8 Nov 2021material agreement▲ GoodMajor
To help pay for the pending Comstock acquisition, Northern Oil & Gas got lender approval to sell an additional $200 million of its 8.125% 2028 notes.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2021debt financing▲ GoodMajor
Wells Fargo raised Northern Oil & Gas's borrowing base again, to $850 million from $725 million, reflecting the growth from its 2021 acquisitions and the recovering commodity price environment.
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
As oil markets recovered from the 2020 crash, Wells Fargo raised Northern Oil & Gas's borrowing base back up to $725 million from $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 launched a second round of balance-sheet cleanup: a tender offer to buy back up to $200 million of its expensive 8.50% second-lien notes, plus a new option for noteholders to convert into a newly created 6.50% Series A Perpetual Cumulative Convertible Preferred Stock. Backstop investors agreed to buy $42.1 million of the new preferred for cash and exchange $24.9 million more notes for it.
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 the larger of its two pending deals, buying W Energy's Williston Basin properties for about $114.8 million cash plus roughly 51.5 million shares - adding about 27 net producing wells and over 10,600 net acres in North Dakota, nearly double the scale of the Pivotal deal three weeks earlier.
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
Ahead of a new bond offering, Northern Oil & Gas disclosed it also has a second Williston Basin acquisition pending - properties from WR Operating ("W Energy") expected to close by mid-October 2018 - and gave investors combined reserve figures: together, the Pivotal and W Energy deals would add about 115 million barrels of oil equivalent in proved reserves to the company's existing Williston Basin base.
18 Sept 2018asset acquisition disposition▲ GoodMajor
Having cleaned up its balance sheet, Northern Oil & Gas went on offense: it closed its first acquisition since the restructuring, buying Williston Basin (North Dakota) oil and gas interests from Pivotal Petroleum Partners' affiliates for $60.6 million cash plus about 25.75 million shares, adding roughly 21 net producing wells 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.