Northern Oil & Fuel Inc. (NOG) has added $100 million to its current $150 million share repurchase program.
The unique bundle was introduced July 2024 and had $100 million left earlier than this enhance, the Minnetonka, Minnesota-based manufacturing firm mentioned in a web-based assertion.
Within the first quarter of 2025 to this point, NOG redeemed over 330,000 shares for about $10 million at a median worth of $29.86 per share inclusive of commissions.
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“The elevated authorization displays the Firm’s confidence in its technique, marketing strategy and prospects and underscores NOG’s long-term dedication to returning capital to shareholders”, NOG mentioned.
NOG chief monetary officer Chad Allen commented, “Amid heightened market volatility, we’ll prudently stability share repurchases with sustaining a robust and bettering leverage profile”.
“The expanded share repurchase authorization enhances our long-term capital allocation flexibility. Whereas sustaining a robust stability sheet stays our foremost precedence, our disciplined hedging technique offers the pliability to pursue development alternatives, deleveraging and share repurchases – permitting us to strengthen our monetary place whereas seizing distinctive worth alternatives for shareholders”.
NOG earlier declared $0.45 in dividend per share for the primary quarter of 2025, up 12.5 p.c from the primary quarter of 2024.
It reported $71.7 million in web revenue for the fourth quarter (This fall) of 2024, down 81.56 p.c towards the identical three-month interval within the prior yr as decrease oil and gasoline promoting costs offset a rise in manufacturing. Per-share web revenue was $0.72 primary and $0.71 diluted, based on outcomes printed on-line by the corporate February 19, 2025.
NOG produced 132,000 barrels of oil equal a day (boed) within the October-December 2024 quarter, up 15.79 p.c year-on-year. This fall 2024 manufacturing consisted of 79,000 barrels per day (bpd) of oil and 317 million cubic toes a day of gasoline.
NOG’s common oil gross sales worth settled at $65.4 per barrel, down from $74.51 in This fall 2023. The common web oil sale worth accounting for settled derivatives was $67.57, in comparison with $73.66 in This fall 2023.
This fall 2024 oil and gasoline gross sales totaled $545.47 million. NOG reported $34.22 million in derivatives losses. Revenue from operations got here at $132.63 million. Complete revenue earlier than revenue taxes landed at $87.84 million. Free money move was $96.38 million.
NOG’s confirmed reserves on the finish of 2024 grew 11 p.c towards year-end 2023 to 378.5 million boe.
In 2025 NOG plans to supply 130,000-135,000 boed. Oil output steerage is 75,000-79,000 bpd.
“We count on to execute a file variety of SPUDs, constructing momentum all year long”, chief govt Nick O’Grady mentioned. “Our diversified mannequin positions NOG with substantial exterior alternatives to create further worth, additional solidifying our dedication to delivering each top-tier relative and absolute returns”.
To contact the creator, electronic mail jov.onsat@rigzone.com
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