Northern Oil and Gas Inc. is delivering its 2024 dividend plan a quarter early with its board of directors declaring a $0.40 per share cash dividend on its common stock, NOG announced in an Oct. 30 press release.

The dividend is an approximately 5% increase from the previous quarterly dividend and is payable on Jan. 31, 2024 to stockholders on record as of Dec. 28, according to the release.

NOG’s current 2024 quarterly dividend plan is maintaining the $0.40 per share quarterly dividend throughout next year. If approved, total per share dividends declared in 2024 would increase approximately 7% versus 2023.

“We have a high degree of confidence in our asset base, execution and risk management, which should allow us to deliver a solid, growing and dependable cash return for our investors,” said NOG’s CFO Chad Allen in the press release. “At recent prices, our 2024 dividend plan would result in an attractive 4.3% yield. Importantly, despite these healthy payouts, we will continue to retain significant additional free cash flow with the goal of compounding returns to drive steadily higher dividend capacity in the years to come.”