Northern Oil and Gas recently closed acquisitions in the Utica Shale and Delaware Basin. (Source: Shutterstock)
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.
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