Northern Oil & Gas (NOG) Dividend Update - Aug 1

dan_s · Post by **dan_s** » Mon Aug 01, 2022 3:22 pm

NOG Declares $0.25 Quarterly Cash Dividend, 32% Increase over Prior Quarter, and Provides Share Repurchase Update

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.25 per share, representing a 32% increase from the prior quarterly dividend. The dividend is payable on October 31, 2022, to stockholders of record as of the close of business on September 29, 2022. Additionally, the Company has provided an update on recently completed share repurchases.

SHARE REPURCHASE UPDATE

NOG repurchased approximately $12.8 million worth of common stock in the second quarter of 2022, an increase of $2.8 million from the most recent public announcement. In the second quarter, the company repurchased 447,051 shares at an average price of $28.65 per share.

In the third quarter-to-date, the Company has repurchased an additional $7.2 million worth of common stock. The company repurchased an additional 309,126 shares at an average price of $23.26 per share.

In total, year-to-date, the Company has repurchased 756,177 common shares at an average price of $26.45 for a total of $20.0 million and has $130.0 million remaining on its existing common stock repurchase authorization.

MANAGEMENT COMMENTS

“As expected, the Board of Directors has approved another substantial increase to our common stock dividend,” commented Chad Allen, NOG’s Chief Financial Officer. “With our significant free cash flow profile, we have taken an all-of-the-above approach to shareholder returns in 2022, growing our common stock dividend while also repurchasing and retiring common stock, preferred stock and senior notes.”

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.