NOG Increases Cash Dividend by Five Percent

The board of directors of Northern Oil and Gas Inc. (NOG) has raised its quarterly dividend to $0.45 per share, an increase of five percent from the prior year’s quarterly dividend. The company said in a media release that the dividend is payable on January 31, 2025, to stockholders of record as of the close of business on December 30, 2025.

NOG plans to set a dividend policy once per year, no later than the declaration date for the first quarter dividend of any given calendar year, with the potential for interim modifications driven by material changes in realized commodity prices, significant corporate actions, or other events.

“As NOG continues to grow, we believe that our investors deserve an increased portion of the Company’s cash flows in the form of shareholder returns”, Nick O’Grady, NOG’s Chief Executive Officer, said. “Our dividend policy demonstrates NOG’s superior total return model, supporting a double-digit annualized dividend increase alongside a prudent payout ratio and robust growth prospects”.

NOG said it anticipates increasing the next quarterly dividend to $0.45 per share and maintaining that level throughout 2025, absent significant changes or events.

“If approved, total per share dividends declared in 2025 would increase 10 percent versus 2024. Under Delaware law, the Board may not declare a dividend more than 60 days before the record date, and NOG can make no assurances that current dividend rates or any future dividends will be declared”, the company said.

The share dividends increase comes on the back of a net profit jump in the third quarter, as well as strong production. Net income totaled $298.4 million during the third quarter of 2024. Third quarter production was 121,815 barrels of oil equivalent per day. 

To contact the author, email andreson.n.paul@gmail.com