Zinger Key Points
- NOG expects strong 2025 production growth with 130–135 MBoe/day and increased capital spending.
- NOG anticipates higher well activity, with net well spuds outpacing completions.
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On Wednesday, Northern Oil and Gas, Inc. NOG provided a fourth-quarter 2024 operational update and 2025 guidance.
The company sees fourth-quarter production of 131.0–132.0 MBoe per day, which is near the upper range of its annual production guidance.
The company’s elective Ground Game and leasehold acquisitions in the quarter totaled $27 million.
Capital expenditures for the fourth quarter, excluding non-budgeted transactions, are projected at $231 million – $232 million.
Nick O’Grady, NOG’s Chief Executive Officer, said, “Our platform delivered over 25% production growth in 2024 despite an unusual confluence of events that dampened production in the fourth quarter and heading into 2025. Despite these events, we are optimistic about our positioning for the future.”
Outlook: For 2025, Northern Oil and Gas expects production of 130.0–135.0 MBoe per day and a capital budget of $1.05 billion – $1.20 billion to support increased activity aimed at driving growth in 2026.
In particular, the company projects oil production of 75,000 – 79,000 Bbls per day of the total in 2025.
NOG expects a significant increase in its wells-in-process list in 2025, with 106–110 net well spuds projected to outpace the completion of 97–99 net wells.
Natural gas completions are anticipated to reach 8.0–10.0 net wells, marking a substantial rise from 2024, with most of these completions scheduled for the second half of 2025.
Adam Dirlam, NOG’s President, said, “In the fourth quarter, NOG took advantage of the seasonal weakness in the A&D market. We signed our joint development agreement in Appalachia, had our busiest quarter of the year with our Ground Game, and in February signed another Midland Basin joint venture.”
”We continue to see a multitude of opportunities across our respective basins as we head into 2025 and are encouraged with the prospects ahead of us.”
Last month, the Board of Directors declared a first-quarter 2025 cash dividend of $0.45 per share, reflecting a 12.5% increase year over year and a 7% rise from the previous quarter.
The dividend is payable on April 30, 2025, to stockholders of record as of March 28, 2025.
The company plans to release its fourth quarter and year-end 2024 results on February 19, 2025.
Investors can gain exposure to the stock via Invesco S&P SmallCap Energy ETF PSCE and Nuveen Small Cap Select ETF NSCS
Price Action: NOG shares are trading lower by 2.96% at $34.08 at the last check Thursday.
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