$NOG
NORTHERN OIL & GAS, INC.

2021 Q1 Form 10-Q Financial Statement

#000110448521000067 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $21.40M $506.8M
YoY Change -95.78% -7408.7%
Cost Of Revenue $34.31M $37.34M
YoY Change -8.1% 51.36%
Gross Profit -$12.92M $469.5M
YoY Change -102.75% -1585.6%
Gross Profit Margin -60.36% 92.63%
Selling, General & Admin $6.782M $4.871M
YoY Change 39.23% -19.5%
% of Gross Profit 1.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.22M $61.81M
YoY Change -49.49% 36.95%
% of Gross Profit 13.17%
Operating Expenses $38.00M $66.68M
YoY Change -43.01% -24.55%
Operating Profit -$64.37M $390.9M
YoY Change -116.47% -510.13%
Interest Expense $13.51M $16.55M
YoY Change -18.37% -15.33%
% of Operating Profit 4.23%
Other Income/Expense, Net -$25.99M -$22.76M
YoY Change 14.2% 91.91%
Pretax Income -$90.36M $368.1M
YoY Change -124.55% -443.52%
Income Tax $0.00 -$166.0K
% Of Pretax Income -0.05%
Net Earnings -$90.36M $368.3M
YoY Change -124.53% -443.67%
Net Earnings / Revenue -422.29% 72.67%
Basic Earnings Per Share -$1.73 $9.03
Diluted Earnings Per Share -$1.73 $7.33
COMMON SHARES
Basic Shares Outstanding 54.54M shares 40.37M shares
Diluted Shares Outstanding 54.54M shares 49.72M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.729M $8.512M
YoY Change -67.94% 115.82%
Cash & Equivalents $2.729M $8.512M
Short-Term Investments
Other Short-Term Assets $4.891M $248.3M
YoY Change -98.03% 706.2%
Inventory
Prepaid Expenses
Receivables $94.80M $97.58M
Other Receivables $0.00 $420.0K
Total Short-Term Assets $102.4M $354.8M
YoY Change -71.14% 180.6%
LONG-TERM ASSETS
Property, Plant & Equipment $742.4M $1.774B
YoY Change -58.15% 42.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.58M $14.41M
YoY Change -26.59% 38.98%
Total Long-Term Assets $770.8M $1.883B
YoY Change -59.05% 48.31%
TOTAL ASSETS
Total Short-Term Assets $102.4M $354.8M
Total Long-Term Assets $770.8M $1.883B
Total Assets $873.2M $2.237B
YoY Change -60.97% 60.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.79M $58.45M
YoY Change -30.21% -62.13%
Accrued Expenses $72.67M $101.3M
YoY Change -28.27% 5456.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $65.00M
YoY Change -100.0%
Total Short-Term Liabilities $156.0M $235.1M
YoY Change -33.65% 3.99%
LONG-TERM LIABILITIES
Long-Term Debt $817.1M $975.3M
YoY Change -16.22% 16.21%
Other Long-Term Liabilities $26.00K $273.0K
YoY Change -90.48% -28.35%
Total Long-Term Liabilities $817.1M $975.6M
YoY Change -16.24% 255951.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.0M $235.1M
Total Long-Term Liabilities $817.1M $975.6M
Total Liabilities $1.054B $1.228B
YoY Change -14.2% 13.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.871B -$504.9M
YoY Change 270.5% -44.15%
Common Stock $1.690B $1.514B
YoY Change 11.63% 24.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$180.7M $1.009B
YoY Change
Total Liabilities & Shareholders Equity $873.2M $2.237B
YoY Change -60.97% 60.3%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$90.36M $368.3M
YoY Change -124.53% -443.67%
Depreciation, Depletion And Amortization $31.22M $61.81M
YoY Change -49.49% 36.95%
Cash From Operating Activities $62.77M $100.7M
YoY Change -37.64% 1.77%
INVESTING ACTIVITIES
Capital Expenditures -$35.17M -$104.5M
YoY Change -66.34% -2090080.0%
Acquisitions
YoY Change
Other Investing Activities -$17.50M -$1.000K
YoY Change 1749900.0%
Cash From Investing Activities -$52.67M -$104.5M
YoY Change -49.6% 34.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $132.9M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.793M -$3.710M
YoY Change 137.01% -80.89%
NET CHANGE
Cash From Operating Activities $62.77M $100.7M
Cash From Investing Activities -$52.67M -$104.5M
Cash From Financing Activities -$8.793M -$3.710M
Net Change In Cash $1.301M -$7.555M
YoY Change -117.22% -576.36%
FREE CASH FLOW
Cash From Operating Activities $62.77M $100.7M
Capital Expenditures -$35.17M -$104.5M
Free Cash Flow $97.94M $205.2M
YoY Change -52.26% 107.43%

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CY2020Q1 us-gaap Proceeds From Issuance Of Unsecured Debt
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CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2020Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Stockholders Equity
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q1 us-gaap Stock Issued During Period Value New Issues
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2020Q1 nog Restricted Stock Surrenders Tax Obligations Value
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CY2020Q1 us-gaap Stock Issued During Period Value New Issues
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CY2020Q1 us-gaap Net Income Loss
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CY2020Q1 us-gaap Stockholders Equity
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CY2021Q1 us-gaap Nature Of Operations
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ORGANIZATION AND NATURE OF BUSINESS<div style="text-align:justify"><span style="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="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 in the United States. The Company’s primary strategy is investing in non-operated minority working and mineral interests in oil and gas properties in the United States.</span></div>
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="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="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="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, which includes limited control over future development plans as a non-operator, 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 crude oil and natural gas properties, asset retirement obligations and deferred income taxes.  Actual results may differ from those estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considered the impact of the novel coronavirus 2019 (“COVID-19”) pandemic on the assumptions and estimates used by management in the unaudited condensed financial statements for the reporting periods presented. Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, which is heightened by the possibility of unforeseen additional impacts from the COVID-19 pandemic, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the unaudited condensed financial statements in the near term.</span></div>
CY2021Q1 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
RevenuefromContractwithCustomerNumberofRevenueSources
2 revenue_source
CY2021Q1 nog Numberof Geographic Areasinwhich Entity Operates
NumberofGeographicAreasinwhichEntityOperates
1 geographic_area
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-align:justify"><span style="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 Risk and Other Risks</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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="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>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, 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 a 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="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 substantially all of its oil and natural gas properties are located in North Dakota, Montana and (after the closing of the Reliance Acquisition described in Note 12) Pennsylvania. As a result, the Company is disproportionately exposed to risks affecting these geographic areas of operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="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>
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-90357000 USD
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NetIncomeLoss
368286000 USD
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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3830000 USD
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3729000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
364557000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54538099 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40366253 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2021Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
CY2020Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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9319541 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54538099 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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49721264 shares
CY2021Q1 us-gaap Earnings Per Share Basic
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-1.73
CY2020Q1 us-gaap Earnings Per Share Basic
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9.03
CY2021Q1 us-gaap Impairment Of Oil And Gas Properties
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0 USD
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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7.33
CY2021Q1 us-gaap Interest Paid Net
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12525000 USD
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CY2021Q1 us-gaap Income Taxes Paid
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CY2020Q1 us-gaap Income Taxes Paid
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0 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
143220000 USD
CY2021Q1 nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
205000 USD
CY2020Q1 nog Capitalized Asset Retirement Obligations
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259000 USD
CY2021Q1 nog Compensation Capitalizedon Oiland Gas Properties
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147000 USD
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184000 USD
CY2020Q1 us-gaap Impairment Of Oil And Gas Properties
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0 USD
CY2021Q1 nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
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P5Y
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CY2021Q1 us-gaap Debt Instrument Carrying Amount
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CY2020Q4 us-gaap Debt Instrument Carrying Amount
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949755000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
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CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2021Q1 us-gaap Deferred Finance Costs Net
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6953000 USD
CY2021Q1 us-gaap Long Term Debt
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CY2021Q1 us-gaap Long Term Debt Current
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65000000 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
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879843000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2020Q3 us-gaap Common Stock Shares Outstanding
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44663990 shares
CY2020Q3 us-gaap Common Stock Shares Issued
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CY2020Q3 us-gaap Common Stock Shares Authorized
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CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021Q1 us-gaap Common Stock Shares Issued
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CY2021Q1 us-gaap Common Stock Shares Outstanding
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CY2011Q2 us-gaap Stock Repurchase Program Authorized Amount1
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150000000.0 USD
CY2021Q1 us-gaap Stock Repurchased During Period Shares
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0 shares
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2021Q1 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
200000 USD
CY2021Q1 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
-7297000 USD
CY2020Q1 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
31506000 USD
CY2021Q1 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
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CY2020Q1 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
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345075000 USD
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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CY2020Q1 us-gaap Derivative Gain Loss On Derivative Net
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376581000 USD
CY2021Q1 us-gaap Derivative Assets
DerivativeAssets
9193000 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
56218000 USD
CY2021Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
103927000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
22554000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset
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9193000 USD
CY2021Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
6833000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
2360000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
103927000 USD
CY2021Q1 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
6833000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
97094000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
56218000 USD
CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
4817000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
51401000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
22554000 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
4817000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
17737000 USD

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