Northern's Q4 Earnings Lag Estimates, Revenues Increase Y/Y

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$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]