![NOG Updates Share Buyback Following Point Energy Purchase](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/07/nog-updates-share-buyback-following-point-energy-purchase.jpg?itok=4cXOIrj3)
(Source: Shutterstock.com)
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.
RELATED
Vital Energy, Northern to Buy Delaware E&P Point Energy for $1.1B
Recommended Reading
Time is Money: Shell Prioritizes Speed with Brownfield Strategy
2024-05-09 - Shell’s replicant strategy trades customization of the production unit for a sped-up cycle time for Whale, Sparta developments in the deepwater Gulf of Mexico.
Exclusive: ChampionX Innovation Needed to Drill the Incremental Barrel
2024-05-14 - Soma Somasundaram, president and CEO of ChampionX, emphasized the need to innovate when drilling for the incremental barrel, as well as the oilfield services sector’s role in the path to net zero.
Grow Canada! Increased Production Boosts Energy Security
2024-06-18 - U.S. refineries drink in heavy crude, but domestic politics are always a hurdle.
Balmoral Focusing on ‘Buoyant’ Offshore Wind Sector
2024-06-04 - Balmoral’s sales director Gary Yeoman discusses trends in the offshore energy industry and introduces the company’s scour protection system in this Hart Energy Exclusive interview.