Financial Performance - NOG paid approximately $42 million in dividends during Q1 2025, with a declared dividend of $0.45 per share, representing a 7% increase over the prior quarterly dividend[8]. - Total shareholder returns, including stock repurchases and dividends, amounted to approximately $57.0 million year-to-date[8]. - Preliminary financial information for Q1 2025 is subject to completion of financial closing procedures and may differ from actual results[10]. Hedging and Derivatives - Unrealized mark-to-market gains on derivatives for Q1 2025 were estimated at $9.0 – $10.0 million, while realized hedge gains were estimated at $11.0 - $12.0 million[2]. - The company has hedged an average of over 50,600 Bbl per day of oil at a swap price averaging over $73.70 and over 197,200 MMBtu per day of natural gas at a swap price averaging over $4.05 for the remainder of 2025[3]. - For Q2 2025, NOG has crude oil swaps totaling 2,877,658 Bbl at an average price of $74.41 and natural gas swaps totaling 8,111,664 MMBtu at an average price of $3.96[4][5]. - The company has significant hedges in place for 2026, including over 25,500 Bbl per day of oil and 155,700 MMBtu per day of natural gas hedged for Q1 2026[3]. - The company has entered into various financial derivative instruments to lock in future commodity prices, enhancing its capital program protection[3]. Share Repurchase - The company repurchased 499,100 shares at an average price of $30.07 during Q1 2025, totaling a year-to-date repurchase value of $15.0 million[8]. Strategic Focus - NOG's strategy focuses on acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins within the contiguous United States[9].

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Core Insights - Northern Oil and Gas (NOG) reported revenue of $545.47 million for the quarter ended December 2024, reflecting a 0.4% increase year-over-year, but fell short of the Zacks Consensus Estimate of $552.72 million, resulting in a surprise of -1.31% [1] - The company's EPS was $1.11, down from $1.61 in the same quarter last year, with an EPS surprise of -1.77% against a consensus estimate of $1.13 [1] Financial Performance Metrics - Average Daily Production of Oil was 79,000 BBL/D, exceeding the analyst estimate of 77,538.63 BBL/D [4] - Average Daily Production of Natural Gas and NGLs was 317,000 Mcf/D, also surpassing the estimate of 306,563.9 Mcf/D [4] - Total Net Production reached 12,123 KBOE, compared to the average estimate of 11,884.49 KBOE [4] - Average Sales Price for Oil was $65.40, slightly below the estimate of $66.80 [4] - Net Sales from Oil Sales were $474.94 million, marginally lower than the estimated $475.74 million, but represented a 0.6% increase year-over-year [4] - Net Sales from Natural Gas and NGL Sales were $70.53 million, which is a -1.1% change compared to the year-ago quarter, and above the estimate of $55.69 million [4] Stock Performance - Shares of Northern Oil and Gas have declined by 23.7% over the past month, contrasting with the Zacks S&P 500 composite's decline of 3.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Northern Oil and Gas, Inc. (NOG) reported fourth-quarter 2024 adjusted earnings per share of $1.11, slightly missing the Zacks Consensus Estimate of $1.13, and down from $1.61 in the previous year due to weaker commodity prices and a 23.6% increase in operating expenses [1] - Oil and natural gas sales totaled $545 million, missing the Zacks Consensus Estimate of $553 million, but increased from $543 million year-over-year, driven by a higher-than-expected average sales price of Natural Gas and NGLs, which exceeded estimates by 17.5% [2] - Adjusted EBITDA was $406.6 million, compared to $401.7 million in the year-ago period, beating the estimate of $397.6 million [3] Shareholder Returns - NOG repurchased 693,658 shares at an average price of $36.28 per share in the quarter, totaling 2,535,391 shares repurchased year-to-date at a weighted average price of $37.27, resulting in total shareholder returns of nearly $260 million for the year [4] - The board declared a quarterly cash dividend of 45 cents per share, a 7% increase from the prior quarter, payable on April 30, 2025 [5] Acquisitions and Development - NOG announced a $40 million cash deal to acquire assets in Upton County, TX, including approximately 2,275 net acres in the Midland Basin, expected to finalize within 60 days [6] - The company completed the purchase of Uinta Basin assets from XCL Resources for $511.3 million, adding over 15,800 net acres and around 116 undeveloped locations [17][18] Production and Costs - Fourth-quarter production increased 15% year-over-year to 131,777 barrels of oil equivalent per day (Boe/d), slightly exceeding the estimate of 131,300 Boe/d [7] - Total operating expenses rose to $382.3 million from $309.5 million year-over-year, driven by increased production expenses and other costs, while lease operating expenses decreased to $9.62 per Boe [11] Capital Expenditures and Guidance - Capital spending for the fourth quarter was reported at $258.9 million, with $197.3 million allocated for organic drilling and completion [12] - For 2025, NOG anticipates annual oil production between 75,000-79,000 barrels per day and total production between 130,000 Boe/d and 135,000 Boe/d, with capital spending expected to be between $1,050 million and $1,200 million [15]

Production and Sales - Net oil production increased to 26,511 MBbl in 2024, up 20% from 22,013 MBbl in 2023, while natural gas production rose to 113,476 MMcf, a 34% increase from 84,342 MMcf[275]. - In 2024, the company reported net production of 26,511 MBbl of oil and 113,476 MMcf of natural gas, representing a 20.5% increase in oil production and a 34.6% increase in natural gas production compared to 2023[332][334]. - Total revenues for 2024 were $2,225.7 million, a slight increase of 2.7% from $2,166.3 million in 2023, driven by a 13% increase in oil, natural gas, and NGL sales[332][334]. - Oil accounted for 88% and 87% of total oil and gas sales in 2024 and 2023, respectively, indicating a strong reliance on oil prices for cash flow stability[352]. Prices and Expenses - Average sales price for oil decreased to $71.59 per Bbl in 2024 from $74.78 per Bbl in 2023, while natural gas prices fell to $2.24 per Mcf from $2.98 per Mcf[275]. - The average realized price per Boe in 2024 was $49.21, down 9.3% from $54.22 in 2023, primarily due to lower average NYMEX oil and natural gas prices[338]. - Total production expenses per Boe were $9.46 in 2024, slightly down from $9.62 in 2023[275]. - Production expenses increased by 24% to $429.8 million in 2024, but on a per Boe basis, they decreased by 2% to $9.46[340]. - The depletion expense for oil and natural gas properties was $736.6 million in 2024, up from $482.3 million in 2023, with a per Boe depletion expense of $16.22[290]. Capital Expenditures and Financing - Total capital expenditures for 2024 were $1.7 billion, down from $1.9 billion in 2023, with drilling and development expenditures at $771.3 million[361]. - The company plans to budget approximately $1.05 billion to $1.20 billion in total planned capital expenditures for 2025[371]. - Net cash provided by financing activities decreased to $266.8 million in 2024 from $684.7 million in 2023, primarily due to increased borrowings and repayments under the Revolving Credit Facility[364]. - As of December 31, 2024, total debt was $2.39 billion, including $690 million under the Revolving Credit Facility and $1.7 billion in various senior notes[350]. - The company expects to fund planned capital expenditures through cash generated from operations and, if necessary, borrowings under the Revolving Credit Facility[371]. Shareholder Activities - The company repurchased 2,535,391 shares of common stock for $95.4 million in 2024, averaging $37.27 per share[349]. - The company repurchased 2,535,391 shares of common stock at a total cost of $95.4 million during the year ended December 31, 2024[372]. Risk Management - The company has entered into derivatives contracts to hedge commodity price risk on a portion of future expected oil and natural gas production[329]. - The company hedged approximately 73% of crude oil production and 63% of natural gas production in 2024, compared to 65% and 64% in 2023, respectively[352]. - The company uses derivative instruments to manage market risks from fluctuations in oil and natural gas prices, with various contracts in place for 2025 and 2026[388][397][399]. - As of December 31, 2024, the company had open crude oil derivative contracts totaling 12,776 MBbls for 2025, with a weighted average price of approximately $73.75 per Bbl[397]. - The company had open natural gas derivative contracts totaling 16,410,000 MMBTU for 2025, with a weighted average price of approximately $3.52 per MMBTU[399]. Financial Performance - Interest expense rose to $157.7 million in 2024, up from $135.7 million in 2023, primarily due to increased debt levels for acquisition activities[345]. - Income tax expense for 2024 was $160.5 million, with an effective tax rate of 23.6%, significantly higher than the 7.8% effective tax rate in 2023[347]. - Net cash provided by operating activities increased to $1.4 billion in 2024 from $1.2 billion in 2023, driven by higher production volumes[360]. - Working capital deficit increased to $43.5 million in 2024 from a surplus of $123.6 million in 2023, with current liabilities rising by $158.5 million[356]. Reserves and Assets - The company holds approximately 292,500 net acres in the U.S., with 84% of total acreage developed as of December 31, 2024[281]. - Approximately 27% of the company's proved oil and gas reserve volumes are categorized as proved undeveloped reserves[380]. - The present value of future net cash flows from proved oil and natural gas reserves is subject to fluctuations based on oil and gas prices, which can significantly impact the company's financial condition[393]. - The company’s estimates of proved reserves quantities were prepared in accordance with SEC rules, audited by independent reserve engineers[382]. Interest Rate Management - The company’s long-term debt as of December 31, 2024, included both fixed and floating interest rates, with the Revolving Credit Facility having a floating rate[402]. - The company may use interest rate swaps to convert a portion of its variable rate indebtedness to fixed rate indebtedness[403]. - A 1% increase in short-term interest rates on the floating-rate debt outstanding as of December 31, 2024, would result in approximately $6.9 million in additional annual interest expense[405].

Northern Oil and Gas, Inc. (NYSE:NOG) Q4 2024 Results Conference Call February 20, 2025 9:00 AM ET Company Participants Erik Romslo - Chief Legal Officer Nick O'Grady - Chief Executive Officer Adam Dirlam – President Chad Allen - Chief Financial Officer Jim Evans - Chief Technical Officer Conference Call Participants Neal Dingmann - Truist Securities Scott Hanold - RBC Capital Markets Charles Meade - Johnson Rice John Freeman - Raymond James Paul Diamond - Citigroup Noel Parks - Tuohy Brothers Noah Hungness ...

Northern Oil and Gas (NOG) came out with quarterly earnings of $1.11 per share, missing the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $1.61 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -1.77%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $1.16 per share when it actually produced earnings of $1.40, delivering a surprise of 20.69%.Over the last ...

Financial Results - Northern Oil and Gas, Inc. reported preliminary financial results for Q4 and full year 2024 on January 28, 2025[4]. Company Information - The company is listed on the New York Stock Exchange under the trading symbol NOG[3]. - The press release detailing financial and operational information is available as Exhibit 99.1[5].

Core Viewpoint - Analysts expect Northern Oil and Gas (NOG) to report quarterly earnings of $1.13 per share, reflecting a year-over-year decline of 29.8%, with revenues projected at $557.33 million, an increase of 2.6% from the previous year [1] Earnings Projections - The consensus EPS estimate has been revised upward by 0.9% over the past 30 days, indicating a collective reassessment by analysts [1][2] Revenue Estimates - The consensus estimate for 'Net Sales- Oil Sales' is $475.74 million, suggesting a year-over-year change of +0.8% [4] - 'Net Sales- Natural Gas and NGL Sales' is expected to be $55.69 million, indicating a year-over-year decline of 21.9% [4] Production Metrics - 'Average Daily Production - Oil' is forecasted to reach 77,888.63 BBL/D, compared to 68,871 BBL/D in the same quarter last year [4] - 'Average Daily Production - Natural Gas and NGLs' is projected at 300,613.90 Mcf/D, up from 272,950 Mcf/D year-over-year [5] - 'Net Production - Total' is expected to be 11,826.89 KBOE, an increase from 10,521.39 KBOE in the previous year [5] Pricing Estimates - 'Average Sales Prices - Oil' is estimated to be $66.80, down from $74.51 year-over-year [7] - 'Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives' is projected at $2.69, compared to $3.52 in the previous year [8] Stock Performance - Shares of Northern Oil and Gas have decreased by 16.5% in the past month, contrasting with a 4.7% increase in the Zacks S&P 500 composite [8]

Company Overview - Northern Oil and Gas (NOG) is expected to report a year-over-year decline in earnings of 28% with an EPS of $1.16 for the quarter ended December 2024, while revenues are projected to increase by 2.3% to $555.83 million [3][12] Earnings Expectations - The earnings report is anticipated to be released on February 19, 2025, and could lead to stock price movements depending on whether the actual results exceed or fall short of expectations [2][12] - The consensus EPS estimate has been revised 2.39% higher in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Northern Oil and Gas matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11] - The company holds a Zacks Rank of 3, suggesting a neutral outlook [11] Historical Performance - In the last reported quarter, Northern Oil and Gas exceeded the consensus EPS estimate of $1.16 by delivering earnings of $1.40, resulting in a surprise of +20.69% [12] - Over the past four quarters, the company has beaten consensus EPS estimates three times [13] Industry Context - Matador Resources (MTDR), a peer in the oil and gas exploration and production sector, is expected to report an EPS of $1.74 for the same quarter, reflecting a year-over-year decline of 12.6% with revenues projected to rise by 14.2% to $955.17 million [17] - Matador's consensus EPS estimate has been revised up by 8.2% in the last 30 days, but it currently has an Earnings ESP of -2.85% [18]