Northern Oil & Gas, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Northern Oil & Gas, Inc. filed its Q1 2024 10-Q, detailing financial performance and operational data for the period ending March 31, 2024.</b>

AI Summary

NORTHERN OIL & GAS, INC. (NOG) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Northern Oil & Gas, Inc. reported its Q1 2024 results on a 10-Q filing. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. Northern Oil & Gas, Inc. is involved in Crude Petroleum & Natural Gas extraction. The company's principal executive offices are located in Minnetonka, MN.

Why It Matters

For investors and stakeholders tracking NORTHERN OIL & GAS, INC., this filing contains several important signals. This 10-Q filing provides investors with a detailed look at the company's financial health and operational performance during the first quarter of 2024, enabling informed investment decisions. Understanding the company's financial statements, including revenue, net income, and debt levels, is crucial for assessing its current valuation and future growth prospects in the volatile oil and gas market.

Risk Assessment

Risk Level: medium — NORTHERN OIL & GAS, INC. shows moderate risk based on this filing. The company operates in the highly cyclical and capital-intensive oil and gas industry, which is subject to significant price volatility and regulatory changes, posing inherent risks to financial performance.

Analyst Insight

Monitor the company's production volumes and commodity prices in the upcoming quarters to assess its ability to maintain profitability and manage debt.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 001-33999 — SEC File Number (SEC file number)

Key Players & Entities

• NORTHERN OIL & GAS, INC. (company) — Filer name
• 0001104485 (company) — Central Index Key
• Minnetonka, MN (company) — Business address city and state
• 952-476-9800 (company) — Business phone number
• KENTEX PETROLEUM INC (company) — Former company name

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are significantly impacted by fluctuations in the market prices of crude oil and natural gas.
• Environmental Regulations [medium — regulatory]: Changes in environmental laws and regulations could increase compliance costs and affect operations.
• Debt Management [medium — financial]: The company's level of indebtedness could impact its financial flexibility and ability to fund operations and growth.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 NOG New York Stock Exchange Indicate
• $0 — 3 shares of our common stock, par value $0.001, outstanding. Table of Contents

Filing Documents

• nog-20240331.htm (10-Q) — 1515KB
• exhibit101-formof3xyearrsu.htm (EX-10.1) — 157KB
• exhibit31120240331-10q.htm (EX-31.1) — 16KB
• exhibit31220240331-10q.htm (EX-31.2) — 16KB
• exhibit32120240331-10q.htm (EX-32.1) — 8KB
• 0001104485-24-000114.txt (&nbsp;) — 8218KB
• nog-20240331.xsd (EX-101.SCH) — 53KB
• nog-20240331_cal.xml (EX-101.CAL) — 64KB
• nog-20240331_def.xml (EX-101.DEF) — 295KB
• nog-20240331_lab.xml (EX-101.LAB) — 678KB
• nog-20240331_pre.xml (EX-101.PRE) — 458KB
• nog-20240331_htm.xml (XML) — 1287KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Financial Statements (unaudited) 2

Item 1. Condensed Financial Statements (unaudited) 2 Condensed Balance Sheets 2 Condensed Statements of Operations 4 Condensed Statements of Cash Flows 5 Condensed Statements of Stockholders' Equity 6 Notes to Condensed Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures about Market Risk 38

Item 3. Quantitative and Qualitative Disclosures about Market Risk 38

Controls and Procedures 41

Item 4. Controls and Procedures 41

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 42

Item 1. Legal Proceedings 42

Risk Factors 42

Item 1A. Risk Factors 42

Unregistered Sales of Equity Securities and Use of Proceeds 42

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42

Defaults Upon Senior Securities 43

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures 43

Item 4. Mine Safety Disclosures 43

Other Information 43

Item 5. Other Information 43

Exhibits 44

Item 6. Exhibits 44 Signatures 45 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Condensed Financial Statements

Item 1. Condensed Financial Statements. NORTHERN OIL AND GAS, INC. CONDENSED BALANCE SHEETS (In thousands, except par value and share data) March 31, 2024 December 31, 2023 Assets (Unaudited) Current Assets: Cash and Cash Equivalents $ 32,468 $ 8,195 Accounts Receivable, Net 331,119 370,531 Advances to Operators 6,794 49,210 Prepaid Expenses and Other 2,566 2,489 Derivative Instruments 36,710 75,733 Income Tax Receivable 3,139 3,249 Total Current Assets 412,796 509,407 Property and Equipment: Oil and Natural Gas Properties, Full Cost Method of Accounting Proved 8,877,966 8,428,518 Unproved 34,507 36,785 Other Property and Equipment 8,120 8,069 Total Property and Equipment 8,920,593 8,473,372 Less – Accumulated Depreciation, Depletion and Impairment ( 4,715,097 ) ( 4,541,808 ) Total Property and Equipment, Net 4,205,496 3,931,563 Derivative Instruments 1,070 10,725 Acquisition Deposit — 17,094 Other Noncurrent Assets, Net 14,439 15,466 Total Assets $ 4,633,801 $ 4,484,255 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable $ 156,233 $ 192,672 Accrued Liabilities 161,507 147,943 Accrued Interest 28,044 26,219 Derivative Instruments 80,290 16,797 Other Current Liabilities 1,936 2,130 Total Current Liabilities 428,010 385,761 Long-term Debt, Net 1,938,731 1,835,554 Deferred Tax Liability 71,249 68,488 Derivative Instruments 151,308 105,831 Asset Retirement Obligations 39,899 38,203 Other Noncurrent Liabilities 2,625 2,741 Total Liabilities $ 2,631,822 $ 2,436,578 Commitments and Contingencies Stockholders' Equity 2 Table of Contents Common Stock, Par Value $ .001 ; 135,000,000 Shares Authorized; 101,044,071 Shares Outstanding at 3/31/2024 100,761,148 Shares Outstanding at 12/31/2023 503 503 Additional Paid-In Capital 2,067,660 2,124,963 Retained Deficit ( 66,183 ) ( 77,790 ) Total Stockholders' Equity 2,001,980 2,047,676 Total Liabilities and Stockholders' Equity $ 4,633,801 $ 4,48

View Full Filing

View this 10-Q filing on SEC EDGAR