2019 Q1 Form 10-Q Financial Statement

#000110448519000073 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue -$6.934M $443.2M $66.61M
YoY Change -110.41% 1097.75% 1.21%
Cost Of Revenue $24.67M $35.12M $12.49M
YoY Change 97.52% 75.58% -22.43%
Gross Profit -$31.60M $408.1M $54.13M
YoY Change -158.38% 2300.47% 8.9%
Gross Profit Margin 92.08% 81.25%
Selling, General & Admin $6.051M $4.976M $1.700M
YoY Change 255.94% 60.51% -52.78%
% of Gross Profit 1.22% 3.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.13M $48.29M $18.60M
YoY Change 142.66% 174.4% 45.31%
% of Gross Profit 11.83% 34.36%
Operating Expenses $88.37M $88.39M $40.71M
YoY Change 117.09% 117.37% 24.98%
Operating Profit -$95.31M $354.8M $25.91M
YoY Change -467.9% -9795.53% -22.08%
Interest Expense $19.55M -$34.60M $23.11M
YoY Change -15.4% 65.56% 41.73%
% of Operating Profit -9.75% 89.2%
Other Income/Expense, Net -$11.86M -$136.6M -$22.94M
YoY Change -48.31% 527.65% 40.7%
Pretax Income -$107.2M $218.2M $2.965M
YoY Change -3714.23% -959.2% -82.5%
Income Tax $0.00 -$55.00K $0.00
% Of Pretax Income -0.03% 0.0%
Net Earnings -$107.2M $218.3M $2.965M
YoY Change -3714.23% -1015.32% -82.5%
Net Earnings / Revenue 49.25% 4.45%
Basic Earnings Per Share -$0.29 $0.58 $0.05
Diluted Earnings Per Share -$0.29 $0.58 $0.05
COMMON SHARES
Basic Shares Outstanding 371.4M shares 385.7M shares 65.22M shares
Diluted Shares Outstanding 371.4M shares 65.38M shares

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.944M $2.358M $89.50M
YoY Change -95.59% -97.69% 1527.27%
Cash & Equivalents $3.944M $2.358M $89.47M
Short-Term Investments
Other Short-Term Assets $30.80M $128.5M $5.500M
YoY Change 460.05% 4331.0% -25.68%
Inventory
Prepaid Expenses
Receivables $90.51M $96.35M $51.28M
Other Receivables $1.205M $1.205M $800.0K
Total Short-Term Assets $126.5M $228.4M $147.0M
YoY Change -13.98% 49.53% 205.09%
LONG-TERM ASSETS
Property, Plant & Equipment $1.241B $1.203B $510.7M
YoY Change 142.96% 154.16% 30.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.37M $10.22M $5.998M
YoY Change 72.85% 86.16% -26.81%
Total Long-Term Assets $1.269B $1.275B $517.5M
YoY Change 145.3% 165.95% 29.02%
TOTAL ASSETS
Total Short-Term Assets $126.5M $228.4M $147.0M
Total Long-Term Assets $1.269B $1.275B $517.5M
Total Assets $1.396B $1.504B $664.5M
YoY Change 110.06% 137.82% 47.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $154.3M $55.02M $95.15M
YoY Change 62.21% -40.94% 48.2%
Accrued Expenses $1.823M $83.24M $6.608M
YoY Change -72.41% 1213.01% 39.96%
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 $226.1M $231.5M $147.9M
YoY Change 52.8% 87.36% 67.0%
LONG-TERM LIABILITIES
Long-Term Debt $839.2M $830.2M $980.8M
YoY Change -14.43% -15.22% 19.1%
Other Long-Term Liabilities $381.0K $105.0K $24.50M
YoY Change -98.44% -22.35% 235.62%
Total Long-Term Liabilities $381.0K $105.0K $1.005B
YoY Change -99.96% -22.35% 21.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $226.1M $231.5M $147.9M
Total Long-Term Liabilities $381.0K $105.0K $1.005B
Total Liabilities $1.083B $1.074B $1.153B
YoY Change -6.09% -4.39% 25.44%
SHAREHOLDERS EQUITY
Retained Earnings -$904.0M -$796.9M -$937.6M
YoY Change -3.58% -15.28% 2.53%
Common Stock $1.217B $1.227B $448.8M
YoY Change 171.1% 172.77% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $312.8M $429.9M -$488.8M
YoY Change
Total Liabilities & Shareholders Equity $1.396B $1.504B $664.5M
YoY Change 110.06% 137.82% 47.91%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income -$107.2M $218.3M $2.965M
YoY Change -3714.23% -1015.32% -82.5%
Depreciation, Depletion And Amortization $45.13M $48.29M $18.60M
YoY Change 142.66% 174.4% 45.31%
Cash From Operating Activities $98.91M $117.8M $45.52M
YoY Change 117.28% 1492.51% 53.18%
INVESTING ACTIVITIES
Capital Expenditures $5.000K -$164.4M $22.00K
YoY Change -77.27% 275.41%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$77.91M -$164.4M -$58.02M
YoY Change 34.28% 275.41% 186.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.11M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$19.41M -64.03M -$210.0K
YoY Change 9142.38% -148.58% -97.98%
NET CHANGE
Cash From Operating Activities $98.91M 117.8M $45.52M
Cash From Investing Activities -$77.91M -164.4M -$58.02M
Cash From Financing Activities -$19.41M -64.03M -$210.0K
Net Change In Cash $1.586M -110.6M -$12.71M
YoY Change -112.48% -215.94% 1213.97%
FREE CASH FLOW
Cash From Operating Activities $98.91M $117.8M $45.52M
Capital Expenditures $5.000K -$164.4M $22.00K
Free Cash Flow $98.90M $282.3M $45.50M
YoY Change 117.37% 451.32% 53.11%

Facts In Submission

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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stock Issued During Period Value New Issues
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CY2019Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2019Q1 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 nog Restricted Stock Surrenders Tax Obligations Value
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CY2018Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Nature Of Operations
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ORGANIZATION AND NATURE OF BUSINESS<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">Northern Oil and Gas, Inc. (the “Company,” “Northern,” “our” 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.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">The Company’s common stock trades on the NYSE American market under the symbol “NOG”</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">.</span></div><div><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">Northern’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.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">The Company acquires leasehold interests that comprise of non-operated working interests in wells and in drilling projects within its area of operations.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">For the three months ended March 31, 2019, crude oil accounted for 82% of the Company’s total production and 93% of its oil and gas sales.</span></div>
CY2019Q1 us-gaap Use Of Estimates
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<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">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.  The most significant estimates relate to proved crude oil and natural gas reserve</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">s</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">fair value of contingent consideration, acquisition date fair values of assets acquired and liabilities assumed, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">impairment of oil and natural gas properties, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">asset retirement obligations </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:400;line-height:120%;">and deferred income taxes.  Actual results may differ from those estimates.</span>
CY2019Q1 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
RevenuefromContractwithCustomerNumberofRevenueSources
2 revenue_source
CY2019Q1 nog Numberof Geographic Areasinwhich Entity Operates
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CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-107162000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
2965000 USD
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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371449000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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65383000 shares
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2019Q1 us-gaap Interest Paid Net
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CY2018Q1 us-gaap Interest Paid Net
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CY2019Q1 us-gaap Income Taxes Paid
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CY2018Q1 us-gaap Income Taxes Paid
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0 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2019Q1 nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
226000 USD
CY2018Q1 nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
184000 USD
CY2019Q1 nog Compensation Capitalizedon Oiland Gas Properties
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84000 USD
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54000 USD
CY2019Q1 nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
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2887000 USD
CY2018Q1 nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
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0 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2019Q1 nog Asset Acquisition Consideration Transferred
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8400000 USD
CY2019Q1 nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
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P5Y
CY2019Q1 nog Lease Amount Expired
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700000 USD
CY2018Q1 nog Lease Amount Expired
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3800000 USD
CY2019Q1 us-gaap Debt Instrument Carrying Amount
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CY2019Q1 us-gaap Deferred Finance Costs Net
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CY2019Q1 us-gaap Long Term Debt
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CY2018Q4 us-gaap Debt Instrument Carrying Amount
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CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
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CY2018Q4 us-gaap Deferred Finance Costs Net
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18173000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
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CY2019Q1 nog Stock Shares Authorized
StockSharesAuthorized
680000000 shares
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
675000000 shares
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
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CY2019Q1 us-gaap Stock Repurchased During Period Shares
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CY2018 us-gaap Stock Repurchased During Period Shares
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CY2019Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2018 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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3160000 shares
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CY2019Q1 nog Stock Issued During Period Shares Debt Exchange Agreements
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0 shares
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CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2019Q1 us-gaap Stock Issued During Period Shares Acquisitions
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CY2019Q1 nog Stock Issued During Period Shares Sharebased Compensation Legal Settlement
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CY2018 nog Stock Issued During Period Shares Sharebased Compensation Legal Settlement
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CY2019Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
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CY2018 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
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CY2019Q1 us-gaap Stock Issued During Period Shares Other
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CY2019Q1 us-gaap Common Stock Shares Outstanding
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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CY2019Q1 nog Stock Issued During Period Shares Sharebased Compensation Legal Settlement
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CY2011Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2019Q1 us-gaap Stock Repurchased During Period Shares
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CY2019Q1 us-gaap Stock Repurchased During Period Value
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CY2019Q1 nog Stock Repurchased During Period Value Settlement Of Contingent Consideration Liabilities
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CY2019Q1 nog Sharebased Compensation Expense Capitalized In Oil And Natural Gas Properties
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CY2018Q1 nog Sharebased Compensation Expense Capitalized In Oil And Natural Gas Properties
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2019Q1 us-gaap Current Income Tax Expense Benefit
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CY2019Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2019Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2019Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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46385000 USD
CY2019Q1 us-gaap Long Term Debt
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CY2019Q1 nog Capitalized Asset Retirement Obligations
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200000 USD
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CY2019Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2018Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2019Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2018Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
36417000 USD
CY2018Q4 us-gaap Derivative Assets
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177713000 USD
CY2019Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
10873000 USD
CY2018Q4 us-gaap Derivative Liabilities
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0 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
57508000 USD
CY2019Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
21091000 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
36417000 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Liability
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31964000 USD
CY2019Q1 us-gaap Derivative Liability Fair Value Gross Asset
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21091000 USD
CY2019Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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10873000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset
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178477000 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Gross Liability
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764000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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177713000 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
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764000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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0 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
764000 USD

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