2022 Q1 Form 10-Q Financial Statement

#000110448522000118 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue -$32.93M $21.40M
YoY Change -253.9% -95.78%
Cost Of Revenue $54.54M $34.31M
YoY Change 58.95% -8.1%
Gross Profit -$87.47M -$12.92M
YoY Change 577.27% -102.75%
Gross Profit Margin -60.36%
Selling, General & Admin $7.013M $6.782M
YoY Change 3.41% 39.23%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.19M $31.22M
YoY Change 70.35% -49.49%
% of Gross Profit
Operating Expenses $60.20M $38.00M
YoY Change 58.4% -43.01%
Operating Profit -$189.1M -$64.37M
YoY Change 193.74% -116.47%
Interest Expense $17.98M $13.51M
YoY Change 33.06% -18.37%
% of Operating Profit
Other Income/Expense, Net -$16.69M -$25.99M
YoY Change -35.78% 14.2%
Pretax Income -$205.8M -$90.36M
YoY Change 127.73% -124.55%
Income Tax $789.0K $0.00
% Of Pretax Income
Net Earnings -$206.6M -$90.36M
YoY Change 128.6% -124.53%
Net Earnings / Revenue -422.29%
Basic Earnings Per Share -$2.92 -$1.73
Diluted Earnings Per Share -$2.92 -$1.73
COMMON SHARES
Basic Shares Outstanding 76.92M shares 54.54M shares
Diluted Shares Outstanding 76.92M shares 54.54M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.335M $2.729M
YoY Change 22.21% -67.94%
Cash & Equivalents $3.335M $2.729M
Short-Term Investments
Other Short-Term Assets $22.37M $4.891M
YoY Change 357.31% -98.03%
Inventory
Prepaid Expenses
Receivables $297.8M $94.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $323.5M $102.4M
YoY Change 215.8% -71.14%
LONG-TERM ASSETS
Property, Plant & Equipment $1.690B $742.4M
YoY Change 127.58% -58.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.99M $10.58M
YoY Change 3.85% -26.59%
Total Long-Term Assets $1.701B $770.8M
YoY Change 120.68% -59.05%
TOTAL ASSETS
Total Short-Term Assets $323.5M $102.4M
Total Long-Term Assets $1.701B $770.8M
Total Assets $2.024B $873.2M
YoY Change 131.83% -60.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $101.7M $40.79M
YoY Change 149.33% -30.21%
Accrued Expenses $137.6M $72.67M
YoY Change 89.35% -28.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $625.5M $156.0M
YoY Change 301.06% -33.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.120B $817.1M
YoY Change 37.02% -16.22%
Other Long-Term Liabilities $2.304M $26.00K
YoY Change 8761.54% -90.48%
Total Long-Term Liabilities $2.304M $817.1M
YoY Change -99.72% -16.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $625.5M $156.0M
Total Long-Term Liabilities $2.304M $817.1M
Total Liabilities $2.060B $1.054B
YoY Change 95.44% -14.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.981B -$1.871B
YoY Change 5.87% 270.5%
Common Stock $1.945B $1.690B
YoY Change 15.1% 11.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$35.30M -$180.7M
YoY Change
Total Liabilities & Shareholders Equity $2.024B $873.2M
YoY Change 131.83% -60.97%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$206.6M -$90.36M
YoY Change 128.6% -124.53%
Depreciation, Depletion And Amortization $53.19M $31.22M
YoY Change 70.35% -49.49%
Cash From Operating Activities $154.0M $62.77M
YoY Change 145.41% -37.64%
INVESTING ACTIVITIES
Capital Expenditures -$417.6M -$35.17M
YoY Change 1087.31% -66.34%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$17.50M
YoY Change -100.0% 1749900.0%
Cash From Investing Activities -$417.6M -$52.67M
YoY Change 692.83% -49.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $132.9M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $257.4M -$8.793M
YoY Change -3027.1% 137.01%
NET CHANGE
Cash From Operating Activities $154.0M $62.77M
Cash From Investing Activities -$417.6M -$52.67M
Cash From Financing Activities $257.4M -$8.793M
Net Change In Cash -$6.185M $1.301M
YoY Change -575.4% -117.22%
FREE CASH FLOW
Cash From Operating Activities $154.0M $62.77M
Capital Expenditures -$417.6M -$35.17M
Free Cash Flow $571.6M $97.94M
YoY Change 483.67% -52.26%

Facts In Submission

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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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CY2022Q1 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 New York Stock Exchange 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>
CY2022Q1 us-gaap Use Of Estimates
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<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>
CY2022Q1 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
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CY2022Q1 nog Numberof Geographic Areasinwhich Entity Operates
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CY2022Q1 us-gaap Concentration Risk Credit Risk
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<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>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.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 the Company’s portfolio to include New Mexico, Pennsylvania and Texas. 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>
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CY2022Q1 us-gaap Common Stock Shares Issued
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4600000 USD
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CY2022Q1 us-gaap Stock Repurchased During Period Shares
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CY2022Q1 us-gaap Costs Incurred Asset Retirement Obligation Incurred
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CY2022Q1 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
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CY2022Q1 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
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CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2022Q1 us-gaap Derivative Assets
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CY2021Q4 us-gaap Derivative Assets
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CY2022Q1 us-gaap Derivative Liabilities
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CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset
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CY2022Q1 us-gaap Derivative Asset Fair Value Gross Liability
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3933000 USD
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability
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CY2022Q1 us-gaap Derivative Liability Fair Value Gross Asset
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CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Derivative Liability Fair Value Gross Asset
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11337000 USD
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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282045000 USD

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