$NOG
NORTHERN OIL & GAS, INC.

2020 Q2 Form 10-Q Financial Statement

#000110448520000165 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue -$51.97M $186.4M
YoY Change -127.88% 178.91%
Cost Of Revenue $26.64M $26.13M
YoY Change 1.94% 79.61%
Gross Profit -$78.61M $160.3M
YoY Change -149.04% 206.53%
Gross Profit Margin 85.98%
Selling, General & Admin $9.580M $5.250M
YoY Change 82.48% 59.09%
% of Gross Profit 3.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.76M $46.09M
YoY Change -20.25% 103.94%
% of Gross Profit 28.75%
Operating Expenses $108.1M $94.20M
YoY Change 14.8% 86.43%
Operating Profit -$884.7M $92.24M
YoY Change -1059.15% 465.26%
Interest Expense $13.96M $17.78M
YoY Change -21.49% -20.64%
% of Operating Profit 19.27%
Other Income/Expense, Net -$14.49M -$47.84M
YoY Change -69.71% -57.61%
Pretax Income -$899.2M $44.40M
YoY Change -2125.27% -145.99%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$899.2M $44.40M
YoY Change -2125.27% -145.99%
Net Earnings / Revenue 23.81%
Basic Earnings Per Share -$21.74 $0.12
Diluted Earnings Per Share -$21.74 $0.12
COMMON SHARES
Basic Shares Outstanding 41.54M shares 378.4M shares
Diluted Shares Outstanding 41.54M shares 378.7M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.838M $2.794M
YoY Change -34.22% -98.61%
Cash & Equivalents $1.838M $2.794M
Short-Term Investments
Other Short-Term Assets $159.4M $42.18M
YoY Change 277.95% 603.03%
Inventory
Prepaid Expenses
Receivables $43.41M $87.70M
Other Receivables $420.0K $395.0K
Total Short-Term Assets $205.1M $133.1M
YoY Change 54.13% -51.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.009B $1.293B
YoY Change -21.98% 115.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.76M $10.01M
YoY Change 37.4% 88.85%
Total Long-Term Assets $1.058B $1.361B
YoY Change -22.27% 124.23%
TOTAL ASSETS
Total Short-Term Assets $205.1M $133.1M
Total Long-Term Assets $1.058B $1.361B
Total Assets $1.263B $1.494B
YoY Change -15.47% 69.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.01M $93.36M
YoY Change -46.44% 1.28%
Accrued Expenses $54.22M $83.88M
YoY Change -35.36% 1317.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $65.00M
YoY Change
Total Short-Term Liabilities $179.2M $232.7M
YoY Change -22.99% 47.29%
LONG-TERM LIABILITIES
Long-Term Debt $924.2M $857.2M
YoY Change 7.81% 2.68%
Other Long-Term Liabilities $199.0K $329.0K
YoY Change -39.51% 173.49%
Total Long-Term Liabilities $924.4M $329.0K
YoY Change 280863.53% 173.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.2M $232.7M
Total Long-Term Liabilities $924.4M $329.0K
Total Liabilities $1.123B $1.105B
YoY Change 1.61% 7.16%
SHAREHOLDERS EQUITY
Retained Earnings -$1.404B -$859.6M
YoY Change 63.34% -16.87%
Common Stock $1.545B $1.249B
YoY Change 23.66% 40.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.7M $389.6M
YoY Change
Total Liabilities & Shareholders Equity $1.263B $1.494B
YoY Change -15.47% 69.22%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$899.2M $44.40M
YoY Change -2125.27% -145.99%
Depreciation, Depletion And Amortization $36.76M $46.09M
YoY Change -20.25% 103.94%
Cash From Operating Activities $101.6M $99.39M
YoY Change 2.21% 449.13%
INVESTING ACTIVITIES
Capital Expenditures -$85.24M -$113.2M
YoY Change -24.72% 11.34%
Acquisitions
YoY Change
Other Investing Activities -$773.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$86.01M -$113.2M
YoY Change -24.03% 11.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.24M 12.69M
YoY Change -275.35% -93.49%
NET CHANGE
Cash From Operating Activities 101.6M 99.39M
Cash From Investing Activities -86.01M -113.2M
Cash From Financing Activities -22.24M 12.69M
Net Change In Cash -6.673M -1.150M
YoY Change 480.26% -101.03%
FREE CASH FLOW
Cash From Operating Activities $101.6M $99.39M
Capital Expenditures -$85.24M -$113.2M
Free Cash Flow $186.8M $212.6M
YoY Change -12.13% 77.48%

Facts In Submission

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dei Amendment Flag
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dei Document Type
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dei Entity Registrant Name
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NORTHERN OIL AND GAS, INC.
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DE
dei Entity Tax Identification Number
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
415356043 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
378368462 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
409509292 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374927630 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
415356043 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378724511 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
409509292 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
374927630 shares
us-gaap Net Income Loss
NetIncomeLoss
-530914000 USD
us-gaap Net Income Loss
NetIncomeLoss
-62762000 USD
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
98565000 USD
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
91225000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2776000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2616000 USD
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
-5310000 USD
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
-425000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-570000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-1498000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
210000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
193570000 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-120311000 USD
nog Gain Loss On Debt Exchange Derivative
GainLossOnDebtExchangeDerivative
0 USD
nog Gain Loss On Debt Exchange Derivative
GainLossOnDebtExchangeDerivative
1413000 USD
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
0 USD
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
-23371000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
318000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
0 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
1742000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2293000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4394000 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
0 USD
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
2694000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762716000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
116000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
31000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-65055000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-8845000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
238000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1440000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1546000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5940000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3733000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3999000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
682000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
202239000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
198300000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
164242000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
140092000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
25491000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
19438000 USD
nog Payments For Acquisition Deposit
PaymentsForAcquisitionDeposit
774000 USD
nog Payments For Acquisition Deposit
PaymentsForAcquisitionDeposit
31000000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
7000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
611000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-190514000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-191141000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
123000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
37000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
90000000 USD
us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
13514000 USD
us-gaap Repayments Of Subordinated Debt
RepaymentsOfSubordinatedDebt
10488000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
37000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
120000 USD
nog Payments For Debt Derivative Exchange Settlements
PaymentsForDebtDerivativeExchangeSettlements
0 USD
nog Payments For Debt Derivative Exchange Settlements
PaymentsForDebtDerivativeExchangeSettlements
894000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
0 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
12528000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
15108000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
404000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
584000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25955000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6723000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14229000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
436000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16068000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2358000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1838000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2794000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
558643000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1263000 USD
CY2020Q1 nog Restricted Stock Surrenders Tax Obligations Value
RestrictedStockSurrendersTaxObligationsValue
396000 USD
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
81212000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
368286000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
1009007000 USD
CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
2000 USD
CY2020Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1313000 USD
CY2020Q2 nog Restricted Stock Surrenders Tax Obligations Value
RestrictedStockSurrendersTaxObligationsValue
8000 USD
CY2020Q2 nog Stock Issued During Period Value Debt Exchange Agreements
StockIssuedDuringPeriodValueDebtExchangeAgreements
29615000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-899200000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
140729000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
429865000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
3000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2832000 USD
CY2019Q1 nog Restricted Stock Surrenders Tax Obligations Value
RestrictedStockSurrendersTaxObligationsValue
558000 USD
CY2019Q1 nog Stock Repurchased During Period Value Net Of Contingent Consideration Settlements
StockRepurchasedDuringPeriodValueNetOfContingentConsiderationSettlements
15108000 USD
CY2019Q1 nog Stock Issued During Period Value Contingent Consideration Settlements
StockIssuedDuringPeriodValueContingentConsiderationSettlements
2887000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-107162000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
312760000 USD
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1750000 USD
CY2019Q2 nog Restricted Stock Surrenders Tax Obligations Value
RestrictedStockSurrendersTaxObligationsValue
26000 USD
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2019Q2 nog Stock Issued During Period Value Debt Exchange Agreements
StockIssuedDuringPeriodValueDebtExchangeAgreements
12192000 USD
CY2019Q2 nog Stock Issued During Period Value Contingent Consideration Settlements
StockIssuedDuringPeriodValueContingentConsiderationSettlements
18575000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
44399000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
389649000 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',sans-serif;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',sans-serif;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 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>
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Use of Estimates</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',sans-serif;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.  </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',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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.</span></div>
CY2020Q2 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
RevenuefromContractwithCustomerNumberofRevenueSources
2 revenue_source
CY2020Q2 nog Numberof Geographic Areasinwhich Entity Operates
NumberofGeographicAreasinwhichEntityOperates
1 geographic_area
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Concentrations of Market, Credit and Other Risks</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',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The future results of the Company’s crude oil and natural gas operations will be affected by the market prices of crude oil and natural gas.  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, economic disruptions resulting from the COVID-19 pandemic, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.</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',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company operates in the exploration, development and production sector of the crude oil and natural gas industry.  The Company’s receivables include amounts due, indirectly via the third-party operators of the wells, from purchasers of its crude oil and natural gas production.  While certain of these customers, as well as third-party operators of the wells, 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.</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',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">As a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the development, exploitation, </span></div>production and exploration activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operation could be adversely affected. These risks are heightened in the current low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. <div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company faces concentration risk due to the fact that all of its oil and natural gas properties are located in the Williston Basin, primarily in North Dakota and Montana. As a result, the Company is disproportionately exposed to risks affecting its single geographic 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',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company manages and controls market and counterparty credit risk. In the normal course of business, collateral is not required for financial instruments with credit risk. Financial instruments which potentially subject the Company to credit risk consist principally of temporary cash balances and derivative financial instruments. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. The Company attempts to limit the amount of credit exposure to any one financial institution or company. The Company believes the credit quality of its counterparties is generally high. 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.</span></div>
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-899200000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
44399000 USD
us-gaap Net Income Loss
NetIncomeLoss
-530914000 USD
us-gaap Net Income Loss
NetIncomeLoss
-62762000 USD
CY2020Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3788000 USD
CY2019Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7517000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-902988000 USD
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44399000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-538431000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62762000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
415356043 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
378368462 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
409509292 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
374927630 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
356049 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
415356043 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
378724511 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
409509292 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
374927630 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.17
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.17
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
us-gaap Interest Paid Net
InterestPaidNet
29117000 USD
us-gaap Interest Paid Net
InterestPaidNet
34403000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
92537000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
151145000 USD
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
294000 USD
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
470000 USD
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
284000 USD
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
190000 USD
nog Noncash Or Part Noncash Transaction Debt Exchange Derivative Liability Settlements
NoncashOrPartNoncashTransactionDebtExchangeDerivativeLiabilitySettlements
0 USD
nog Noncash Or Part Noncash Transaction Debt Exchange Derivative Liability Settlements
NoncashOrPartNoncashTransactionDebtExchangeDerivativeLiabilitySettlements
12192000 USD
nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
NoncashOrPartNoncashAcquisitionContingentConsiderationSettlements
0 USD
nog Noncash Or Part Noncash Acquisition Contingent Consideration Settlements
NoncashOrPartNoncashAcquisitionContingentConsiderationSettlements
21462000 USD
CY2020Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762700000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762700000 USD
nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
AnticipatedTimingOfInclusionOfCostInAmortizationCalculation
P5Y
CY2020Q2 nog Lease Amount Expired
LeaseAmountExpired
400000 USD
CY2019Q2 nog Lease Amount Expired
LeaseAmountExpired
1000000.0 USD
nog Lease Amount Expired
LeaseAmountExpired
2000000.0 USD
nog Lease Amount Expired
LeaseAmountExpired
1800000 USD
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
995287000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1127733000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2615000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-4860000 USD
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8731000 USD
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
14432000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
989171000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
1118161000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
65000000 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
924171000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1118161000 USD
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
28500000 shares
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
675000000 shares
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
436439915 shares
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
436439915 shares
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
300000 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
400000 USD
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
28500000 shares
us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
794702 shares
CY2011Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2020Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
5600000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
16300000 USD
nog Stock Repurchased During Period Value Settlement Of Contingent Consideration Liabilities
StockRepurchasedDuringPeriodValueSettlementOfContingentConsiderationLiabilities
1200000 USD
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
300000 USD
CY2020Q2 us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
77439000 USD
CY2019Q2 us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
4734000 USD
us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
108944000 USD
us-gaap Gain Loss On Sale Of Commodity Contracts
GainLossOnSaleOfCommodityContracts
17280000 USD
CY2020Q2 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-150077000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
14042000 USD
CY2019Q2 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
31857000 USD
us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
194999000 USD
us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
-120311000 USD
CY2020Q2 nog Derivative Gain Loss On Derivative Commodity Contracts Net
DerivativeGainLossOnDerivativeCommodityContractsNet
-72638000 USD
CY2019Q2 nog Derivative Gain Loss On Derivative Commodity Contracts Net
DerivativeGainLossOnDerivativeCommodityContractsNet
36591000 USD
nog Derivative Gain Loss On Derivative Commodity Contracts Net
DerivativeGainLossOnDerivativeCommodityContractsNet
303943000 USD
nog Derivative Gain Loss On Derivative Commodity Contracts Net
DerivativeGainLossOnDerivativeCommodityContractsNet
-103031000 USD
CY2020Q2 us-gaap Derivative Assets
DerivativeAssets
202418000 USD
CY2020Q2 us-gaap Derivative Assets
DerivativeAssets
202418000 USD
CY2019Q4 us-gaap Derivative Assets
DerivativeAssets
36233000 USD
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
14043000 USD
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
41428000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
202418000 USD
CY2020Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
11416000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
191002000 USD
CY2020Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
11416000 USD
CY2020Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
2626000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
36233000 USD
CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
22051000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
14182000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
41428000 USD
CY2019Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
22051000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
19377000 USD

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