- Unrealized mark-to-market gains of $9.0-$10.0 million on derivatives in Q1 2025.
- Realized hedge gains of $11.0-$12.0 million in the same period.
- NOG increased quarterly dividend by 7% to $0.45 per share, returning $57 million to shareholders year-to-date.
Northern Oil and Gas, Inc. (NOG, Financial) has reported its first-quarter 2025 hedging results, revealing significant financial gains through its derivative strategies. The company achieved estimated unrealized mark-to-market gains of $9.0 to $10.0 million, driven mainly by oil derivatives. Meanwhile, realized hedge gains were in the range of $11.0 to $12.0 million, bolstered by both crude oil and Waha basis hedges.
An important aspect of NOG's strategy is its comprehensive hedging position. The company has hedged over 50,600 barrels per day of oil at an average swap price exceeding $73.70 and a collar floor above $69.20. Additionally, NOG secured over 197,200 MMBtu per day of natural gas hedged for the rest of 2025, with hedging positions extended through 2026 and 2027.
In terms of shareholder returns, NOG paid approximately $42 million in dividends during Q1 2025 and announced a 7% increase in its quarterly dividend to $0.45 per share, payable in April 2025. The company also repurchased 499,100 shares at an average price of $30.07 per share, contributing to a total shareholder return of $57 million year-to-date, through dividends and buybacks.
