2019 Q4 Form 10-Q Financial Statement

#000110448519000163 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $59.01M $233.9M $443.2M
YoY Change -86.68% 128.69% 1097.75%
Cost Of Revenue $51.58M $32.35M $35.12M
YoY Change 46.88% 78.11% 75.58%
Gross Profit $7.433M $201.5M $408.1M
YoY Change -98.18% 139.62% 2300.47%
Gross Profit Margin 12.6% 86.17% 92.08%
Selling, General & Admin $8.118M $4.206M $4.976M
YoY Change 63.15% -10.02% 60.51%
% of Gross Profit 109.22% 2.09% 1.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.41M $55.57M $48.29M
YoY Change 31.3% 83.48% 174.4%
% of Gross Profit 853.09% 27.57% 11.83%
Operating Expenses $121.5M $112.8M $88.39M
YoY Change 37.51% 69.16% 117.37%
Operating Profit -$62.53M $121.1M $354.8M
YoY Change -117.62% 240.2% -9795.53%
Interest Expense -$21.84M $21.51M -$34.60M
YoY Change -36.88% 5.25% 65.56%
% of Operating Profit 17.76% -9.75%
Other Income/Expense, Net -$45.41M -$26.72M -$136.6M
YoY Change -66.75% 60.78% 527.65%
Pretax Income -$107.9M $94.38M $218.2M
YoY Change -149.46% 397.29% -959.2%
Income Tax $0.00 $0.00 -$55.00K
% Of Pretax Income 0.0% -0.03%
Net Earnings -$107.9M $94.38M $218.3M
YoY Change -149.45% 397.29% -1015.32%
Net Earnings / Revenue -182.9% 40.35% 49.25%
Basic Earnings Per Share -$0.27 $2.38 $0.58
Diluted Earnings Per Share -$0.27 $2.38 $0.58
COMMON SHARES
Basic Shares Outstanding 405.8M shares 39.60M shares 385.7M shares
Diluted Shares Outstanding 39.65M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.07M $1.901M $2.358M
YoY Change 581.42% -98.32% -97.69%
Cash & Equivalents $16.07M $1.901M $2.358M
Short-Term Investments
Other Short-Term Assets $8.485M $66.56M $128.5M
YoY Change -93.4% 224.49% 4331.0%
Inventory
Prepaid Expenses
Receivables $108.3M $103.2M $96.35M
Other Receivables $210.0K $420.0K $1.205M
Total Short-Term Assets $133.0M $172.1M $228.4M
YoY Change -41.76% -23.42% 49.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.749B $1.677B $1.203B
YoY Change 45.38% 105.01% 154.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.07M $9.842M $10.22M
YoY Change 47.44% 80.82% 86.16%
Total Long-Term Assets $1.772B $1.730B $1.275B
YoY Change 38.99% 104.91% 165.95%
TOTAL ASSETS
Total Short-Term Assets $133.0M $172.1M $228.4M
Total Long-Term Assets $1.772B $1.730B $1.275B
Total Assets $1.905B $1.902B $1.504B
YoY Change 26.72% 77.93% 137.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.40M $112.7M $55.02M
YoY Change 26.14% -7.84% -40.94%
Accrued Expenses $110.4M $90.11M $83.24M
YoY Change 32.6% 1322.69% 1213.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $203.5M $230.8M $231.5M
YoY Change -12.11% 7.17% 87.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.118B $1.140B $830.2M
YoY Change 34.69% 44.4% -15.22%
Other Long-Term Liabilities $345.0K $417.0K $105.0K
YoY Change 228.57% 269.57% -22.35%
Total Long-Term Liabilities $1.119B $417.0K $105.0K
YoY Change 1065143.81% 269.57% -22.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $203.5M $230.8M $231.5M
Total Long-Term Liabilities $1.119B $417.0K $105.0K
Total Liabilities $1.347B $1.388B $1.074B
YoY Change 25.43% 31.21% -4.39%
SHAREHOLDERS EQUITY
Retained Earnings -$873.2M -$765.3M -$796.9M
YoY Change 9.58% -24.62% -15.28%
Common Stock $1.432B $1.279B $1.227B
YoY Change 16.72% 24.65% 172.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $558.6M $514.1M $429.9M
YoY Change
Total Liabilities & Shareholders Equity $1.905B $1.902B $1.504B
YoY Change 26.72% 77.93% 137.82%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$107.9M $94.38M $218.3M
YoY Change -149.45% 397.29% -1015.32%
Depreciation, Depletion And Amortization $63.41M $55.57M $48.29M
YoY Change 31.3% 83.48% 174.4%
Cash From Operating Activities $70.43M $71.02M $117.8M
YoY Change -40.24% 13.06% 1492.51%
INVESTING ACTIVITIES
Capital Expenditures -$151.2M -$226.8M -$164.4M
YoY Change -8.06% 50.75% 275.41%
Acquisitions
YoY Change
Other Investing Activities -$1.000K $1.000K $0.00
YoY Change -101.0%
Cash From Investing Activities -$151.2M -$226.8M -$164.4M
YoY Change -8.06% 50.81% 275.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 94.92M 154.9M -64.03M
YoY Change -248.25% -45231.7% -148.58%
NET CHANGE
Cash From Operating Activities 70.43M 71.02M 117.8M
Cash From Investing Activities -151.2M -226.8M -164.4M
Cash From Financing Activities 94.92M 154.9M -64.03M
Net Change In Cash 14.17M -892.0K -110.6M
YoY Change -112.81% -98.99% -215.94%
FREE CASH FLOW
Cash From Operating Activities $70.43M $71.02M $117.8M
Capital Expenditures -$151.2M -$226.8M -$164.4M
Free Cash Flow $221.6M $297.8M $282.3M
YoY Change -21.49% 39.65% 451.32%

Facts In Submission

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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nog Depletion Depreciation Amortization And Accretion
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nog Depletion Depreciation Amortization And Accretion
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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198000 USD
us-gaap Unrealized Gain Loss On Derivatives
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us-gaap Unrealized Gain Loss On Derivatives
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nog Gain Loss On Debt Exchange Derivative
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nog Gain Loss On Contingent Consideration
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nog Gain Loss On Contingent Consideration
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0 USD
us-gaap Paid In Kind Interest
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us-gaap Paid In Kind Interest
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us-gaap Share Based Compensation
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4280000 USD
us-gaap Share Based Compensation
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Interest Payable Net
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6916000 USD
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Payment For Contingent Consideration Liability Operating Activities
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us-gaap Payment For Contingent Consideration Liability Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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269323000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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126416000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Acquire Oil And Gas Property
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210642000 USD
us-gaap Payments To Acquire Oil And Gas Property
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nog Payments For Acquisition Deposit
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nog Payments For Acquisition Deposit
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
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us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
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us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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1001000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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nog Advances On Revolving Credit Facility
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nog Advances On Revolving Credit Facility
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us-gaap Repayments Of Lines Of Credit
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126000000 USD
us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Repayments Of Subordinated Debt
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us-gaap Payments Of Debt Issuance Costs
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nog Payments For Debt Derivative Exchange Settlements
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nog Payments For Debt Derivative Exchange Settlements
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us-gaap Payment For Contingent Consideration Liability Financing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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10783000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2832000 USD
CY2019Q1 nog Restricted Stock Surrenders Tax Obligations Value
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CY2019Q1 nog Stock Repurchased During Period Value Net Of Contingent Consideration Settlements
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CY2019Q1 nog Stock Issued During Period Value Contingent Consideration Settlements
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CY2019Q1 us-gaap Net Income Loss
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CY2018Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2018Q3 us-gaap Stock Issued During Period Value Acquisitions
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CY2018Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q3 us-gaap Net Income Loss
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18979000 USD
CY2018Q3 us-gaap Stockholders Equity
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11210000 USD
us-gaap Nature Of Operations
NatureOfOperations
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. The Company’s common stock trades on the NYSE American market under the symbol “NOG”.</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. 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;font-weight:400;line-height:120%;">For the nine months ended September 30, 2019, crude oil accounted for 81% of the Company’s total production and 94% of its oil and gas sales.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
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 reserves, estimates relating to certain crude oil and natural gas revenues and expenses, fair value of derivative instruments, fair value of contingent consideration, acquisition date fair values of assets acquired and liabilities assumed, impairment of oil and natural gas properties, asset retirement obligations and deferred income taxes.  Actual results may differ from those estimates.
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div><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%;text-decoration: underline;">Reclassifications</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;font-weight:400;line-height:120%;">Certain prior period balances in the balance sheets have been reclassified to conform to the current year presentation. Such reclassifications had no impact on net income, cash flows or stockholders’ equity previously reported.</span></div><div style="text-align:justify;"><span><br/></span></div><div><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%;text-decoration: underline;">Correction of Presentation</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%;">Subsequent to the issuance of the Company’s condensed financial statements as of and for the period ended September 30, 2018, the Company identified an immaterial error in the supplemental footnote disclosure of non-cash investing activities in which a “Change in Prepaid Expenses and Other” was improperly included in the amount of $12.4 million. Accordingly, within the “Supplemental Cash Flow Information” section included in this Note 2 below, the Company has removed the line item previously reported as the amount of “Change in Prepaid Expenses and Other.” The error did not impact the Statement of Cash Flows.</span></div>
nog Settlementof Prepaid Expensesand Other Assets Through Noncash Payments Amount
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12400000 USD
CY2019Q3 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
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2 revenue_source
CY2019Q3 nog Numberof Geographic Areasinwhich Entity Operates
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1 geographic_area
CY2019Q3 us-gaap Net Income Loss
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94381000 USD
CY2018Q3 us-gaap Net Income Loss
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18979000 USD
us-gaap Net Income Loss
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31619000 USD
us-gaap Net Income Loss
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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396044887 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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300517497 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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382044068 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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188152998 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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396530767 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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301755419 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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382744304 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
188152998 shares
CY2019Q3 us-gaap Earnings Per Share Basic
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0.24
CY2018Q3 us-gaap Earnings Per Share Basic
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0.06
us-gaap Earnings Per Share Basic
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0.08
us-gaap Earnings Per Share Basic
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CY2019Q3 us-gaap Earnings Per Share Diluted
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CY2018Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Interest Paid Net
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52916000 USD
us-gaap Interest Paid Net
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55849000 USD
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18480000 USD
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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0 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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108216000 USD
nog Capitalized Asset Retirement Obligations
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3703000 USD
nog Capitalized Asset Retirement Obligations
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1644000 USD
nog Compensation Capitalizedon Oiland Gas Properties
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296000 USD
nog Compensation Capitalizedon Oiland Gas Properties
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250000 USD
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us-gaap Stock Issued1
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326783000 USD
nog Derivative Liability Assumed
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0 USD
nog Derivative Liability Assumed
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19354000 USD
nog Noncash Or Part Noncash Transaction Debt Exchange Derivative Liability Settlements
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15735000 USD
nog Noncash Or Part Noncash Transaction Debt Exchange Derivative Liability Settlements
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0 USD
nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
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17822000 USD
nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
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0 USD
CY2019Q3 nog Asset Acquisition Consideration Transferred
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19100000 USD
nog Asset Acquisition Consideration Transferred
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36300000 USD
nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
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P5Y
CY2019Q3 nog Lease Amount Expired
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800000 USD
CY2018Q3 nog Lease Amount Expired
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nog Lease Amount Expired
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2500000 USD
nog Lease Amount Expired
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8100000 USD
CY2019Q3 us-gaap Debt Instrument Carrying Amount
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1145491000 USD
CY2019Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
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CY2019Q3 us-gaap Deferred Finance Costs Net
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14977000 USD
CY2019Q3 us-gaap Long Term Debt
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CY2018Q4 us-gaap Debt Instrument Carrying Amount
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835140000 USD
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CY2018Q4 us-gaap Deferred Finance Costs Net
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18173000 USD
CY2018Q4 us-gaap Long Term Debt
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CY2019Q3 nog Stock Shares Authorized
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680000000 shares
CY2019Q3 us-gaap Common Stock Shares Authorized
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675000000 shares
CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2019Q3 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.001
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378333000 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
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66792000 shares
us-gaap Stock Repurchased During Period Shares
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CY2018 us-gaap Stock Repurchased During Period Shares
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0 shares
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3169000 shares
CY2018 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
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nog Stock Issued During Period Shares Debt Exchange Agreements
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