Financial Data and Key Metrics Changes - The fourth quarter average daily production was 131,800 BOE per day, and 124,100 BOE per day for the year, exceeding the high end of the guided range [42] - Adjusted EBITDA for the quarter was $407 million, with free cash flow at $96 million, both reflecting strong performance despite lower oil prices and disruptions [44] - For 2024, adjusted EBITDA reached $1.6 billion and free cash flow was $461 million, marking all-time highs for the company [44] - Oil production increased to 78,900 barrels per day, up 11% from Q3 [42] Business Line Data and Key Metrics Changes - The Permian Basin accounted for 60% of net wells turned to sales, with a 12% quarter-over-quarter volume growth [29][43] - The company turned 25.8% net wells to sales in Q4, with the Williston experiencing delays due to commodity pricing issues [29] - The Uinta Basin also faced delays in completions due to third-party takeaway issues, which have since been resolved [30] Market Data and Key Metrics Changes - Oil differentials came in at $3.86 per barrel for the quarter, better than expectations due to a higher proportion of production from the Permian [44] - Natural gas realizations were 81% of benchmark prices for the quarter, significantly improved from Q3 [44] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing a disciplined approach to capital allocation and a non-operated strategy that diversifies risk across various operators and basins [9][24] - The company plans to invest significantly in financial, land, data science, and engineering teams to enhance operational efficiency and identify additional value [23] - The inbound activity for acquisitions is at an all-time high, with the company looking to capitalize on opportunities in a weaker A&D market [19][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged recent disruptions from forest fires, refinery outages, and other operational challenges but expressed confidence in returning to normal operations and achieving growth in 2025 [10][28] - The company expects to exit 2025 with stronger production levels, driven by a robust capital program and strategic partnerships [11][16] - Management highlighted the importance of long-term planning and the ability to adapt to market conditions, with a focus on sustainable returns [25][26] Other Important Information - The company exited the year with over $800 million in liquidity, reflecting a strong cash position [47] - The company has budgeted for a CapEx range of $1.05 billion to $1.2 billion for 2025, with a significant portion allocated to ground game acquisitions and development capital [51] - Proved reserves grew 11% year-over-year to a record 378 million BOE, driven by both organic additions and acquisitions [52] Q&A Session Summary Question: Anticipated production growth for 2025 and 2026 - Management indicated that a significant number of wells are being spudded, which will drive additional growth in 2026, despite some one-off disruptions [58][60] Question: Thoughts on Uinta assets and expectations for 2025 - Management expressed confidence in the Uinta Basin's potential, noting it has been a sought-after area with significant competition for assets [63][66] Question: Appalachian partnership and its potential extension - The Appalachian drilling partnership is a one-year transaction with an option to extend, and management is open to discussions about its future [75][78] Question: Allocation of budget for workovers and refracs - Management expects around 10% to 15% of the budget to be allocated to workovers and refracs, similar to last year [108] Question: Opportunities for inorganic growth - Management sees multiple opportunities for structures similar to the Appalachian partnership across various basins, indicating strong interest from potential partners [119]

Core Viewpoint - Northern Oil and Gas (NOG) reported quarterly earnings of $1.11 per share, missing the Zacks Consensus Estimate of $1.13 per share, and down from $1.61 per share a year ago, indicating a -1.77% earnings surprise [1] Group 1: Earnings Performance - The company posted revenues of $545.47 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.31%, but slightly up from $543.4 million year-over-year [2] - Over the last four quarters, Northern Oil and Gas has surpassed consensus EPS estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $1.30, with expected revenues of $583.43 million, and for the current fiscal year, the EPS estimate is $5.39 on revenues of $2.38 billion [7] Group 2: Stock Performance and Outlook - Northern Oil and Gas shares have declined approximately 5.3% since the beginning of the year, contrasting with the S&P 500's gain of 4.2% [3] - The company's earnings outlook and management commentary will be crucial for future stock performance [4] - The estimate revisions trend for Northern Oil and Gas is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Group 3: Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently in the top 24% of Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

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]

Company Overview - Northern Oil and Gas (NYSE: NOG) reported Q3 2024 results that were largely in-line with expectations [5] - The company reaffirmed its full-year production and capital expenditure (capex) guidance [5] Dividend Information - Northern Oil and Gas expects to declare a quarterly dividend of $0.45 per share during 2025 [5]

Core Viewpoint - Northern Oil and Gas (NOG) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook based on rising earnings estimates, which are a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - For the fiscal year ending December 2024, Northern Oil and Gas is projected to earn $5.40 per share, reflecting a decrease of 17.9% from the previous year [8]. Analyst Sentiment and Market Impact - Analysts have been increasing their earnings estimates for Northern Oil and Gas, with a 0.1% rise in the Zacks Consensus Estimate over the past three months [8]. - The upgrade to Zacks Rank 2 positions Northern Oil and Gas in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Northern Oil and Gas (NOG) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.Northern Oil and Gas is one of 240 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #15 in the Zacks Sector Rank. The Zacks Sector Ran ...

Northern Oil and Gas, Inc.’s (NOG) board of directors recently announced a cash dividend of 42 cents per share, representing a 5% increase from the prior year’s quarter level. The dividend will be payable Jan. 31, 2025, to its stockholders on record as of Dec. 30, 2024.The company also plans to increase its next quarter dividend, which will represent a 10% hike from its 2024 levels.NOG’s 2025 Dividend Plan Aims for Double-Digit GrowthNOG has a policy to set its dividend strategy once a year before declaring ...

Northern Oil and Gas, Inc. (NOG) reported third-quarter 2024 adjusted earnings per share of $1.40, which beat the Zacks Consensus Estimate of $1.26. The outperformance indicates strong production.  However, the bottom line declined from the year-ago reported figure of $1.73 due to weaker realized prices from crude oil and natural gas and a 17.5% increase in operating expenses.Oil and natural gas sales of $514 million missed the Zacks Consensus Estimate of $535 million. The top line increased from the year-a ...