Northern Oil and Gas raises quarterly dividend 18% to 40c per share

Northern Oil and Gas announced the declaration of a dividend on the Company’s common stock and provided an update on current hedging positions. NOG‘s Board of Directors has declared a cash dividend in the amount of $0.40 per share, the planned quarterly level for 2024 as previously disclosed. The dividend is payable on April 30, 2024, to stockholders of record as of the close of business on March 28, 2024. “We continue to deliver on our plan to generate strong free cash flow that can be dynamically allocated to create value for our investors,” commented Chad Allen, NOG’s Chief Financial Officer. “At the same time, through our practice of systematic hedging, we are protecting our underwritten returns. With an improved hedge profile, strong balance sheet and significant free cash flow, we have great options to deliver growth and value in multiple forms. Given our attractive current dividend yield of approximately 5% and a moderated commodity price environment, we plan to prioritize further growth investments and potential share repurchases as we seek to maximize total shareholder return in 2024.”