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Northern (NOG) Signs Deal to Buy Texas Assets for $110M

Zacks Equity Research
·2-min read

Energy explorer Northern Oil and Gas NOG revealed that it has agreed to buy certain non-operated assets in Texas for $110 million in cash. The funding will be done through cash on hand, operating free cash flow and NOG's credit facility. While the transaction will boost Northern’s leverage ratio, the company still expects to keep the metric under 1.0X.

The properties — situated in Howard County  — include 1,650 acres, 6.4 producing wells and 1.6 wells-in-progress, to go with eight undeveloped sites. The Midland Basin assets are expected to produce an average of 1,800 barrels of oil equivalent per day (86% oil) in 2023. With the acreage’s low operating costs, this would require just $5 million in capital spending in 2022, following the deal’s closure, which should happen sometime in October.

The acquisition, Northern’s second of the year, will add to its Permian Basin position and is expected to be immediately accretive on multiple metrics.  

Northern Oil and Gas is an independent upstream operator engaged in the acquisition, exploration, development and production of oil and natural gas properties. Headquartered in Minnetonka, MN, the Zacks Rank #3 (Hold) firm is primarily focused on three leading basins of the United States — the Williston, Permian and the Appalachian.

3 Energy Stocks to Buy

Investors interested in the energy space might look at Equinor ASA EQNR, ExxonMobil XOM and Earthstone Energy ESTE, each carrying a Zacks Rank #1 (Strong Buy), currently.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Equinor: Equinor is valued at some $122.4 billion. The Zacks Consensus Estimate for EQNR’s 2022 earnings has been revised 14.5% upward over the past 60 days.

Equinor, headquartered in Stavanger, Norway, delivered an 8.3% beat in Q2. EQNR shares have surged 82.3% in a year.

Earthstone Energy: ESTE beat the Zacks Consensus Estimate for earnings in each of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 27%, on average.

Earthstone Energy is valued at around $2.1 billion. ESTE has seen its shares gain 100.6% in a year.

ExxonMobil: ExxonMobil is valued at some $384.3 billion. The Zacks Consensus Estimate for XOM’s 2022 earnings has been revised 21.2% upward over the past 60 days.

ExxonMobil, headquartered in Irving, TX, has a trailing four-quarter earnings surprise of roughly 1.6%, on average. XOM shares have gained 73.3% in a year.


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Exxon Mobil Corporation (XOM) : Free Stock Analysis Report
 
Northern Oil and Gas, Inc. (NOG) : Free Stock Analysis Report
 
Earthstone Energy, Inc. (ESTE) : Free Stock Analysis Report
 
Equinor ASA (EQNR) : Free Stock Analysis Report
 
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Zacks Investment Research