NOG reports record oil output in Q3, ups dividend 5%, reaffirms 2024 guidance

NORTHERN OIL & GAS, INC.

Estimated Q3 production 121.6-121.8 MBoe/d; oil production record at ~70,775-70,925 Bbl/d (58.1-58.3% of total).
Net wells TIL dropped to 9.5 (down ~70% sequentially) but D&C list grew to 52.2 net wells (+11.2 from Q2).
Dividend increased 5% to $0.42/share payable Oct 31; repurchased 397,301 shares at $36.38 avg in Q3.
Hedged over 54,650 Bbl/d oil and 195,000 MMBtu/d gas for Q4 2024; unrealized mark-to-market gains ~$208-209M.
Reiterated 2024 production and capex guidance; closed Point and XCL acquisitions.

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