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
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.
Granite Ridge Resources Declares Quarterly Dividend
2024-02-20 - Granite Ridge Resources’ dividend is payable March 15.