![]() O'Grady predicted that last year's $927 million in acquisitions will contribute to an estimated 23% production growth in 2023. We no longer are just a niche player." The company's success, including acquisitions since 2020, has cash flowing and debt declining enabling a 275% increase in its dividend to an attractive 5% yield. "We've reached the scale at which we are important to operating partners. "2022 was a defining year for ," O'Grady said. Net revenue was $1.57 billion, a 216% increase over 2021, and net earnings were $773.2 million, up from $6.4 million earned in 2021. Last Friday, the company reported record 2022 production. The major investors, once mostly distressed debt hunters, now include blue-chip names like Fidelity, Vanguard, Blackrock and Invesco. ![]() Northern Oil has attracted hundreds of millions of debt and equity capital, and profitably expanded from North Dakota to the Permian Basin in Texas and Pennsylvania's Marcelles fracking fields. We are a collegial culture and results-oriented business." The results have drawn investor attention for the Minnetonka-based firm. ![]() "We have tried to professionalize the organization," said CEO Nick O'Grady, 44, a former Wall Street analyst and oil and gas investor who joined the company as chief financial officer in 2018. NOG detractors made millions betting against the stock, aided by subsequent energy market declines. Today's stock price is off NOG's euphoric 2010-13 highs and oversold expectations for fracking and the North Dakota-Montana Bakken reservoir. The swagger, silver belt buckles and former Wayzata Bay headquarters gave way to a new CEO, a team approach and strong financial returns in a volatile industry. Northern Oil and Gas, remembered best for mercurial performance and controversial departures of top executives, has quietly rebuilt itself into a cash-pumping machine. Anthony: Minnesota's Northern Oil grows steadily beyond North Dakota
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