$NOG
NORTHERN OIL & GAS, INC.

2021 Q2 Form 10-Q Financial Statement

#000110448521000095 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $24.81M -$51.97M
YoY Change -147.73% -127.88%
Cost Of Revenue $42.70M $26.64M
YoY Change 60.29% 1.94%
Gross Profit -$17.89M -$78.61M
YoY Change -77.24% -149.04%
Gross Profit Margin -72.14%
Selling, General & Admin $7.604M $9.580M
YoY Change -20.63% 82.48%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.91M $36.76M
YoY Change -15.91% -20.25%
% of Gross Profit
Operating Expenses $38.51M $108.1M
YoY Change -64.39% 14.8%
Operating Profit -$74.92M -$884.7M
YoY Change -91.53% -1059.15%
Interest Expense $15.02M $13.96M
YoY Change 7.64% -21.49%
% of Operating Profit
Other Income/Expense, Net -$15.64M -$14.49M
YoY Change 7.94% -69.71%
Pretax Income -$90.56M -$899.2M
YoY Change -89.93% -2125.27%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$90.56M -$899.2M
YoY Change -89.93% -2125.27%
Net Earnings / Revenue -365.1%
Basic Earnings Per Share -$1.55 -$21.74
Diluted Earnings Per Share -$1.55 -$21.74
COMMON SHARES
Basic Shares Outstanding 60.69M shares 41.54M shares
Diluted Shares Outstanding 60.69M shares 41.54M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.843M $1.838M
YoY Change 163.49% -34.22%
Cash & Equivalents $4.843M $1.838M
Short-Term Investments
Other Short-Term Assets $3.656M $159.4M
YoY Change -97.71% 277.95%
Inventory
Prepaid Expenses
Receivables $131.2M $43.41M
Other Receivables $0.00 $420.0K
Total Short-Term Assets $139.7M $205.1M
YoY Change -31.9% 54.13%
LONG-TERM ASSETS
Property, Plant & Equipment $930.1M $1.009B
YoY Change -7.83% -21.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.63M $13.76M
YoY Change -8.16% 37.4%
Total Long-Term Assets $952.1M $1.058B
YoY Change -10.02% -22.27%
TOTAL ASSETS
Total Short-Term Assets $139.7M $205.1M
Total Long-Term Assets $952.1M $1.058B
Total Assets $1.092B $1.263B
YoY Change -13.57% -15.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.19M $50.01M
YoY Change -1.64% -46.44%
Accrued Expenses $91.72M $54.22M
YoY Change 69.18% -35.36%
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 $300.8M $179.2M
YoY Change 67.86% -22.99%
LONG-TERM LIABILITIES
Long-Term Debt $802.0M $924.2M
YoY Change -13.22% 7.81%
Other Long-Term Liabilities $3.490M $199.0K
YoY Change 1653.77% -39.51%
Total Long-Term Liabilities $805.5M $924.4M
YoY Change -12.86% 280863.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $300.8M $179.2M
Total Long-Term Liabilities $805.5M $924.4M
Total Liabilities $1.260B $1.123B
YoY Change 12.25% 1.61%
SHAREHOLDERS EQUITY
Retained Earnings -$1.961B -$1.404B
YoY Change 39.68% 63.34%
Common Stock $1.793B $1.545B
YoY Change 16.07% 23.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$168.2M $140.7M
YoY Change
Total Liabilities & Shareholders Equity $1.092B $1.263B
YoY Change -13.57% -15.47%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$90.56M -$899.2M
YoY Change -89.93% -2125.27%
Depreciation, Depletion And Amortization $30.91M $36.76M
YoY Change -15.91% -20.25%
Cash From Operating Activities $106.2M $101.6M
YoY Change 4.53% 2.21%
INVESTING ACTIVITIES
Capital Expenditures -$169.0M -$85.24M
YoY Change 98.23% -24.72%
Acquisitions
YoY Change
Other Investing Activities $8.100M -$773.0K
YoY Change -1147.87%
Cash From Investing Activities -$160.9M -$86.01M
YoY Change 87.03% -24.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $95.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.80M -22.24M
YoY Change -355.32% -275.35%
NET CHANGE
Cash From Operating Activities 106.2M 101.6M
Cash From Investing Activities -160.9M -86.01M
Cash From Financing Activities 56.80M -22.24M
Net Change In Cash 2.114M -6.673M
YoY Change -131.68% 480.26%
FREE CASH FLOW
Cash From Operating Activities $106.2M $101.6M
Capital Expenditures -$169.0M -$85.24M
Free Cash Flow $275.2M $186.8M
YoY Change 47.28% -12.13%

Facts In Submission

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us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
62128000 USD
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
98565000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1873000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2776000 USD
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
-13087000 USD
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-94282000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-902988000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-188470000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-538431000 USD
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.55
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-21.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.15
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.55
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-21.74
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.15
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60694795 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41535604 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57633454 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40950929 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60694795 shares
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
-5310000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-130000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-570000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
210000 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-301333000 USD
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
193570000 USD
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
-375000 USD
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1549000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2293000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762716000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2675000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
116000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
59960000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-65055000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1286000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
238000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
13537000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1546000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
8338000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3733000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
6353000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3999000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
168952000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
202239000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
73296000 USD
us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
164242000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
130794000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
25491000 USD
nog Payments For Acquisition Deposit
PaymentsForAcquisitionDeposit
9400000 USD
nog Payments For Acquisition Deposit
PaymentsForAcquisitionDeposit
774000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
51000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
7000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-213541000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-190514000 USD
us-gaap Proceeds From Lines Of Credit
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299000000 USD
us-gaap Repayments Of Unsecured Debt
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130000000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25000000 USD
us-gaap Repayments Of Lines Of Credit
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568000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
37000000 USD
us-gaap Repayments Of Subordinated Debt
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295918000 USD
us-gaap Repayments Of Subordinated Debt
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13514000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
12436000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
12436000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
37000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
228199000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
550000000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
839000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
404000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
22002000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1428000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16068000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48004000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25955000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3415000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14230000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4843000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1838000 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
916000 USD
CY2021Q1 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
837000 USD
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
132900000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-90357000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-180682000 USD
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
851000 USD
CY2021Q2 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
2000 USD
CY2021Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
95299000 USD
CY2021Q2 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
30512000 USD
CY2021Q2 nog Stock Issued During Period Value Contingent Consideration Settlements
StockIssuedDuringPeriodValueContingentConsiderationSettlements
354000 USD
CY2021Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
22002000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.03
CY2021Q2 us-gaap Dividends Common Stock
DividendsCommonStock
1985000 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-90563000 USD
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-168217000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
558643000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1263000 USD
CY2020Q1 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
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 Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1313000 USD
CY2020Q2 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
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
CY2021Q2 nog Numberof Geographic Areasinwhich Entity Operates
NumberofGeographicAreasinwhichEntityOperates
3 geographicArea
us-gaap Nature Of Operations
NatureOfOperations
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>
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>
CY2021Q2 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
RevenuefromContractwithCustomerNumberofRevenueSources
2 revenueSource
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
225717000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20664000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
383048000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150860000 USD
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 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 a substantial majority of its oil and natural gas revenue is sourced from North Dakota. Recent acquisitions have diversified our portfolio to include New Mexico and Pennsylvania. But the Company remains disproportionately exposed to risks affecting a limited number of geographic areas of operations.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </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>
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-90563000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-899200000 USD
us-gaap Net Income Loss
NetIncomeLoss
-180920000 USD
us-gaap Net Income Loss
NetIncomeLoss
-530914000 USD
CY2021Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3719000 USD
CY2020Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3788000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7550000 USD
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
7517000 USD
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-94282000 USD
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-902988000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-188470000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-538431000 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60694795 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41535604 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57633454 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40950929 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
284000 USD
CY2020Q2 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
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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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
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60694795 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41535604 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57633454 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40950929 shares
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.55
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-21.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-13.15
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.55
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-21.74
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-13.15
us-gaap Interest Paid Net
InterestPaidNet
26547000 USD
us-gaap Interest Paid Net
InterestPaidNet
29117000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
101018000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
92537000 USD
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
7982000 USD
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
294000 USD
us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
AssetAcquisitionConsiderationTransferredContingentConsideration
354000 USD
us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
AssetAcquisitionConsiderationTransferredContingentConsideration
0 USD
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
219000 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
us-gaap Dividends Common Stock
DividendsCommonStock
1985000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
0 USD
CY2021Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 USD
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762700000 USD
CY2020Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
762700000 USD
CY2021Q2 nog Capitalized Costs Minimum Volume Commitment Liability
CapitalizedCostsMinimumVolumeCommitmentLiability
3442000 USD
nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
AnticipatedTimingOfInclusionOfCostInAmortizationCalculation
P5Y
CY2021Q2 nog Lease Amount Expired
LeaseAmountExpired
500000 USD
CY2020Q2 nog Lease Amount Expired
LeaseAmountExpired
400000 USD
nog Lease Amount Expired
LeaseAmountExpired
600000 USD
nog Lease Amount Expired
LeaseAmountExpired
2000000.0 USD
CY2021Q2 us-gaap Debt Instrument Carrying Amount
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CY2020Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
0 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2041000 USD
CY2021Q2 us-gaap Deferred Finance Costs Net
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11002000 USD
CY2021Q2 us-gaap Deferred Finance Costs Net
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11002000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
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CY2021Q2 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt
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CY2021Q2 us-gaap Long Term Debt Current
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0 USD
CY2020Q4 us-gaap Long Term Debt Current
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65000000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
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801998000 USD
CY2020Q4 us-gaap Long Term Debt Noncurrent
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879843000 USD
CY2021Q2 us-gaap Common Stock Shares Issued
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CY2020Q3 us-gaap Common Stock Shares Outstanding
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CY2020Q3 us-gaap Common Stock Shares Issued
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44663990 shares
CY2020Q3 us-gaap Common Stock Shares Authorized
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135000000 shares
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
CY2021Q2 us-gaap Common Stock Shares Outstanding
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66164399 shares
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
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0.03
us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
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1800000 USD
CY2021Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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5750000 shares
CY2021Q2 us-gaap Sale Of Stock Price Per Share
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17.50
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
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95300000 USD
nog Stock Issued During Period Shares New Issues Contingent Consideration
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21977 shares
CY2011Q2 us-gaap Stock Repurchase Program Authorized Amount1
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150000000.0 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Costs Incurred Asset Retirement Obligation Incurred
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8000000.0 USD
CY2021Q2 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
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CY2020Q2 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
77439000 USD
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
-35152000 USD
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
108944000 USD
CY2021Q2 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-173057000 USD
CY2020Q2 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-150077000 USD
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-301695000 USD
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
194999000 USD
CY2021Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-200912000 USD
CY2020Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-72638000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-336847000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
303943000 USD
CY2021Q2 us-gaap Derivative Assets
DerivativeAssets
4642000 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
56218000 USD
CY2021Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
272312000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
22554000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
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4642000 USD
CY2021Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
4092000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
550000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
272312000 USD
CY2021Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
4092000 USD
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
268220000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
56218000 USD
CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability
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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
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22554000 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Gross Asset
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4817000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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17737000 USD

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