen said in a press release.
With a current dividend yield of approximately 5% and a moderated commodity price environment, NOG plans to prioritize investments and potential share repurchases in 2024 to maximize shareholder returns, Allen said.
NOG also released details on its hedging program for 2024 through 2026.
Recommended Reading
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Continental Resources Makes $1B in M&A Moves—But Where?
2024-02-26 - Continental Resources added acreage in Oklahoma’s Anadarko Basin, but precisely where else it bought and sold is a little more complicated.
EQT Deal to ‘Vertically Integrate’ Equitrans Faces Steep Challenges
2024-03-11 - EQT Corp. plans to acquire Equitrans Midstream with $5.5 billion equity, but will assume debt of $7.6 billion or more in the process, while likely facing intense regulatory scrutiny.
Sitio Closes D-J Basin Deal, Looks to Defragment Minerals Space
2024-05-09 - Sitio Royalties closed its acquisition of 13,062 net royalty acres. CEO Chris Conoscenti has a strong pipeline of minerals acquisition opportunities.