Northern Oil & Gas (NOG) Update - Feb 1

[dan_s]

NOG was added to the Sweet 16 on 1/1/2022. The share price is up more than 12.7% YTD and I expect the company to raise its quarterly dividend each quarter through 2023.

NOG Declares $0.14 Cash Dividend on its Common Stock, a 75% Increase Over Prior Quarter, and Provides Balance Sheet Update

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE American: NOG) (“NOG”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.14 per share, representing a 75% increase from the prior quarterly dividend. The dividend is payable on April 29, 2022, to stockholders of record as of the close of business on March 30, 2022. NOG additionally is providing a year-end 2021 balance sheet update.

HIGHLIGHTS

Cash dividend declared of $0.14 per share of common stock, above management’s previous plan of $0.12 per share
NOG estimates December 31, 2021 year-end balances of $9.5 million of cash on hand and $55 million outstanding on its Revolving Credit Facility, prior to the closing of the Veritas acquisition in January 2022
Balance sheet items are inclusive of a $40.7 million deposit paid in November 2021 upon signing of the Veritas acquisition

MANAGEMENT COMMENTS

“The $0.14 per share dividend declared by the Board this quarter is above our previous plan of $0.12 per share,” commented Chad Allen, NOG’s Chief Financial Officer. “This is a function of continued strong free cash flow, the achievement of balance sheet targets ahead of schedule, and the strong outlook for our business as we begin 2022.”