Northern Oil and Gas announces $150M share repurchase program, to raise dividend

NOG’s board of directors approved a new $150M common stock repurchase authorization, replacing its prior authorization which was substantially depleted. Per company policy, interim modifications to the dividend can be driven by material changes in realized commodity prices, significant corporate actions or other events, prior to the company’s planned annual dividend review during the first quarter of a given fiscal year. Management intends to submit a request to the board of directors for a 5%, or 2c, mid-year increase to NOG‘s quarterly common stock dividend, to $0.42 per share, for the third quarter of 2024. The company said, “The recommendation is driven by strong cash flow experienced year-to-date and a robust business outlook, combined with the confidence in the cash flows to be provided by NOG’s pending acquisitions, Under Delaware law, the Board may not approve dividends more than 60 days before the record date.”