$NOG
NORTHERN OIL & GAS, INC.

2023 Q3 Form 10-Q Financial Statement

#000110448523000137 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $314.0M $476.6M $370.4M
YoY Change -60.34% 7.95% 16.04%
Cost Of Revenue $82.51M $121.5M $110.5M
YoY Change 20.49% 87.94% 46.09%
Gross Profit $231.5M $355.1M $259.9M
YoY Change -67.99% -5.77% 6.71%
Gross Profit Margin 73.72% 74.51% 70.17%
Selling, General & Admin $11.80M $12.40M $21.83M
YoY Change 14.81% 53.79% 108.68%
% of Gross Profit 5.1% 3.49% 8.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $133.8M $106.4M $77.32M
YoY Change 102.8% 94.23% 80.58%
% of Gross Profit 57.81% 29.97% 29.75%
Operating Expenses $146.8M $120.3M $99.15M
YoY Change 92.52% 91.34% 86.1%
Operating Profit $42.44M $234.8M $160.7M
YoY Change -92.98% -13.07% -15.52%
Interest Expense $37.04M -$31.97M -$24.59M
YoY Change 83.96% -273.64% 60.58%
% of Operating Profit 87.28% -13.62% -15.3%
Other Income/Expense, Net -$37.02M $72.00K $0.00
YoY Change 86.6% -100.4% -100.0%
Pretax Income $5.419M $206.8M $145.0M
YoY Change -99.07% -18.01% -17.1%
Income Tax -$20.69M $39.01M -$27.00K
% Of Pretax Income -381.82% 18.86% -0.02%
Net Earnings $26.11M $167.8M $133.3M
YoY Change -95.52% -33.21% -23.72%
Net Earnings / Revenue 8.32% 35.21% 35.99%
Basic Earnings Per Share $0.28 $1.89
Diluted Earnings Per Share $0.28 $1.88 $1.56
COMMON SHARES
Basic Shares Outstanding 93.02M shares 85.36M shares 77.87M shares
Diluted Shares Outstanding 93.74M shares 89.11M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.00M $14.81M $2.528M
YoY Change 42.4% 906.46% -73.44%
Cash & Equivalents $12.95M $14.81M $2.528M
Short-Term Investments
Other Short-Term Assets $93.20M $105.4M $46.28M
YoY Change 88.56% 415.08% 277.67%
Inventory
Prepaid Expenses
Receivables $363.5M $265.0M $271.3M
Other Receivables $0.00 $495.0K $338.0K
Total Short-Term Assets $469.6M $385.8M $320.5M
YoY Change 24.67% 0.77% 48.84%
LONG-TERM ASSETS
Property, Plant & Equipment $3.789B $3.217B $2.483B
YoY Change 88.02% 81.62% 98.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.86M $62.02M $16.22M
YoY Change 5.84% 274.6% 38.83%
Total Long-Term Assets $3.835B $3.279B $2.555B
YoY Change 83.08% 81.22% 95.38%
TOTAL ASSETS
Total Short-Term Assets $469.6M $385.8M $320.5M
Total Long-Term Assets $3.835B $3.279B $2.555B
Total Assets $4.305B $3.665B $2.875B
YoY Change 74.17% 67.17% 88.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $235.1M $154.0M $128.6M
YoY Change 64.8% 8.95% 96.42%
Accrued Expenses $154.9M $207.7M $121.7M
YoY Change 34.86% 62.76% 15.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $602.5M $378.8M $345.0M
YoY Change 57.83% -40.44% 5.32%
LONG-TERM LIABILITIES
Long-Term Debt $2.057B $1.673B $1.525B
YoY Change 75.96% 51.74% 89.86%
Other Long-Term Liabilities $2.847M $167.1M $2.045M
YoY Change 34.55% 7545.11% -34.24%
Total Long-Term Liabilities $2.847M $1.840B $2.045M
YoY Change 34.55% 84057.04% -99.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $602.5M $378.8M $345.0M
Total Long-Term Liabilities $2.847M $1.840B $2.045M
Total Liabilities $2.897B $2.249B $2.130B
YoY Change 64.37% 10.27% 62.87%
SHAREHOLDERS EQUITY
Retained Earnings -$466.6M -$492.8M -$1.001B
YoY Change -59.27% -71.51% -43.59%
Common Stock $1.874B $1.909B $487.0K
YoY Change 1.05% 1.41% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.408B $1.416B $745.3M
YoY Change
Total Liabilities & Shareholders Equity $4.305B $3.665B $2.875B
YoY Change 74.17% 67.17% 88.8%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income $26.11M $167.8M $133.3M
YoY Change -95.52% -33.21% -23.72%
Depreciation, Depletion And Amortization $133.8M $106.4M $77.32M
YoY Change 102.8% 94.23% 80.58%
Cash From Operating Activities $263.9M $307.8M $287.4M
YoY Change -4.65% 46.4% 115.91%
INVESTING ACTIVITIES
Capital Expenditures $650.3M $372.7M $529.7M
YoY Change -315.86% -435.19% -331.36%
Acquisitions
YoY Change
Other Investing Activities $37.50M -$37.50M -$14.50M
YoY Change -426.09% 120.59% -64.33%
Cash From Investing Activities -$612.8M -$410.2M -$544.2M
YoY Change 95.93% 219.99% 101.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 347.1M 111.1M 250.3M
YoY Change 695.08% -232.39% 73.75%
NET CHANGE
Cash From Operating Activities 263.9M 307.8M 287.4M
Cash From Investing Activities -612.8M -410.2M -544.2M
Cash From Financing Activities 347.1M 111.1M 250.3M
Net Change In Cash -1.800M 8.733M -6.602M
YoY Change -123.5% -568.76% -187.86%
FREE CASH FLOW
Cash From Operating Activities $263.9M $307.8M $287.4M
Capital Expenditures $650.3M $372.7M $529.7M
Free Cash Flow -$386.4M -$64.87M -$242.4M
YoY Change -166.85% -120.18% -166.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1006101000 usd
us-gaap Interest Expense
InterestExpense
36388000 usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1815000 usd
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
236000 usd
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
0 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-185000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34522000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
46499000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1795000 usd
us-gaap Net Income Loss
NetIncomeLoss
44704000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5826000 usd
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
25320000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13558000 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77145851 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78795832 shares
us-gaap Net Income Loss
NetIncomeLoss
44704000 usd
us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
107980000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2169000 usd
us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
GainsLossesOnExtinguishmentOfDebtBeforeWriteOffOfDeferredDebtIssuanceCost
236000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
-1066000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
143000 usd
us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
UnrealizedGainLossOnDerivativesAndCommodityContracts
-328296000 usd
nog Gain Loss On Contingent Consideration
GainLossOnContingentConsideration
0 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-185000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2867000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2165000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
164822000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1692000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
41294000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1784000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
364273000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-545777000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
561000000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
249000000 usd
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
6051000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12809000 usd
us-gaap Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
81236000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2206000 usd
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
5911000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
16956000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
173456000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8048000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1471000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
745260000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
54000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2316000 usd
CY2023Q1 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
2616000 usd
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
29026000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
1048067000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1207000 usd
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
224682000 usd
CY2023Q2 us-gaap Dividends Common Stock
DividendsCommonStock
34414000 usd
CY2023Q2 nog Adjustments To Additional Paid In Capital Deferred Taxes Related To Capped Calls
AdjustmentsToAdditionalPaidInCapitalDeferredTaxesRelatedToCappedCalls
8441000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
167815000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1415797000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
215135000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1499000 usd
CY2022Q1 nog Stock Issued During Period Value Restricted Stock Award Surrenders Tax Obligations
StockIssuedDuringPeriodValueRestrictedStockAwardSurrendersTaxObligations
2206000 usd
CY2022Q1 nog Stock Issued During Period Value Warrants Issued
StockIssuedDuringPeriodValueWarrantsIssued
17870000 usd
CY2022Q1 nog Stock Repurchased During Period Value Preferred Stock
StockRepurchasedDuringPeriodValuePreferredStock
50225000 usd
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
10815000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-206560000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-35302000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1490000 usd
CY2022Q2 nog Stock Issued During Period Value Warrants Issued
StockIssuedDuringPeriodValueWarrantsIssued
0 usd
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
12809000 usd
CY2022Q2 nog Stock Repurchased During Period Value Preferred Stock
StockRepurchasedDuringPeriodValuePreferredStock
31011000 usd
CY2022Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
5911000 usd
CY2022Q2 us-gaap Dividends Common Stock
DividendsCommonStock
15071000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
251264000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
152650000 usd
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 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%">The Company’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.</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%">Management’s estimates and assumptions were based on historical data and consideration of future market conditions. Given the uncertainty inherent in any projection, 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.</span></div>
CY2023Q2 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
RevenuefromContractwithCustomerNumberofRevenueSources
2 revenuesource
CY2023Q2 nog Numberof Geographic Areasinwhich Entity Operates
NumberofGeographicAreasinwhichEntityOperates
3 geographicarea
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, 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 majority of its oil and natural gas revenue is sourced from North Dakota. Acquisitions since 2021 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>
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
167815000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
251264000 usd
us-gaap Net Income Loss
NetIncomeLoss
508006000 usd
us-gaap Net Income Loss
NetIncomeLoss
44704000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2810000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5826000 usd
CY2023Q2 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 usd
CY2022Q2 us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
10363000 usd
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
0 usd
us-gaap Preferred Stock Redemption Premium
PreferredStockRedemptionPremium
25320000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
167815000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
238091000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
508006000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13558000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88800994 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77366704 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86869094 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77145851 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
307525 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
9421761 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
399497 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1649981 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78795832 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
us-gaap Interest Paid Net
InterestPaidNet
59311000 usd
us-gaap Interest Paid Net
InterestPaidNet
32997000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
891000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
1652000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
242593000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
158969000 usd
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
2367000 usd
nog Capitalized Asset Retirement Obligations
CapitalizedAssetRetirementObligations
1954000 usd
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
278000 usd
nog Compensation Capitalizedon Oiland Gas Properties
CompensationCapitalizedonOilandGasProperties
122000 usd
nog Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Warrants Issued Value
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationWarrantsIssuedValue
0 usd
nog Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Warrants Issued Value
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationWarrantsIssuedValue
17870000 usd
nog Warrants Issued
WarrantsIssued
0 usd
nog Warrants Issued
WarrantsIssued
17870000 usd
us-gaap Stock Issued1
StockIssued1
13328000 usd
us-gaap Stock Issued1
StockIssued1
76904000 usd
nog Dividends Declared Common Stock
DividendsDeclaredCommonStock
34512000 usd
nog Dividends Declared Common Stock
DividendsDeclaredCommonStock
25887000 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2022Q2 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023Q2 nog Asset Acquisition Pro Forma Revenue
AssetAcquisitionProFormaRevenue
542947000 usd
nog Asset Acquisition Pro Forma Revenue
AssetAcquisitionProFormaRevenue
1190095000 usd
CY2022Q2 nog Asset Acquisition Pro Forma Revenue
AssetAcquisitionProFormaRevenue
580750000 usd
nog Asset Acquisition Pro Forma Revenue
AssetAcquisitionProFormaRevenue
751305000 usd
CY2023Q2 nog Asset Acquisition Pro Forma Net Income Loss
AssetAcquisitionProFormaNetIncomeLoss
245710000 usd
nog Asset Acquisition Pro Forma Net Income Loss
AssetAcquisitionProFormaNetIncomeLoss
626337000 usd
CY2022Q2 nog Asset Acquisition Pro Forma Net Income Loss
AssetAcquisitionProFormaNetIncomeLoss
362201000 usd
nog Asset Acquisition Pro Forma Net Income Loss
AssetAcquisitionProFormaNetIncomeLoss
323742000 usd
nog Anticipated Timing Of Inclusion Of Cost In Amortization Calculation
AnticipatedTimingOfInclusionOfCostInAmortizationCalculation
P5Y
CY2023Q2 nog Lease Amount Expired
LeaseAmountExpired
2000000 usd
CY2022Q2 nog Lease Amount Expired
LeaseAmountExpired
600000 usd
nog Lease Amount Expired
LeaseAmountExpired
2600000 usd
nog Lease Amount Expired
LeaseAmountExpired
1900000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1705108000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2350000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
34907000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
1672551000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1543235000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-10682000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
28504000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1525413000 usd
CY2022Q4 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
36100000 usd
CY2022Q4 nog Capped Call Transaction Common Stock Premium Over Share Price Percent
CappedCallTransactionCommonStockPremiumOverSharePricePercent
0.75
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
135000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
93022758 shares
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
93022758 shares
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.34
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.37
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
287751 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8000000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
447051 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
12800000 usd
CY2023Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
39000000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
39700000 usd
CY2022Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1000000 usd
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1800000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.189
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.072
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.004
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.039
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
156200000 usd
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
2100000 usd
CY2023Q2 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
27265000 usd
CY2022Q2 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
-162314000 usd
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
40935000 usd
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
-267475000 usd
CY2023Q2 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
30503000 usd
CY2022Q2 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
54117000 usd
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
170490000 usd
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-330110000 usd
CY2023Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
57769000 usd
CY2022Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-108197000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
211425000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-597585000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
174761000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
241771000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
355860000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
174761000 usd
CY2023Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
97230000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
77532000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
241771000 usd
CY2023Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
97230000 usd
CY2023Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
144542000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
119377000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
71537000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
47840000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
355860000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
71537000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
284324000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001104485-23-000137-index-headers.html Edgar Link pending
0001104485-23-000137-index.html Edgar Link pending
0001104485-23-000137.txt Edgar Link pending
0001104485-23-000137-xbrl.zip Edgar Link pending
exhibit31120230630-10q.htm Edgar Link pending
exhibit31220230630-10q.htm Edgar Link pending
exhibit32120230630-10q.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
nog-20230630.htm Edgar Link pending
nog-20230630.xsd Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R5.htm Edgar Link pending
nog-20230630_lab.xml Edgar Link unprocessable
nog-20230630_pre.xml Edgar Link unprocessable
nog-20230630_htm.xml Edgar Link completed
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
nog-20230630_def.xml Edgar Link unprocessable
nog-20230630_cal.xml Edgar Link unprocessable