Northern Oil and Gas, Inc.: Acquisition-led growth, with asset diversification and supportive leverage metrics

Moody's Ratings changes Northern Oil and Gas' rating outlook to positive - Rating Action – 2024/04/25 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Northern Oil and Gas, Inc.: Covenant Quality Post-Sale Snapshot: $500m 8.750% Senior Notes due 2031 - Covenant Quality Assessment – 2023/06/14 – US$ 750.00 – ...All four standard RP categories are restricted Yes Builder Basket 50% of CNI from 1 Jan 2021 plus additions from 1 Jan 2021 so long as no payment default or event of default and the $1 debt test is satisfied Accumulated Credit $807.2m as of the issue date Reclassification to RP income basket RP carve-outs and permitted investments...

Northern Oil and Gas, Inc.: Upgraded to B1 CFR following acquisition-led growth, with supportive leverage metrics - Credit Opinion – 2023/05/10 – US$ 250.00 – ...Northern Oil and Gas, Inc.'s (NOG) credit profile reflects the company's moderate leverage, and its enhanced scale with good basin and commodity diversification. The company's legacy Williston Basin asset base is oil-weighted and benefits its unleveraged cash margins and cash flow at higher oil prices, and the company also has a notable footprint in the Permian Basin and the Marcellus Shale. NOG has an active hedging strategy and has hedged a meaningful portion of its 2023-24 oil and gas production, reducing volatility in its revenue and cash flow. Moody's expects NOG's retained cash flow (RCF) to debt ratio to remain solid into 2024. While NOG manages a well-diversified portfolio of non-operated working interests in numerous producing assets, it relies on the operating performance of its partners. The company continues to be acquisitive, and NOG's growth strategy is focused on participating in operator initiated wells and executing bolt-on acquisitions, requiring a high degree of financial...

Moody's upgrades Northern Oil and Gas' CFR to B1, assigns B2 to new notes - Rating Action – 2023/05/08 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Northern Oil and Gas, Inc.: Growth through acquisitions, with supportive leverage metrics - Credit Opinion – 2022/09/23 – US$ 250.00 – ...Northern Oil and Gas, Inc.'s (NOG) credit profile is supported by the company's basin and commodity diversification with moderate leverage, while its year-to-date acquisitions should improve scale. The company's legacy Williston Basin asset base is oil-weighted and benefits its unleveraged cash margins and cash flow at higher oil prices. Its 2020 production fell materially because of shut-in production and lower drilling of new wells in response to the pandemic induced collapse in oil prices. Since then, production has increased steadily to exceed 72 thousand boe per day in the second quarter of 2022. NOG hedges a meaningful portion of its oil and gas production, reducing volatility in its revenue and cash flow. We expect NOG's retained cash flow (RCF) to debt ratio to remain supportive through 2023. While NOG manages a well-diversified portfolio of non-operated working interests in numerous producing assets, it relies on the operating performance of its partners. NOG's growth strategy...