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Northern Oil and Gas (NOG) updated its shareholder repurchase program and plans to increase its quarterly common stock dividend, the company said on July 29.
NOG repurchased 895,076 shares of common stock during second-quarter 2024 at an average of $38.96 per share. In the first half of 2024, NOG repurchased 1.44 million shares at an average price of $37.99 each.
In total, the company has allocated approximately $55 million to share buybacks year-to-date.
NOG’s board of directors recently approved a new $150 million common stock repurchase authorization. Under the program, shares may be repurchased periodically, NOG said.
NOG also recommended its board to approve a common stock dividend of $0.42 per share for third-quarter 2024, a 5% mid-year increase.
On July 28, NOG said it would partner with Vital Energy to buy Point Energy Partners’ Delaware Basin assets in a transaction valued at $1.1 billion. Northern’s portion of the deal involves the purchase of a 20% undivided stake in Point for $220 million.
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Vital Energy, Northern to Buy Delaware E&P Point Energy for $1.1B
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