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Under normal market conditions, the Fund invests at least 80% of the sum of its net assets in exchange-traded common stocks of small-capitalization companies. Small-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2021, the range of the index was $41 million to $12.4 billion.

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NOG shares are trading higher premarket after providing a Q4 operational update and 2025 guidance. Expect 130-135 MBoe/day production in 2025 with a capital budget of $1.05-1.2 billion.

Northern Oil And Gas Eyes 2025 Growth Despite Q4 Setbacks: Details

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Matador Resources to acquire Ameredev II&#39;s oil and gas properties in NM and TX for $1.91B, including 19% stake in Piñon Midstream. Expected to close Q3 2024. 

Matador Resources&#39; $1.9B Deal Expands Oil And Gas Dominance In Texas And New Mexico: Details

On Wednesday, Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) provided a fourth-quarter 2024 <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43679675/nog-provides-fourth-quarter-2024-operational-update-provides-initial-2025-capital-and-production-g" rel="noreferrer noopener">operational update and 2025 guidance</a>.



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&#8217;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&#8217;Grady, NOG&#8217;s Chief Executive Officer, said, &#8220;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.&#8221;



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 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">aimed at driving growth in 2026</a>.



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&#8217;s President, said, &#8220;In the fourth quarter, NOG took advantage of the seasonal weakness in the A&amp;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.&#8221;



&#8221;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.&#8221;



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 target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43287479/nog-declares-0-45-quarterly-cash-dividend-12-5-increase-year-over-year-provides-update-on-share-re" rel="noreferrer noopener">a 7% rise from the previous quarter</a>.



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&nbsp;&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">results on February 19, 2025</a>.



Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and Nuveen Small Cap Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSCS#NYSE">NSCS</a>)



Price Action: NOG shares are trading lower by 2.96% at $34.08 at the last check Thursday.



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Photo via Shutterstock.

Matador Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTDR#NYSE">MTDR</a>) shares are trading higher after the company disclosed that its subsidiary has entered into an agreement to acquire Ameredev II&#8217;s oil and gas properties in Lea County, New Mexico, and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39287916/matador-resources-company-announces-strategic-bolt-on-delaware-basin-acquisition" rel="noreferrer noopener">Loving and Winkler Counties, Texas, for $1.905 billion</a>.



The Ameredev acquisition also includes a 19% stake in Piñon Midstream, LLC, which has assets in southern Lea County, New Mexico. Ameredev is a portfolio company of EnCap Investments L.P.



The Ameredev acquisition, effective June 1, 2024, is expected to close late in the&nbsp;third quarter of 2024, pending customary conditions.



The deal will expand Matador&#8217;s midstream footprint with a 19% stake in Piñon, enhancing coordination in gathering, transporting, and treating natural gas from the Ameredev properties.



Synergies: After deal closure, Matador expects to have over 190,000 net acres in the Delaware Basin, around 2,000 net locations, production exceeding 180,000 BOE per day, proven reserves of over 580 million BOE, and an enterprise value surpassing $10 billion.



The acquisition is expected to generate forward one-year Adjusted EBITDA of approximately $425 to $475 million at strip prices as of late May 2024, representing an attractive purchase price multiple of 4.2x for the upstream assets.



Ameredev asset highlights include an estimated production of 25,000 to 26,000 BOE daily, with <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">65% oil, in the third quarter of 2024</a>.



Matador estimates the total proved oil and natural gas reserves linked to the Ameredev properties to be 118 million BOE (60% oil) as of May-end.



Upon combining with Ameredev, the pro forma company is projected to possess 578 million BOE, marking a 26% increase from Matador&#8217;s total proved reserves of 460 million BOE as of December 31, 2023.



Joseph Wm. Foran, Matador&#8217;s Founder, Chairman, and CEO, said, &#8220;We evaluated this opportunity based on the high rock quality, the strong existing production and cash flow profile, the significant reserves additions, the high-quality inventory, the strategic fit within our existing portfolio of properties and the expansion of our midstream footprint with an ownership interest in Piñon.&#8221;



&#8220;We took significant strides during and shortly after the first quarter of 2024 to strengthen our balance sheet and allow us to participate in another special opportunity like this one.&#8221;



&#8220;This acquisition also positions Matador for continued success and growth throughout 2024, 2025 and into the future as one of the top ten producers in the Delaware Basin.&#8221;



To assist in financing this all-cash transaction, Matador has received firm commitments from PNC Bank, the lead bank under its reserves-based credit facility.



As of March-end, Matador Resources&#8217; cash and<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38389972/matador-resources-company-reports-first-quarter-2024-financial-and-operating-results" rel="noreferrer noopener"> restricted cash stood at $74.3 million</a>.



Investors can gain exposure to the stock via Invesco S&amp;P MidCap 400 GARP ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRPM#NYSE">GRPM</a>) and Nuveen Small Cap Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSCS#NYSE">NSCS</a>).



Price Action: MTDR shares are up 1.21% at $60.33 at the last check Wednesday.



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo via Shutterstock

Matador Resources' $1.9B Deal Expands Oil And Gas Dominance In Texas And New Mexico: Details

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