
Piper Sandler Remains a Hold on Regions Financial (RF)
Elevate Your Investing Strategy:
Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
According to TipRanks, Siefers is a 5-star analyst with an average return of 12.1% and a 63.16% success rate. Siefers covers the Financial sector, focusing on stocks such as JPMorgan Chase, Citigroup, and Fifth Third Bancorp.
In addition to Piper Sandler, Regions Financial also received a Hold from Bank of America Securities's Ebrahim Poonawala in a report issued on July 13. However, yesterday, TR | OpenAI – 4o reiterated a Buy rating on Regions Financial (NYSE: RF).
The company has a one-year high of $27.96 and a one-year low of $17.74. Currently, Regions Financial has an average volume of 8.51M.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RF in relation to earlier this year. Most recently, in May 2025, Brian R Willman, the SEVP of RF sold 8,185.00 shares for a total of $174,831.60.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Dow Cuts Dividend In Half As Losses Mount And Tariffs Amplify Industry Pain
Dow Inc. (NYSE:DOW) shares plummeted Thursday after the chemical manufacturer posted a larger-than-expected loss in the second quarter and cut its dividend in half. The company cited persistent macroeconomic pressure, margin compression, and global trade disruptions as reasons for the cutback. The company reported an adjusted loss of 42 cents per share, wider than Wall Street's projected 12-cent loss, according to consensus estimates. Revenue fell 7% year over year to $10.104 billion, missing the $10.252 billion estimate. Dow posted a GAAP net loss of $801 million for the quarter, while operating EBIT swung to a loss of $21 million from $819 million in the same period a year cash flow from continuing operations was negative $470 million, a decline of $1.3 billion from the prior year, driven by lower earnings and seasonal working capital needs. Sales declined across all operating segments. Packaging & Specialty Plastics revenue fell 9% to $5.03 billion, driven by weaker downstream polymer prices. Industrial Intermediates & Infrastructure revenue declined 6% to $2.78 billion, weighed down by soft demand in construction and mobility. Performance Materials & Coatings revenue dropped 5% to $2.13 billion, though operating profit improved slightly from the year-ago quarter due to lower input costs and seasonal strength in silicones. Overall volume decreased 1% year over year, as gains in the U.S. and Canada were offset by declines across Europe, the Middle East, Africa, and India. Local prices fell 7% from the same period last year and 3% sequentially. Dividend View more earnings on DOW Dow's board approved a 50% reduction in its quarterly dividend to 35 cents per share, down from 70 cents. The payout is scheduled for September 12 to shareholders of record as of August 29. The company said the adjustment reflects a more balanced capital allocation approach and aims to preserve financial flexibility amid industry-wide earnings pressure. 'This quarter, Team Dow advanced several aggressive actions in response to the lower-for-longer earnings environment that our industry is facing, amplified by recent trade and tariff uncertainties,' commented Jim Fitterling, Dow chair and CEO. 'We are delivering near-term cash support and earnings growth levers that we expect will total more than $6 billion by 2026. We are also focused on improving margins and optimizing our global portfolio, as seen in our recent European asset actions.' Fitterling added that while Dow's strategic actions are helping mitigate industry volatility, a wave of low-cost exports from new market entrants is distorting competitive dynamics globally. He said the situation calls for broader industry coordination and potential regulatory intervention to restore market balance. Outlook Fitterling stated that Dow's near-term growth projects will become fully operational in the third quarter. These, along with the company's longer-term investments, are expected to expand Dow's presence in higher-value applications and less trade-sensitive end markets. Dow expects third-quarter 2025 net sales of approximately $10.2 billion versus the consensus of $10.599 billion. Packaging & Specialty Plastics: Sales up 1%–3% quarter-over-quarter (Q/Q) on stronger integrated margins and Poly-7 ramp-up, offset by maintenance. Industrial Intermediates & Infrastructure: Sales up 1% to down 1% Q/Q, with volume gains and reduced maintenance partly offset by lower spreads. Performance Materials & Coatings: Sales down 2%–4% Q/Q due to seasonal demand declines and margin pressure in upstream siloxanes. Company-wide, ongoing cost reductions continue, with depreciation forecast at $725 million, net interest at $175 million, and the operational tax rate at –40% to –60%. Price Action: At last check Thursday, DOW shares were trading lower by 9.29% to $27.55 premarket. Read Next:Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? DOW (DOW): Free Stock Analysis Report This article Dow Cuts Dividend In Half As Losses Mount And Tariffs Amplify Industry Pain originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Business Wire
15 minutes ago
- Business Wire
PHINIA Reports Second Quarter 2025 Results
AUBURN HILLS, Mich.--(BUSINESS WIRE)--PHINIA Inc. (NYSE: PHIN), a leader in premium fuel systems, electrical systems, and aftermarket solutions, today reported results for the second quarter ended June 30, 2025. Second Quarter Highlights: On June 10, 2025, PHINIA entered into a definitive agreement to acquire Swedish Electromagnet Invest AB (SEM), a prominent provider of advanced natural gas, hydrogen and other alternative fuel ignition systems, injector stators and linear position sensors for approximately $47 million. The transaction is expected to close in the third quarter of 2025. Net sales of $890 million, an increase of 2.5% compared with Q2 2024. Excluding the impacts of foreign currency and contract manufacturing agreements that ended in 2024, an increase of $18 million and decrease of $5 million, respectively, net sales increased $9 million or 1.0%, driven by customer pricing, primarily related to tariff recoveries. Net earnings of $46 million and net margin of 5.2%, representing a year-over-year increase of $32 million and 360 bps, respectively. Adjusted EBITDA of $126 million with adjusted EBITDA margin of 14.2%, representing a year-over-year increase of $9 million and 60 bps, respectively, primarily driven by favorable foreign exchange impacts, supplier savings and volume and mix, partially offset by increased employee costs and continued tariff impacts as recovery efforts from customers continue. Net earnings per diluted share of $1.14. Adjusted net earnings per diluted share of $1.27 (excluding $0.13 per diluted share related to non-operating items detailed in the non-GAAP appendix below), reflecting the operational increases detailed above and a reduction in share count. Returned $50 million to shareholders through $40 million of share repurchases and $10 million in dividends. Key Wins in Strategic Growth Markets: New business wins remained strong across all end markets. A few examples of new business awards in Q2 are: New business award for Gas Direct Injection (GDi) Fuel Rail Assembly and pump for a leading domestic Chinese OEM, to be applied on new hybrid engine platform for multiple vehicle models within China and for the Brazilian market flex-fuel (E100) application. First GDi pump business with a top three North America OEM. Aftermarket business win for new diesel fuel injection service with major off-road equipment supplier. Continued to increase share of wallet with customers leveraging market-leading range coverage in braking and suspension components. Business expansion with a major U.S. distributor, which is a consolidator in the warehouse distribution space. Brady Ericson, President and Chief Executive Officer of PHINIA commented: 'Our team continues to navigate a dynamic landscape shaped by economic uncertainties, tariff impacts, and evolving customer demands. As demonstrated by our second-quarter results, we remain focused on cost management and supply chain resilience. Delivering on our commitment to strategic growth, we announced a definitive agreement to acquire SEM, which will expand our footprint in the commercial vehicle, industrial, and aftermarket sectors and supports our strategy of exploring alternative, zero carbon and lower carbon fuels.' Balance Sheet and Cash Flow: The Company ended the quarter with cash and cash equivalents of $347 million and $499 million of available capacity under its Revolving Credit Facility. Total debt at quarter end was $990 million. Net cash generated by operating activities was $57 million, representing a year-over-year decrease of $52 million. Adjusted free cash flow was $20 million compared to $108 million in Q2 2024. The decrease was primarily driven by increased working capital demands as the Company navigates fluctuating volumes and other shifting industry conditions and the timing of capital expenditures. 2025 Full Year Guidance: The Company refined its expected 2025 net sales to $3.33 billion to $3.43 billion. Excluding the impacts of foreign exchange and contract manufacturing arrangements in 2024, this implies a year-over-year sales range of 3% decline to breakeven in 2025. The Company's net earnings and adjusted EBITDA are projected to be $140 million to $170 million and $455 million to $485 million, respectively, with net earnings margin of 4.2% to 5.0% and adjusted EBITDA margin of 13.7% to 14.1%. The Company expects to generate $160 million to $200 million in adjusted free cash flow. Adjusted tax rate is expected to be in the range of 36% to 40%. The Company will host a conference call to review second quarter 2025 results and take questions from the investment community at 8:30 a.m. ET today. This call will be webcast at PHINIA Q2 2025 Earnings Call. Additional presentation materials will be available at About PHINIA PHINIA is an independent, market-leading, premium solutions and components provider with over 100 years of manufacturing expertise and industry relationships, with a strong brand portfolio that includes DELPHI ®, DELCO REMY ® and HARTRIDGE™. With over 12,500 employees across 43 locations in 20 countries, PHINIA is headquartered in Auburn Hills, Michigan, USA. Across commercial vehicles and industrial applications (medium-duty and heavy-duty trucks, buses and other off-highway construction, marine, agricultural and aerospace and defense), light commercial vehicles (vans and trucks) and light passenger vehicles (passenger cars, mini-vans, cross-overs and sport-utility vehicles), we develop fuel systems, electrical systems and aftermarket solutions designed to keep combustion engines operating at peak performance, while at the same time investing in advanced technologies to unlock the potential of alternative fuels. By providing what the market needs today to become more efficient and sustainable, while also developing innovative products and solutions to contribute to lower carbon mobility, we are the partner of choice for a diverse array of customers – powering our shared journey toward a cleaner tomorrow. © 2025 PHINIA Inc. All Rights Reserved. (DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc.) Forward-Looking Statements: This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements are statements other than historical fact that provide current expectations or forecasts of future events based on certain assumptions and are not guarantees of future performance. Forward-looking statements use words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'designed,' 'effect,' 'estimate,' 'evaluate,' 'expect,' 'forecast,' 'goal,' 'initiative,' 'intend,' 'likely,' 'may,' 'outlook,' 'plan,' 'potential,' 'predict,' 'project,' 'pursue,' 'seek,' 'should,' 'target,' 'when,' 'will,' 'would,' and other words of similar meaning. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. Risks, uncertainties, and factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: adverse changes in general business and economic conditions, including recessions, adverse market conditions or downturns impacting the vehicle and industrial equipment industries; our ability to deliver new products, services and technologies in response to changing consumer preferences, increased regulation of greenhouse gas emissions, and acceleration of the market for electric vehicles; competitive industry conditions; failure to identify, consummate, effectively integrate or realize the expected benefits from acquisitions or partnerships; pricing pressures from original equipment manufacturers (OEMs); inflation rates and volatility in the costs of commodities used in the production of our products; changes in U.S. and foreign administrative policy, including tariffs, changes to existing trade agreements and import or export licensing requirements, and any resulting changes in international trade relations; our ability to protect our intellectual property; failure of or disruption in our information technology infrastructure, including a disruption related to cybersecurity; our ability to identify, attract, retain and develop a qualified global workforce; difficulties launching new vehicle programs; failure to achieve the anticipated savings and benefits from restructuring and product portfolio optimization actions; extraordinary events, including natural disasters or extreme weather events, fires or similar catastrophic events, political disruptions, terrorist attacks, pandemics or other public health crises, and acts of war; risks related to our international operations; the impact of economic, political, social and market conditions on our business in China; our reliance on a limited number of OEM customers; supply chain disruptions, including due to U.S. and foreign government action; work stoppages, production shutdowns and similar events or conditions; governmental investigations and related proceedings regarding vehicle emissions standards, including the ongoing investigation into diesel defeat devices; current and future environmental, health and safety, human rights and other laws and regulations; the impacts of climate change, regulations related to climate change and various stakeholders' emphasis on climate change and other related matters; compliance with and changes in other laws and regulations; liabilities related to product warranties, litigation and other claims; tax audits and changes in tax laws or tax rates taken by taxing authorities; impairment charges on goodwill and indefinite-lived intangible assets; the impact of changes in interest rates and asset returns on our pension funding obligations; the impact of restrictive covenants and other requirements on our financial and operating flexibility pursuant to the agreements governing our indebtedness; risks relating to the spin-off from our former parent, including our ability to achieve some or all of the benefits that we expect to achieve from the spin-off, a determination that the spin-off does not qualify as tax-free for U.S. federal income tax purposes, and our or our former parent's failure to perform under, or additional disputes that may arise between the parties relating to, various transaction agreements executed in connection with the spin-off; and other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. PHINIA Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in millions) Three Months Ended June 30, Six Months Ended June 30, OPERATING Net cash provided by operating activities $ 57 $ 109 $ 97 $ 140 INVESTING Capital expenditures, including tooling outlays (34 ) (17 ) (69 ) (60 ) Proceeds from asset disposals and other, net 1 — 1 1 Net cash used in investing activities (33 ) (17 ) (68 ) (59 ) FINANCING Net decrease in notes payable — (75 ) — (75 ) Proceeds from issuance of long-term debt, net of discount — 525 — 525 Payments for debt issuance costs — (9 ) — (9 ) Repayments of debt, including current portion — (425 ) — (428 ) Dividends paid to PHINIA stockholders (10 ) (11 ) (21 ) (23 ) Payments for purchase of treasury stock, including excise tax (42 ) (90 ) (142 ) (113 ) Payments for stock-based compensation items — — (6 ) (3 ) Net cash used in financing activities (52 ) (85 ) (169 ) (126 ) Effect of exchange rate changes on cash 2 7 3 19 Net decrease in cash and cash equivalents (26 ) 14 (137 ) (26 ) Cash and cash equivalents at beginning of period 373 325 484 365 Cash and cash equivalents at end of period $ 347 $ 339 $ 347 $ 339 Expand Use of Non-GAAP Financial Measures This press release contains information about PHINIA's financial results that is not presented in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial measures are reconciled to their most directly comparable GAAP financial measures below. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict. Management believes that these non-GAAP financial measures are useful to management, investors, and banking institutions in their analysis of the Company's business and operating performance. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measure. Additionally, because not all companies use identical calculations, the non-GAAP financial measures as presented by PHINIA may not be comparable to similarly titled measures reported by other companies. A reconciliation of each of projected Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow, which are forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measure, is not provided because the Company is unable to provide such reconciliation without unreasonable effort. The inability to provide each reconciliation is due to the unpredictability of the amounts and timing of events affecting the items we exclude from the non-GAAP measure. Adjusted EBITDA and Adjusted EBITDA Margin The Company defines adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as net earnings less interest, taxes, depreciation and amortization, adjusted to exclude the impact of restructuring expense, transaction-related (benefits) costs, other postretirement income and expense, equity in affiliates' earnings, net of tax, impairment charges, other net expenses, and other gains and losses not reflective of our ongoing operations. Adjusted EBITDA margin is defined as adjusted EBITDA divided by adjusted sales. Management utilizes adjusted EBITDA and adjusted EBITDA margin in its financial decision-making process and to evaluate performance of the Company's consolidated results. Management also believes adjusted EBITDA and adjusted EBITDA margin are useful to investors in assessing the Company's ongoing consolidated financial performance, as they provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company's core operating performance. Adjusted Sales The Company defines adjusted sales as net sales adjusted to exclude certain agreements with our former parent that were entered into in connection with the spin-off. Management believes that adjusted sales is useful to investors, as it provides improved comparability between periods through the exclusion of certain temporary agreements with our former parent that are not indicative of the Company's ongoing operations. Adjusted Net Earnings and Adjusted Net Earnings Per Diluted Share The Company defines adjusted net earnings and adjusted net earnings per diluted share as net earnings and net earnings per share, each adjusted to exclude: (i) the tax-effected impact of restructuring expense, transaction-related (benefits) costs, impairment charges and other gains, losses and tax effects and adjustments not reflective of the Company's ongoing operations; and (ii) acquisition-related intangibles amortization expense because it pertains to non-cash expenses that the Company does not use to evaluate core operating performance. Management believes that adjusted net earnings and adjusted net earnings per diluted share are useful to investors in assessing the Company's ongoing financial performance, as they provide improved comparability between periods through the exclusion of certain items that management believes are not indicative of the Company's core operating performance. Adjusted Free Cash Flow The Company defines adjusted free cash flow as net cash provided by operating activities after adding back adjustments related to the ongoing effects of separation-related transactions, less capital expenditures, including tooling outlays. Management believes that adjusted free cash flow is useful to investors in assessing the Company's ability to service and repay its debt and return capital to shareholders. Further, management uses this non-GAAP measure for planning and forecasting purposes. Adjusted EBITDA and EBITDA Margin (Unaudited) (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net earnings $ 46 $ 14 $ 72 $ 43 Depreciation and tooling amortization 32 33 62 67 Interest expense 21 39 40 61 Provision for income taxes 29 23 53 50 Amortization of acquisition-related intangibles 7 7 14 14 Interest income (4 ) (4 ) (8 ) (8 ) EBITDA 131 112 233 227 Restructuring expense 2 3 7 5 Transaction-related (benefits) costs 1 (4 ) 3 (5 ) 20 Other postretirement expense, net 1 1 2 1 Equity in affiliates' earnings, net of tax (4 ) (2 ) (8 ) (5 ) Adjusted EBITDA $ 126 $ 117 $ 229 $ 248 Adjusted sales $ 890 $ 863 $ 1,686 $ 1,709 Adjusted EBITDA margin % 14.2 % 13.6 % 13.6 % 14.5 % Expand Net Earnings to Adjusted Net Earnings (Unaudited) (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net earnings $ 46 $ 14 $ 72 $ 43 Amortization of acquisition-related intangibles 7 7 14 14 Restructuring expense 2 3 7 5 Transaction-related (benefits) costs 1 (4 ) 3 (5 ) 20 Loss on extinguishment of debt — 20 — 20 Tax effects and adjustments — (7 ) 2 (11 ) Adjusted net earnings $ 51 $ 40 $ 90 $ 91 Expand Adjusted Net Earnings Per Diluted Share (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net earnings per diluted share $ 1.14 $ 0.31 $ 1.76 $ 0.93 Amortization of acquisition-related intangibles 0.18 0.15 0.35 0.30 Restructuring expense 0.05 0.07 0.17 0.11 Transaction-related (benefits) costs 1 (0.10 ) 0.06 (0.12 ) 0.43 Loss on extinguishment of debt — 0.44 — 0.44 Tax effects and adjustments — (0.15 ) 0.05 (0.23 ) Adjusted net earnings per diluted share $ 1.27 $ 0.88 $ 2.21 $ 1.98 Expand Adjusted Free Cash Flow (Unaudited) (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 57 $ 109 $ 97 $ 140 Capital expenditures, including tooling outlays (34 ) (17 ) (69 ) (60 ) Effects of separation-related transactions (3 ) 16 (11 ) 41 Adjusted free cash flow $ 20 $ 108 $ 17 $ 121 _________________________ 1 Transaction-related (benefits) costs primarily relate to professional fees and other costs associated with acquisitions and divestitures, adjustments related to the Tax Matters Agreement between the Company and its former parent, and professional fees and other costs associated with the spin-off of the Company from its former parent, including the management of certain historical liabilities allocated to the Company in connection with the spin-off. Expand


Business Wire
15 minutes ago
- Business Wire
NOG Provides Update on Second Quarter Hedging Results, Ground Game Progress and Other Matters
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) ('NOG' or the 'Company') today provided an update on a number of business matters including second quarter hedging results, an update on ground game transactions as well as a material settlement of a legal matter. BUSINESS UPDATE Unrealized mark-to-market gains on derivatives for the second quarter were an estimated $65 – $70 million, driven by changes to the value of the Company's derivatives portfolio. Realized hedge gains were an estimated $58 - $63 million, driven by the Company's natural gas, crude oil and basis hedges. The Company continues to execute its policy of protecting its capital program by periodically entering into financial derivative instruments with counterparties to lock in future commodity prices on a portion of its expected production. NOG has added additional hedges since its first quarter report, including hedges to oil, natural gas, and Waha, Midland-Cushing and M2 basis hedges. As of the date of this release, the Company had an average of over 50,000 barrels per day of oil hedged for the second half of 2025 and an average of over 30,000 barrels per day of oil hedged for 2026, through a combination of swaps and collars. Additionally, NOG has an average of over 200 MMBtu per day of natural gas hedged for the second half of 2025 and an average of over 175 million MMBtu per day of natural gas hedged for 2026, through a combination of swaps and collars. An updated copy of the hedge tables can be found below. NOG accounts for its assets under the full-cost method under SEC guidelines, as opposed to the 'Successful Efforts' method, which does not perform price-based asset tests. Driven by lower average oil prices, the Company expects to take a non-cash impairment charge of $112 - $120 million in the second quarter of 2025 under the 'ceiling test' of the full cost pool on its assets. This non-cash charge will have no impact on cash flows of the Company. The following table summarizes NOG's open oil commodity derivative contracts scheduled to settle after June 30, 2025. (1) Includes derivative contracts entered into through July 18, 2025. This table does not include volumes subject to swaptions and call options, which are crude oil derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG's counterparties. This table does not include basis swaps. For additional information, see Note 10 to our financial statements included in our Form 10-Q to be filed with the SEC for the quarter ended June 30, 2025 on or around August 1, 2025. Expand The following table summarizes NOG's open gas commodity derivative contracts scheduled to settle after June 30, 2025. (1) Includes derivative contracts entered into through July 18, 2025. This table does not include volumes subject to swaptions and call options, which are natural gas derivative contracts NOG has entered into which may increase swapped volumes at the option of NOG's counterparties. This table does not include basis swaps. For additional information, see Note 10 to our financial statements included in our Form 10-Q to be filed with the SEC for the quarter ended June 30, 2025 on or around August 1, 2025. Expand The following table summarizes NOG's open NGL commodity derivative swap contracts scheduled to settle after June 30, 2025. GROUND GAME UPDATE Alongside reduced commodity prices from the prior quarter, the Company saw increased success in its quarterly Ground Game activity. The Company completed 22 ground game transactions in the second quarter adding 4.8 net wells and approximately 2,600 net acres. The transactions totaled approximately $23.8 million of initial capital with approximately $7.3 million in incremental development capital. The transactions were across all four of NOG's major basins. The Company believes that the volume of opportunities relative to a year ago has expanded spurred by the current weakness and tepid outlook in commodity pricing. LEGAL SETTLEMENT In June 2025, the Company entered into a settlement and mutual release agreement (the 'Settlement Agreement') with an operator in North Dakota (the 'Operator'). Pursuant to the Settlement Agreement, the Operator and the Company have settled and permanently released certain claims of the Company relating to certain post-production costs previously deducted from revenues. Pursuant to the settlement, the Company will receive approximately $81.7 million, recorded within Oil and Gas Sales in its June 30, 2025, condensed statements of operations. The Company expects to receive a net cash settlement of $48.6 million after deducting approximately $33.1 million in legal settlement expenses. The cash proceeds are expected to be received in the third quarter of 2025. ABOUT NOG NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at PRELIMINARY INFORMATION The preliminary unaudited second quarter 2025 financial and operating information included in this press release (including with respect to hedging results, non-cash impairment charges, and other matters) are based on estimates and subject to completion of NOG's financial closing procedures. Such information has been prepared by management solely based on currently available information. The preliminary information does not represent and is not a substitute for a comprehensive statement of financial and operating results, and NOG's actual results may differ materially from these estimates because of final adjustments, the completion of NOG's financial closing procedures, and other developments after the date of this release. SAFE HARBOR This release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the 'Securities Act'), and the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements other than statements of historical facts included or referenced in this press release regarding NOG's dividend plans and practices (including timing, amounts and relative performance), financial position, business strategy, plans and objectives for future operations, industry conditions, cash flow, and growth prospects are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as 'estimate,' 'project,' 'predict,' 'believe,' 'expect,' 'continue,' 'anticipate,' 'target,' 'could,' 'plan,' 'intend,' 'seek,' 'goal,' 'will,' 'should,' 'may' or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG's capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG's properties and properties pending acquisition; NOG's ability to acquire additional development opportunities; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG's cash position and levels of indebtedness; changes in NOG's reserves estimates or the value thereof; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; NOG's ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled 'Item 1A. Risk Factors' and other sections of NOG's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG's actual results to differ from those set forth in the forward-looking statements. NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.