Northern Oil And Gas ( (NOG) ) has released its Q4 earnings. Here is a breakdown of the information Northern Oil And Gas presented to its investors.
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Northern Oil and Gas, Inc. (NOG), a company focused on acquiring and investing in non-operated minority working and mineral interests in key hydrocarbon producing areas across the contiguous United States, released its fourth-quarter and full-year 2024 financial results, along with guidance for 2025.
In the fourth quarter of 2024, NOG reported a production increase of 15% year-over-year, reaching 131,777 Boe per day with oil contributing nearly 60% of the total production. This was accompanied by a significant cash flow from operations, reaching $358.9 million, excluding working capital changes, and a free cash flow of $96.4 million. The company also closed a major acquisition of Uinta Basin assets for $511.3 million in cash.
Key financial highlights for the full year 2024 include a 26% increase in production compared to 2023, with oil and natural gas sales amounting to $2.2 billion. The company’s adjusted EBITDA rose to $1.6 billion, indicating a 13% increase from the previous year. Moreover, NOG continued its shareholder return strategy, increasing the quarterly dividend by 12.5% and executing share repurchases totaling $260 million for the year.
Looking forward, NOG has set an ambitious capital plan for 2025, focusing on growth and expansion in its core operating areas. The company projects production levels between 130,000 to 135,000 Boe per day and plans to invest between $1.05 billion and $1.20 billion across various basins. NOG’s management remains optimistic about sustaining growth and enhancing shareholder value through strategic investments and operational efficiencies.
