Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced the declaration of a dividend on the Company's common stock and provided an update on current hedging positions.

DIVIDEND DECLARATION

NOG's Board of Directors has declared a cash dividend in the amount of $0.40 per share, the planned quarterly level for 2024 as previously disclosed. The dividend is payable on April 30, 2024, to stockholders of record as of the close of business on March 28, 2024.

MANAGEMENT COMMENTS

"We continue to deliver on our plan to generate strong free cash flow that can be dynamically allocated to create value for our investors," commented Chad Allen, NOG's Chief Financial Officer. "At the same time, through our practice of systematic hedging, we are protecting our underwritten returns. With an improved hedge profile, strong balance sheet and significant free cash flow, we have great options to deliver growth and value in multiple forms. Given our attractive current dividend yield of approximately 5% and a moderated commodity price environment, we plan to prioritize further growth investments and potential share repurchases as we seek to maximize total shareholder return in 2024."

HEDGING UPDATE

NOG periodically enters into hedging agreements to protect the underwritten returns on the capital it commits to acquisitions and development on its properties. Since the third quarter of 2023, NOG has added substantial additional oil and natural gas hedges for 2024 and beyond, as well as additional hedges to cover basis differentials in the various regions in which the Company operates.

The following table summarizes NOG's open crude oil commodity derivative swap contracts scheduled to settle after December 31, 2023.