$NOG
NORTHERN OIL & GAS, INC.

2024 Q4 Form 10-Q Financial Statement

#000110448524000214 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $753.6M
YoY Change 140.03%
Cost Of Revenue $106.9M
YoY Change 29.57%
Gross Profit $646.7M
YoY Change 179.41%
Gross Profit Margin 85.82%
Selling, General & Admin -$795.0K
YoY Change -106.74%
% of Gross Profit -0.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $185.7M
YoY Change 38.76%
% of Gross Profit 28.71%
Operating Expenses $187.3M
YoY Change 27.61%
Operating Profit $433.9M
YoY Change 922.53%
Interest Expense -$36.86M
YoY Change -199.51%
% of Operating Profit -8.49%
Other Income/Expense, Net -$36.72M
YoY Change -0.82%
Pretax Income $397.2M
YoY Change 7230.19%
Income Tax $98.80M
% Of Pretax Income 24.87%
Net Earnings $298.4M
YoY Change 1042.99%
Net Earnings / Revenue 39.6%
Basic Earnings Per Share $3.00
Diluted Earnings Per Share $2.96
COMMON SHARES
Basic Shares Outstanding 99.83M shares 100.2M shares
Diluted Shares Outstanding 100.7M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.36M
YoY Change 164.28%
Cash & Equivalents $34.36M
Short-Term Investments
Other Short-Term Assets $131.1M
YoY Change 40.62%
Inventory
Prepaid Expenses
Receivables $316.9M
Other Receivables $36.57M
Total Short-Term Assets $518.9M
YoY Change 10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $4.480B
YoY Change 18.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.16M
YoY Change -4.19%
Total Long-Term Assets $4.536B
YoY Change 18.29%
TOTAL ASSETS
Total Short-Term Assets $518.9M
Total Long-Term Assets $4.536B
Total Assets $5.055B
YoY Change 17.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.5M
YoY Change -35.16%
Accrued Expenses $237.2M
YoY Change 53.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $420.3M
YoY Change -30.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.953B
YoY Change -5.07%
Other Long-Term Liabilities $2.391M
YoY Change -16.02%
Total Long-Term Liabilities $2.391M
YoY Change -16.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $420.3M
Total Long-Term Liabilities $2.391M
Total Liabilities $2.742B
YoY Change -5.35%
SHAREHOLDERS EQUITY
Retained Earnings $370.8M
YoY Change -179.47%
Common Stock $1.943B
YoY Change 3.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.314B
YoY Change
Total Liabilities & Shareholders Equity $5.055B
YoY Change 17.44%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $298.4M
YoY Change 1042.99%
Depreciation, Depletion And Amortization $185.7M
YoY Change 38.76%
Cash From Operating Activities $385.8M
YoY Change 46.18%
INVESTING ACTIVITIES
Capital Expenditures $381.9M
YoY Change -41.28%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$381.9M
YoY Change -37.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.68M
YoY Change -93.47%
NET CHANGE
Cash From Operating Activities 385.8M
Cash From Investing Activities -381.9M
Cash From Financing Activities 22.68M
Net Change In Cash 26.58M
YoY Change -1576.56%
FREE CASH FLOW
Cash From Operating Activities $385.8M
Capital Expenditures $381.9M
Free Cash Flow $3.900M
YoY Change -101.01%

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dei Document Quarterly Report
DocumentQuarterlyReport
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dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Transition Report
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dei Entity Registrant Name
EntityRegistrantName
NORTHERN OIL AND GAS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
95-3848122
dei Entity Address Address Line1
EntityAddressAddressLine1
4350 Baker Road
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 400
dei Entity Address City Or Town
EntityAddressCityOrTown
Minnetonka
dei Entity Address State Or Province
EntityAddressStateOrProvince
MN
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
55343
dei City Area Code
CityAreaCode
952
dei Local Phone Number
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476-9800
dei Security12b Title
Security12bTitle
Common Stock, par value $0.001
dei Trading Symbol
TradingSymbol
NOG
dei Security Exchange Name
SecurityExchangeName
NYSE
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
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Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
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dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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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, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and, following the closing of the XCL Acquisition (as defined herein; see Note 3) in October 2024, the Uinta Basin. 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, with a core area of focus in premier basins within the United States.</span></div>
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.</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>
CY2024Q3 nog Revenuefrom Contractwith Customer Numberof Revenue Sources
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CY2024Q3 nog Numberof Geographic Areasinwhich Entity Operates
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us-gaap Concentration Risk Credit Risk
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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">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><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 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 exploration, development and production 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 revenue is sourced from a limited number of geographic areas of operations. As a result, the Company is disproportionately exposed to risks that affect one or more of those areas in the basins in which the Company operates, particularly the Williston Basin and the Permian Basin.</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 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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DeferredFinanceCostsNet
32330000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
1835554000 usd
CY2022Q4 us-gaap Asset Acquisition Consideration Transferred
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CY2022Q4 nog Capped Call Transaction Common Stock Premium Over Share Price Percent
CappedCallTransactionCommonStockPremiumOverSharePricePercent
0.75
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
135000000 shares
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
99825164 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
99825164 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.40
CY2024Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.42
CY2022Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0 usd
CY2024Q3 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
150000000.0 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1841733 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
70000000.0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
700000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
287751 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
8000000.0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.017
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.042
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
98800000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-20700000 usd
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.249
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-3.818
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
144400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000000.0 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.243
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.034
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
2800000 usd
us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
3600000 usd
CY2024Q3 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
29709000 usd
CY2023Q3 nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
5164000 usd
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
57721000 usd
nog Derivative Gain Loss On Derivative Net Settled Commodity Derivatives
DerivativeGainLossOnDerivativeNetSettledCommodityDerivatives
46099000 usd
CY2024Q3 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
208441000 usd
CY2023Q3 nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-204712000 usd
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
38470000 usd
nog Derivative Gain Loss On Derivative Net Unsettled Commodity Derivatives
DerivativeGainLossOnDerivativeNetUnsettledCommodityDerivatives
-34222000 usd
CY2024Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
238150000 usd
CY2023Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-199548000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
96191000 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
11878000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
227042000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
170029000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
224761000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
206198000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
227042000 usd
CY2024Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
111515000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
115527000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
224761000 usd
CY2024Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
111515000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
113246000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
170029000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
83570000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
86459000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
206198000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
83570000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
122628000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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R21.htm Edgar Link pending
R22.htm Edgar Link pending
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0001104485-24-000214-index-headers.html Edgar Link pending
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0001104485-24-000214.txt Edgar Link pending
0001104485-24-000214-xbrl.zip Edgar Link pending
exhibit101formofrsucompoun.htm Edgar Link pending
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exhibit31120240930-10q.htm Edgar Link pending
exhibit31220240930-10q.htm Edgar Link pending
exhibit32120240930-10q.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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nog-20240930.htm Edgar Link pending
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R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
nog-20240930_cal.xml Edgar Link unprocessable
nog-20240930_def.xml Edgar Link unprocessable
nog-20240930_pre.xml Edgar Link unprocessable
nog-20240930_lab.xml Edgar Link unprocessable
nog-20240930_htm.xml Edgar Link completed