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
CERAWeek: Tecpetrol CEO Touts Argentina Conventional, Unconventional Potential
2024-03-28 - Tecpetrol CEO Ricardo Markous touted Argentina’s conventional and unconventional potential saying the country’s oil production would nearly double by 2030 while LNG exports would likely evolve over three phases.
ConocoPhillips Looks to Scale Portfolio, But Citgo Auction Not a Factor
2024-05-15 - ConocoPhillips has a long-term ambition to boost its LNG offtake capacity to between 10 mtpa to 15 mtpa as it keeps a short-term eye on the auction of Citgo Petroleum.
Exxon’s Guyana Gas Project a “Win-Win,” Set for Hook-up by Year-end ‘24
2024-04-26 - Exxon Mobil Corp. CEO Darren Woods said the company’s gas-to-power project in Guyana is a “win-win proposition particularly for the people of Guyana” when completed and hooked-up by year-end 2024.
Repsol Plans to Double Oil Production in Venezuela
2024-05-01 - Spain’s Repsol plans to double its oil production in Venezuela and continue with its diluent swap agreements with the OPEC country as approved by the U.S. government.
Despite Sanctions Russia Still World’s Fourth Largest LNG Exporter
2024-05-23 - Russia ranked as the world’s fourth-largest LNG exporter in 2023, sending out cargoes of 30 mtpa. Russia’s LNG capacity could surpass 74 mtpa capacity by 2030, according to details published by Flex LNG.