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NOG to Buy Delaware Basin Assets, Midland Basin Deal Closed
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Northern Oil & Gas (NOG - Free Report) recently declared that it has signed an acquisition agreement to take over non-operated interests in the Delaware Basin from a private seller. The deal, which is worth around $130 million in cash, is subject to closing adjustments.
The properties are mainly situated in the Lea and Eddy counties in New Mexico, and the Loving and Winkler Counties, TX. These include nearly 2,100 net acres, 5.3 net producing wells, 2.1 net wells in-process and approximately 17.2 net undeveloped locations. Mewbourne Oil is the primary operator of the assets. The other operators include Conoco and EOG.
NOG anticipates average production from the acquired assets to be 2,500 barrels of oil equivalent (Boe) per day (68% oil) in 2023. Moreover, due to robust growth and a strong free cash flow profile, a $25-million average annual capital spending is projected on the assets next year.
The company stated that it closed its previously announced acquisition of non-operated Midland Basin assets. The closing consideration was $110.1 million in cash, which includes an $11.0 million deposit paid at the time of signing in August 2022.
Moreover, Northern Oil and Gas’ management will recommend the board of directors to approve a 20% hike in its quarterly common stock dividend to 30 cents per share for the fourth quarter of 2022.
Northern Oil and Gas, Inc., the Minnetonka, MN-based independent upstream operator, is engaged in the acquisition, exploration, development and production of oil and natural gas properties. The firm is primarily focused on the three leading basins of the United States — Williston, Permian and Appalachian.
Founded in 2007, NOG employs a unique strategy. It owns non-operating, minority interests in thousands of oil and gas wells, which are majority-owned and operated by some leading producers.
Northern Oil and Gas currently carries a Zacks Rank #2 (Buy). Investors interested in the energy space might also look at some other top-ranked stocks — NexTier Oilfield Solutions , EnLink Midstream (ENLC - Free Report) and Ring Energy (REI - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NexTier’s 2022 earnings stands at $1.35 per share, suggesting an increase of about 413.9% from the year-ago loss of 43 cents.
NEX beat estimates for earnings in all the trailing four quarters, the average being around 269.5%.
The Zacks Consensus Estimate for EnLink’s 2022 earnings stands at 43 cents per share, up 760% from the year-ago earnings of 5 cents.
The consensus mark for ENLC’s 2022 earnings has been revised upward by about 16.2% over the past 60 days from 37 cents to 43 cents per share.
The Zacks Consensus Estimate for Ring’s 2022 earnings is pegged at $1.05 per share, up 238.7% from the year-ago earnings of 31 cents.
REI beat estimates for earnings in three of the trailing four quarters, the average being 17.2%.
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NOG to Buy Delaware Basin Assets, Midland Basin Deal Closed
Northern Oil & Gas (NOG - Free Report) recently declared that it has signed an acquisition agreement to take over non-operated interests in the Delaware Basin from a private seller. The deal, which is worth around $130 million in cash, is subject to closing adjustments.
The properties are mainly situated in the Lea and Eddy counties in New Mexico, and the Loving and Winkler Counties, TX. These include nearly 2,100 net acres, 5.3 net producing wells, 2.1 net wells in-process and approximately 17.2 net undeveloped locations. Mewbourne Oil is the primary operator of the assets. The other operators include Conoco and EOG.
NOG anticipates average production from the acquired assets to be 2,500 barrels of oil equivalent (Boe) per day (68% oil) in 2023. Moreover, due to robust growth and a strong free cash flow profile, a $25-million average annual capital spending is projected on the assets next year.
The company stated that it closed its previously announced acquisition of non-operated Midland Basin assets. The closing consideration was $110.1 million in cash, which includes an $11.0 million deposit paid at the time of signing in August 2022.
Moreover, Northern Oil and Gas’ management will recommend the board of directors to approve a 20% hike in its quarterly common stock dividend to 30 cents per share for the fourth quarter of 2022.
Northern Oil and Gas, Inc., the Minnetonka, MN-based independent upstream operator, is engaged in the acquisition, exploration, development and production of oil and natural gas properties. The firm is primarily focused on the three leading basins of the United States — Williston, Permian and Appalachian.
Founded in 2007, NOG employs a unique strategy. It owns non-operating, minority interests in thousands of oil and gas wells, which are majority-owned and operated by some leading producers.
Northern Oil and Gas currently carries a Zacks Rank #2 (Buy). Investors interested in the energy space might also look at some other top-ranked stocks — NexTier Oilfield Solutions , EnLink Midstream (ENLC - Free Report) and Ring Energy (REI - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NexTier’s 2022 earnings stands at $1.35 per share, suggesting an increase of about 413.9% from the year-ago loss of 43 cents.
NEX beat estimates for earnings in all the trailing four quarters, the average being around 269.5%.
The Zacks Consensus Estimate for EnLink’s 2022 earnings stands at 43 cents per share, up 760% from the year-ago earnings of 5 cents.
The consensus mark for ENLC’s 2022 earnings has been revised upward by about 16.2% over the past 60 days from 37 cents to 43 cents per share.
The Zacks Consensus Estimate for Ring’s 2022 earnings is pegged at $1.05 per share, up 238.7% from the year-ago earnings of 31 cents.
REI beat estimates for earnings in three of the trailing four quarters, the average being 17.2%.