2018 Q4 Form 10-Q Financial Statement

#000110448518000195 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $443.2M $102.3M $37.00M
YoY Change 1097.75% 145.85% 2.95%
Cost Of Revenue $35.12M $18.16M $20.00M
YoY Change 75.58% 44.07% 23.46%
Gross Profit $408.1M $84.11M $17.00M
YoY Change 2300.47% 190.1% -13.71%
Gross Profit Margin 92.08% 82.24% 45.94%
Selling, General & Admin $4.976M $4.674M $3.100M
YoY Change 60.51% -41.57% -16.22%
% of Gross Profit 1.22% 5.56% 18.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.29M $30.28M $17.60M
YoY Change 174.4% 96.65% 30.37%
% of Gross Profit 11.83% 36.01% 103.53%
Operating Expenses $88.39M $66.67M $40.66M
YoY Change 117.37% 62.56% 21.53%
Operating Profit $354.8M $35.60M -$3.660M
YoY Change -9795.53% 5985.15% -247.21%
Interest Expense -$34.60M $20.44M -$20.90M
YoY Change 65.56% 22.58% 29.01%
% of Operating Profit -9.75% 57.41%
Other Income/Expense, Net -$136.6M -$16.62M -$21.76M
YoY Change 527.65% -0.33% 34.16%
Pretax Income $218.2M $18.98M -$25.40M
YoY Change -959.2% -217.97% 85.4%
Income Tax -$55.00K $0.00 -$1.570M
% Of Pretax Income -0.03% 0.0%
Net Earnings $218.3M $18.98M -$23.85M
YoY Change -1015.32% -217.97% 93.41%
Net Earnings / Revenue 49.25% 18.56% -64.45%
Basic Earnings Per Share $0.58 $0.06 -$0.37
Diluted Earnings Per Share $0.58 $0.06 -$0.37
COMMON SHARES
Basic Shares Outstanding 385.7M shares 300.5M shares 66.82M shares
Diluted Shares Outstanding 301.8M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.358M $113.0M $102.2M
YoY Change -97.69% 1561.26% 1472.31%
Cash & Equivalents $2.358M $113.0M $102.2M
Short-Term Investments
Other Short-Term Assets $128.5M $20.51M $2.900M
YoY Change 4331.0% 236.28% -9.38%
Inventory
Prepaid Expenses
Receivables $96.35M $90.48M $46.85M
Other Receivables $1.205M $785.0K $700.0K
Total Short-Term Assets $228.4M $224.7M $152.8M
YoY Change 49.53% 320.31% 225.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.203B $818.0M $473.2M
YoY Change 154.16% 88.73% 25.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.22M $5.443M $5.491M
YoY Change 86.16% -18.38% -34.87%
Total Long-Term Assets $1.275B $844.2M $479.5M
YoY Change 165.95% 91.48% 24.66%
TOTAL ASSETS
Total Short-Term Assets $228.4M $224.7M $152.8M
Total Long-Term Assets $1.275B $844.2M $479.5M
Total Assets $1.504B $1.069B $632.3M
YoY Change 137.82% 116.23% 46.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.02M $122.3M $93.15M
YoY Change -40.94% 50.68% 65.91%
Accrued Expenses $83.24M $6.334M $6.339M
YoY Change 1213.01% -36.92% 4.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $231.5M $215.4M $123.6M
YoY Change 87.36% -18.87% 59.57%
LONG-TERM LIABILITIES
Long-Term Debt $830.2M $789.5M $979.3M
YoY Change -15.22% 14.24% 17.62%
Other Long-Term Liabilities $105.0K $112.8K $135.2K
YoY Change -22.35% -98.66% -13.67%
Total Long-Term Liabilities $105.0K $112.8K $135.2K
YoY Change -22.35% -99.98% -99.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.5M $215.4M $123.6M
Total Long-Term Liabilities $105.0K $112.8K $135.2K
Total Liabilities $1.074B $1.058B $1.123B
YoY Change -4.39% 9.61% 22.21%
SHAREHOLDERS EQUITY
Retained Earnings -$796.9M -$1.015B -$940.6M
YoY Change -15.28% 10.74% 0.99%
Common Stock $1.227B $1.026B $449.7M
YoY Change 172.77% 130.07% 1.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $429.9M $11.21M -$490.8M
YoY Change
Total Liabilities & Shareholders Equity $1.504B $1.069B $632.3M
YoY Change 137.82% 116.23% 46.51%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $218.3M $18.98M -$23.85M
YoY Change -1015.32% -217.97% 93.41%
Depreciation, Depletion And Amortization $48.29M $30.28M $17.60M
YoY Change 174.4% 96.65% 30.37%
Cash From Operating Activities $117.8M $62.82M $7.400M
YoY Change 1492.51% 74.98% 76.19%
INVESTING ACTIVITIES
Capital Expenditures -$164.4M -$150.5M -$43.80M
YoY Change 275.41% 357.32% 67.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$164.4M -$150.4M -$43.80M
YoY Change 275.41% 358.51% 75.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.03M -343.2K 131.8M
YoY Change -148.58% 449.17%
NET CHANGE
Cash From Operating Activities 117.8M 62.82M 7.400M
Cash From Investing Activities -164.4M -150.4M -43.80M
Cash From Financing Activities -64.03M -343.2K 131.8M
Net Change In Cash -110.6M -87.92M 95.40M
YoY Change -215.94% -2936.04% 2881.25%
FREE CASH FLOW
Cash From Operating Activities $117.8M $62.82M $7.400M
Capital Expenditures -$164.4M -$150.5M -$43.80M
Free Cash Flow $282.3M $213.3M $51.20M
YoY Change 451.32% 209.99% 68.42%

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0 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
CY2017Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-5953000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
5656000 USD
CY2018Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4652000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-17999000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61843377 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61991292 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
301755419 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188152998 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61843377 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61645920 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
300517497 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188152998 shares
CY2017Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
95135 USD
CY2018Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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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