Northern Oil & Gas Declares $0.45 Quarterly Dividend
Northern Oil & Gas, Inc., an independent energy company focused on oil and gas exploration and production, declared a quarterly cash dividend of $0.45 per share. The dividend is payable April 30, 2026 to shareholders of record on March 30, 2026.
Northern Oil & Gas, Inc. (NYSE: NOG), an independent energy company focused on oil and gas exploration and production, declared a quarterly cash dividend of $0.45 per share in February 2026. The dividend maintains the same level as the previous quarter, when the company paid $0.45 per share in January 2026 to shareholders of record as of December 30, 2025. Read more dividend announcements.
The dividend is payable on April 30, 2026 to stockholders of record as of March 30, 2026.
| Dividend Details | |
|---|---|
| Amount | $0.45 per share |
| Record Date | March 30, 2026 |
| Payment Date | April 30, 2026 |
| Frequency | Quarterly |
Shareholder Returns and Capital Allocation
Northern Oil & Gas returned more than $230.4 million to shareholders during 2025, comprising $173.4 million in dividends and $57.0 million in common stock repurchases. The company repurchased a total of 1,948,996 shares during 2025 at a weighted average price of $29.25 per share, inclusive of commissions.
In the fourth quarter of 2025 alone, the company repurchased 326,301 shares at a weighted average price of $21.47 per share.
Recent Acquisitions and Financing
In February 2026, Northern Oil & Gas closed its previously announced acquisition of a 40% stake in Ohio Utica Shale upstream and midstream assets from Antero Resources Corporation and Antero Midstream Corporation. The closing payment was $464.6 million in cash, including a $58.8 million deposit paid at signing in December 2025.
The company funded the acquisition with cash on hand, operating free cash flow, and borrowings from its revolving credit facility. Infinity Natural Resources acquired the remaining 60% stake in the joint transaction.
The company also completed the redemption of its 2028 Senior Notes in early 2026, with $20.2 million outstanding as of December 31, 2025. The redemption price was 100% of the principal amount, with a redemption date of March 4, 2026.
2026 Operational Guidance
Northern Oil & Gas issued 2026 guidance reflecting two scenarios based on oil price volatility. Under the low activity scenario, the company projects annual production of 139,000 to 143,000 barrels of oil equivalent per day and capital expenditures of $850 million to $900 million. The high activity scenario projects production of 144,000 to 148,000 barrels of oil equivalent per day with capital expenditures of $1.0 billion to $1.1 billion.
Oil production is expected to range from 68,000 to 72,000 barrels per day under the low activity scenario and 72,000 to 76,000 barrels per day under the high activity scenario. The company anticipates turning in line between 67.5 and 71.5 net wells in the low activity case and 83.0 to 87.0 net wells in the high activity case.
Production expenses are projected at $9.65 to $10.10 per barrel of oil equivalent under the low activity scenario and $9.45 to $9.90 per barrel under the high activity scenario. Production taxes are expected to range from 7% to 8% of oil and gas sales across both scenarios.
Fourth Quarter 2025 Impairment
The company recorded a non-cash impairment charge of $268.5 million in the fourth quarter of 2025 under the ceiling test of its full cost pool of oil and gas assets. The charge was driven by lower average oil prices and will have no impact on the company's cash flows. Northern Oil & Gas accounts for its assets under the full cost method rather than the successful efforts method.