8 Nov 2021material agreement▲ GoodMajor
Northern Oil & Gas amended its credit agreement to permit an offering and announced it intended to sell $200 million of additional 8.125% senior notes due 2028 in a private offering.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2021debt financing▲ GoodMajor
Northern Oil & Gas completed its semi-annual redetermination, raising the borrowing base from $725 million to $850 million and the elected commitment from $660 million to $750 million.
8 Oct 2021material agreement▲ GoodMajor
Northern Oil & Gas agreed to buy more Williston Basin acreage, this time from Comstock Oil & Gas, for $154 million in cash.
2 June 2021debt financing▲ GoodMajor
Northern Oil & Gas completed its semi-annual redetermination with Wells Fargo, raising the borrowing base to $725 million and setting the lenders' elected commitment at $660 million.
6 Apr 2021asset acquisition disposition▲ GoodMajor
Northern Oil & Gas closed its entry into Appalachian natural gas, taking its 70% share of the Reliance Marcellus assets (about 95 net producing wells, over 61,000 net acres in Pennsylvania) for roughly $121 million cash plus warrants, with partner Arch Investment Partners funding the remaining 30%.
23 Feb 2021debt financing▲ GoodMajor
To help fund the Reliance/Appalachia deal and refinance older debt, Northern Oil & Gas issued $550 million of new 8.125% senior notes due 2028.
3 Feb 2021asset acquisition disposition▲ GoodMajor
Northern Oil & Gas made a transformational move beyond its Williston Basin roots, agreeing to buy Appalachian natural gas assets (about 64,000 net acres in Pennsylvania, operated mostly by EQT) from Reliance Marcellus for $250 million gross - taking a 70% share itself ($175 million cash plus warrants) and bringing in Arch Investment Partners to fund the other 30% - turning the company into a diversified, multi-basin non-operator instead of a pure Bakken oil play.
31 July 2020capital raising announcement▲ Good
Northern Oil and Gas exchanged $4.0 million more of second-lien notes and $7.6 million of preferred stock (liquidation value) for common stock, alongside newly announced Williston Basin acquisitions - continuing to opportunistically deleverage even while resuming growth.
13 July 2020debt financing▼ BadMajor
As the pandemic oil crash hit, Northern Oil & Gas's lenders (now led by Wells Fargo) cut its borrowing base to $660 million, versus $568 million already drawn, and tightened rules requiring excess cash to go toward paying down the facility - a squeeze consistent with what other non-investment-grade E&Ps faced in 2020.
1 June 2020capital raising announcement▲ Good
Northern Oil and Gas exchanged another $4.0 million of second-lien notes for stock, bringing the outstanding balance down to about $297 million as the discounted debt buybacks continued.
21 May 2020capital raising announcement▲ Good
Northern Oil and Gas exchanged a further $4.5 million of second-lien notes for stock, part of its ongoing opportunistic debt reduction during the COVID-era price crash.
14 May 2020capital raising announcement▲ Good
Northern Oil and Gas exchanged another $15.6 million of second-lien notes for stock, continuing to opportunistically shrink its debt load during the 2020 oil price crash.
8 May 2020capital raising announcement▲ Good
As oil prices collapsed in early 2020, Northern Oil and Gas opportunistically bought back its own discounted debt - retiring $19.6 million of second-lien notes for just $14.6 million in cash and stock combined during Q1-Q2 2020, cutting outstanding notes to about $321 million.
21 Feb 2020material agreement● Neutral
Northern Oil & Gas struck a deal with its related-party investor group TRT Holdings (oil billionaire Robert Rowling and affiliates) letting them convert preferred shares into common stock beyond the ownership cap that would otherwise apply - a governance accommodation for one of the company's largest shareholders.
22 Jan 2020capital raising announcement● Neutral
Northern Oil and Gas converted a further $66.8 million of second-lien notes into new preferred stock across three separate noteholder agreements, substantially advancing the exchange program.
6 Jan 2020capital raising announcement● Neutral
Northern Oil and Gas converted another $9.9 million of its second-lien notes into new preferred stock plus cash, continuing the note-to-preferred exchange program launched in November 2019.
26 Nov 2019capital raising announcement▲ GoodMajor
Northern Oil and Gas closed the exchange and subscription offers tied to its 8.50% second-lien notes tender, issuing 6.50% Series A convertible preferred stock. Backstop parties bought $42.1 million of preferred for cash and exchanged $24.9 million of notes for it, and Northern also signed a new $1.5 billion revolving credit facility.
12 Nov 2019material agreement● Neutral
Northern Oil & Gas got its bank lenders to temporarily loosen its leverage and liquidity covenants through early 2020, giving it breathing room after its debt-heavy VEN Bakken acquisition.
22 Oct 2019material agreement● NeutralMajor
With debt built up from its 2018-2019 acquisition spree, Northern Oil & Gas launched a capital-structure cleanup: a $200 million cash tender for its 8.50% notes, an offer to swap up to $70.75 million more of those notes for new 6.5% convertible preferred stock, and lender commitments for a new revolving credit facility - all backstopped by a group of its own noteholders.
2 July 2019asset acquisition disposition▲ GoodMajor
Northern Oil & Gas made its biggest Williston Basin purchase yet, buying VEN Bakken's North Dakota assets (about 88 net producing wells, 18,000 net acres) for $170.1 million cash, 5.6 million shares, and a $130 million seller-financed note - continuing the string of Bakken bolt-ons that began with Pivotal and W Energy in 2018.
7 June 2019capital raising announcement● Neutral
Northern Oil and Gas finished settling the price-protection ('true-up') provisions from its 2018 note-exchange agreements, issuing about 5.25 million more shares between April and June 2019 - closing out the year-long note-for-equity restructuring with only a small residual obligation (capped at $3.6 million) remaining.
22 Apr 2019capital raising announcement▲ GoodMajor
Northern Oil and Gas agreed to acquire Williston Basin assets from VEN Bakken (a Kayne Private Energy Income Funds portfolio company) for $165 million cash, 5.6 million shares, and a $130 million seller promissory note - its third major bolt-on acquisition of 2018-2019, this one partly seller-financed.
4 Jan 2019material agreement▲ Good
Northern Oil & Gas amended its RBC credit agreement to allow itself to redeem up to $50 million of its 8.5% notes early - a modest step toward paying down the debt taken on to fund its 2018 acquisitions.
23 Oct 2018debt financing● Neutral
Northern Oil & Gas registered its October 2018 private notes for public trading in a standard bond exchange offer - a routine securities-law formality, not a new business deal, that lets holders swap their unregistered notes for freely tradeable ones with identical terms.
9 Oct 2018debt financing▲ GoodMajor
Northern Oil & Gas completed the additional $350 million notes offering (bringing its 8.50% 2023 notes to roughly $694 million total) and, the same week, replaced its old TPG-led term loan structure with a new Royal Bank of Canada-led revolving credit facility - trading expensive distress-era financing for conventional bank credit now that its acquisitions and restructuring were done.
1 Oct 2018asset acquisition disposition▲ GoodMajor
Northern Oil & Gas closed its W Energy acquisition, its largest ever, paying about $114.8 million in cash plus 51,476,961 shares. It added about 27.2 net producing wells and 10,633 net acres in North Dakota, two weeks after the Pivotal deal closed.
25 Sept 2018material agreement▲ GoodMajor
To help fund its acquisition spree, Northern Oil & Gas agreed to sell an additional $350 million of its 8.50% senior secured second lien notes due 2023 in a private placement arranged by RBC Capital Markets.
19 Sept 2018production update▲ GoodMajor
In connection with a new notes offering, Northern disclosed that its pending W Energy (WR Operating) acquisition was expected to close no later than October 11, 2018. Pro forma for Pivotal and W Energy, proved reserves totaled about 115.2 MMBoe, of which the two deals contributed about 8.3 and 19.5 MMBoe.
18 Sept 2018asset acquisition disposition▲ GoodMajor
Northern Oil & Gas closed its Pivotal Petroleum Partners acquisition in North Dakota's Williston Basin, paying $60.6 million in cash plus about 25.75 million shares. The deal added roughly 20.8 net producing wells, 2.2 net wells in process and 444 net acres.
9 Aug 2018capital raising announcement● Neutral
Northern Oil and Gas exchanged another $13.5 million of its 8.00% 2020 notes for stock, continuing the post-restructuring note cleanup alongside its Q2 2018 earnings release.