The company periodically enters into derivative agreements to hedge a portion of its commodity pricing exposure. For the first quarter of 2023, unrealized mark-to-market gains on derivatives are estimated to be approximately $140M and realized derivative hedge gains are estimated to be approximately $13.6M. "The volatility experienced in the capital and commodity markets in the first quarter provided significant opportunities for the company and its investors," commented Nick O’Grady, NOG‘s CEO. "The company continues to repurchase shares and retire debt during periods of market dislocations. Consistent with our objectives, we are pursuing a measured approach in 2023, balancing growth, increased cash returns, leverage levels and tactical securities repurchases to deliver a superior total return for our investors."
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on NOG:
- Buy These 2 Oil Stocks, Analysts Say, Predicting Strong Gains Ahead
- 3 Best Stocks to Buy Now, 4/11/2023, According to Top Analysts
- Northern Oil and Gas price target raised to $59 from $44 at Truist
- Northern Oil and Gas names Jim Evans as Chief Technical Officer
- Northern Oil and Gas price target lowered to $50 from $55 at Piper Sandler
