NOG Declares $0.30 Quarterly Cash Dividend, 20% Increase over Prior Quarter; Provides Shareholder Return Update
MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.30 per share, representing a 20% increase from the prior quarterly dividend. The dividend is payable on January 31, 2023, to stockholders of record as of the close of business on December 29, 2022.
SHAREHOLDER RETURN UPDATE
During the third quarter and October 2022, the Company repurchased 1.37 million shares of common stock at an average price of $28.34 per share. In total, year-to-date, the Company has repurchased 1.81 million common shares at an average price of $28.42 per share, for a total of $51.5 million. The Company has $98.5 million remaining available on its existing common stock repurchase authorization.
Year-to-date through the end of October 2022, the Company has retired $23.4 million of its 8.125% Senior Unsecured Notes at an average price of 96.7% of par value. The Company has $26.6 million remaining available on its existing notes repurchase authorization.
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.
Source: Northern Oil and Gas, Inc.
Released November 3, 2022