Northern Oil & Gas (NOG) Q4 Results - Feb 19

[dan_s]

NOG Announces Fourth Quarter and Full Year 2024 Results; Provides Detailed 2025 Guidance

FOURTH QUARTER HIGHLIGHTS

Production of 131,777 Boe per day (59.9% oil), a 15% increase from the fourth quarter of the prior year < Slightly higher than my Q4 production forecast of 131,500 Boepd (60% oil).

GAAP cash flow from operations of $290.3 million. Excluding changes in net working capital, cash flow from operations was $358.9 million. < Adjusted Operating Cash Flow beat my forecast of $341 million.

Capital expenditures of $258.9 million, excluding previously-announced non-budgeted acquisitions and other items

Free Cash Flow (non-GAAP) was $96.4 million in the fourth quarter. < Good.

Closed previously announced acquisition of Uinta Basin assets from XCL Resources, LLC ("XCL") on October 1, 2024 for $511.3 million in cash

Declared $0.45 per share common dividend for the first quarter of 2025, an increase of 12.5% from the first quarter of 2024

Repurchased 693,658 shares of common stock at an average price of $36.28 per share

SUBSEQUENT EVENTS

In February 2025, signed definitive agreement to acquire 2,275 net acres in Upton County, TX in Midland Basin joint development with a private operating partner for an unadjusted purchase price of $40 million.

Bottomline: My valuation of $57/share is conservative.