2018 Q2 Form 10-Q Financial Statement

#000110448518000175 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $66.85M $64.90M
YoY Change 3.0% 102.73%
Cost Of Revenue $14.55M $12.14M
YoY Change 19.87% -20.67%
Gross Profit $52.30M $52.76M
YoY Change -0.89% 215.95%
Gross Profit Margin 78.24% 81.3%
Selling, General & Admin $3.300M $4.300M
YoY Change -23.26% -6.52%
% of Gross Profit 6.31% 8.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.60M $13.70M
YoY Change 64.96% -15.43%
% of Gross Profit 43.21% 25.96%
Operating Expenses $50.53M $34.58M
YoY Change 46.13% -72.33%
Operating Profit $16.32M $30.32M
YoY Change -46.19% -132.63%
Interest Expense $22.40M $16.43M
YoY Change 36.37% 2.38%
% of Operating Profit 137.29% 54.17%
Other Income/Expense, Net -$112.9M -$16.52M
YoY Change 583.07% 2.97%
Pretax Income -$96.55M $13.80M
YoY Change -799.52% -112.66%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$96.55M $13.80M
YoY Change -799.52% -112.66%
Net Earnings / Revenue -144.43% 21.27%
Basic Earnings Per Share -$0.49 $0.22
Diluted Earnings Per Share -$0.49 $0.22
COMMON SHARES
Basic Shares Outstanding 196.1M shares 61.64M shares
Diluted Shares Outstanding 196.1M shares 61.89M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.9M $3.800M
YoY Change 5186.84% 2.7%
Cash & Equivalents $200.9M $3.809M
Short-Term Investments
Other Short-Term Assets $6.000M $19.40M
YoY Change -69.07% 25.97%
Inventory
Prepaid Expenses
Receivables $68.27M $35.98M
Other Receivables $800.0K $1.400M
Total Short-Term Assets $276.0M $60.67M
YoY Change 354.9% 1.81%
LONG-TERM ASSETS
Property, Plant & Equipment $601.0M $407.9M
YoY Change 47.33% 2.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.302M $8.139M
YoY Change -34.86% -8.56%
Total Long-Term Assets $607.1M $420.6M
YoY Change 44.33% 3.66%
TOTAL ASSETS
Total Short-Term Assets $276.0M $60.67M
Total Long-Term Assets $607.1M $420.6M
Total Assets $883.1M $481.3M
YoY Change 83.48% 3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $92.18M $72.40M
YoY Change 27.32% 22.05%
Accrued Expenses $5.917M $5.773M
YoY Change 2.5% 22.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $158.0M $83.34M
YoY Change 89.58% 18.47%
LONG-TERM LIABILITIES
Long-Term Debt $834.8M $845.3M
YoY Change -1.24% 3.21%
Other Long-Term Liabilities $120.3K $8.200M
YoY Change -98.53% 38.98%
Total Long-Term Liabilities $120.3K $853.5M
YoY Change -99.99% 3.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $158.0M $83.34M
Total Long-Term Liabilities $120.3K $853.5M
Total Liabilities $1.031B $936.8M
YoY Change 10.05% 4.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.034B -$900.6M
YoY Change 14.82% 3.11%
Common Stock $886.3M $445.2M
YoY Change 99.1% 0.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$147.8M -$455.5M
YoY Change
Total Liabilities & Shareholders Equity $883.1M $481.3M
YoY Change 83.48% 3.42%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$96.55M $13.80M
YoY Change -799.52% -112.66%
Depreciation, Depletion And Amortization $22.60M $13.70M
YoY Change 64.96% -15.43%
Cash From Operating Activities $18.10M $0.00
YoY Change -100.0%
INVESTING ACTIVITIES
Capital Expenditures -$101.7M -$22.40M
YoY Change 354.02% 22.4%
Acquisitions
YoY Change
Other Investing Activities $100.0K $200.0K
YoY Change -50.0%
Cash From Investing Activities -$101.7M -$22.30M
YoY Change 356.05% 21.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 195.0M 20.60M
YoY Change 846.6% 43.06%
NET CHANGE
Cash From Operating Activities 18.10M 0.000
Cash From Investing Activities -101.7M -22.30M
Cash From Financing Activities 195.0M 20.60M
Net Change In Cash 111.4M -1.700M
YoY Change -6652.94% 183.33%
FREE CASH FLOW
Cash From Operating Activities $18.10M $0.00
Capital Expenditures -$101.7M -$22.40M
Free Cash Flow $119.8M $22.40M
YoY Change 434.82% 3.7%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Concentrations of Market and Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The future results of the Company&#8217;s crude oil and natural gas operations will be affected by the market prices of crude oil and natural gas.&#160;&#160;The availability of a ready market for crude oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of crude oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of crude oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in the exploration, development and production sector of the crude oil and natural gas industry.&#160;&#160;The Company&#8217;s receivables include amounts due from purchasers of its crude oil and natural gas production.&#160;&#160;While certain of these customers are affected by periodic downturns in the economy in general or in their specific segment of the crude oil or natural gas industry, the Company believes that its level of credit-related losses due to such economic fluctuations have been immaterial.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company manages and controls market and counterparty credit risk.&#160;&#160;In the normal course of business, collateral is not required for financial instruments with credit risk.&#160;&#160;Financial instruments which potentially subject the Company to credit risk consist principally of temporary cash balances and derivative financial instruments.&#160;&#160;The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits.&#160;&#160;The Company has not experienced any significant losses from such investments.&#160;&#160;The Company attempts to limit the amount of credit exposure to any one financial institution or company.&#160;&#160;The Company believes the credit quality of its counterparties is generally high.&#160;&#160;In the normal course of business, letters of credit or parent guarantees may be required for counterparties which management perceives to have a higher credit risk.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION AND NATURE OF BUSINESS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Northern Oil and Gas, Inc. (the &#8220;Company,&#8221; &#8220;Northern,&#8221; &#8220;our&#8221; and words of similar import), a Delaware corporation, is an independent energy company engaged in the acquisition, exploration, exploitation, development and production of crude oil and natural gas properties.&#160;&#160;The Company&#8217;s common stock trades on the NYSE American market under the symbol &#8220;NOG&#8221;.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Northern&#8217;s principal business is crude oil and natural gas exploration, development, and production with operations in North Dakota and Montana that primarily target the Bakken and Three Forks formations in the Williston Basin of the United States.&#160;&#160;The Company acquires leasehold interests that comprise of non-operated working interests in wells and in drilling projects within its area of operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.&#160;&#160;The most significant estimates relate to proved crude oil and natural gas reserve volumes, future development costs, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, impairment of oil and natural gas properties, and deferred income taxes.&#160;&#160;Actual results may differ from those estimates.</font></div></div>

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0001104485-18-000175.txt Edgar Link pending
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exhibit1013-employmentagre.htm Edgar Link pending
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