Northern Oil & Gas Q3 Revenue Declines Year-Over-Year

TL;DR

NOG revenue down YoY in Q3 to $344.7M, YTD to $1.03B. Watch for margin changes.

AI Summary

Northern Oil & Gas, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported revenues of $344.7 million for the third quarter of 2024, a decrease from $366.4 million in the same quarter of 2023. For the nine months ended September 30, 2024, revenues were $1.03 billion, down from $1.09 billion in the prior year period.

Why It Matters

This filing indicates a slight downturn in revenue for Northern Oil & Gas, which could impact investor confidence and future investment decisions in the company.

Risk Assessment

Risk Level: medium — Fluctuations in oil and gas prices, operational costs, and production levels can significantly impact the company's financial performance.

Key Numbers

• $344.7M — Q3 2024 Revenue (Revenue for the third quarter of 2024.)
• $366.4M — Q3 2023 Revenue (Revenue for the third quarter of 2023, used for comparison.)
• $1.03B — Year-to-Date Revenue (2024) (Total revenue for the first nine months of 2024.)
• $1.09B — Year-to-Date Revenue (2023) (Total revenue for the first nine months of 2023, used for comparison.)

Key Players & Entities

• NORTHERN OIL & GAS, INC. (company) — Filer
• $344.7 million (dollar_amount) — Q3 2024 Revenue
• $366.4 million (dollar_amount) — Q3 2023 Revenue
• $1.03 billion (dollar_amount) — Nine Months Ended September 30, 2024 Revenue
• $1.09 billion (dollar_amount) — Nine Months Ended September 30, 2023 Revenue
• September 30, 2024 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 NOG New York Stock Exchange Indicate
• $0 — 4 shares of our common stock, par value $0.001, outstanding. Table of Contents

Filing Documents

• nog-20240930.htm (10-Q) — 1832KB
• exhibit101formofrsucompoun.htm (EX-10.1) — 141KB
• exhibit102formofrsurelativ.htm (EX-10.2) — 160KB
• exhibit31120240930-10q.htm (EX-31.1) — 16KB
• exhibit31220240930-10q.htm (EX-31.2) — 16KB
• exhibit32120240930-10q.htm (EX-32.1) — 8KB
• 0001104485-24-000214.txt ( ) — 9435KB
• nog-20240930.xsd (EX-101.SCH) — 54KB
• nog-20240930_cal.xml (EX-101.CAL) — 67KB
• nog-20240930_def.xml (EX-101.DEF) — 300KB
• nog-20240930_lab.xml (EX-101.LAB) — 715KB
• nog-20240930_pre.xml (EX-101.PRE) — 473KB
• nog-20240930_htm.xml (XML) — 1536KB

– 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 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk 45

Item 3. Quantitative and Qualitative Disclosures about Market Risk 45

Controls and Procedures 48

Item 4. Controls and Procedures 48

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings 49

Item 1. Legal Proceedings 49

Risk Factors 49

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds 49

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Defaults Upon Senior Securities 49

Item 3. Defaults Upon Senior Securities 49

Mine Safety Disclosures 50

Item 4. Mine Safety Disclosures 50

Other Information 50

Item 5. Other Information 50

Exhibits 51

Item 6. Exhibits 51 Signatures 52 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) September 30, 2024 December 31, 2023 Assets (Unaudited) Current Assets: Cash and Cash Equivalents $ 34,356 $ 8,195 Accounts Receivable, Net 316,933 370,531 Advances to Operators 18,153 49,210 Prepaid Expenses and Other 12,111 2,489 Derivative Instruments 100,797 75,733 Income Tax Receivable 36,573 3,249 Total Current Assets 518,923 509,407 Property and Equipment: Oil and Natural Gas Properties, Full Cost Method of Accounting Proved 9,524,785 8,428,518 Unproved 23,006 36,785 Other Property and Equipment 8,182 8,069 Total Property and Equipment 9,555,973 8,473,372 Less – Accumulated Depreciation, Depletion and Impairment ( 5,075,954 ) ( 4,541,808 ) Total Property and Equipment, Net 4,480,019 3,931,563 Derivative Instruments 14,730 10,725 Acquisition Deposit 25,500 17,094 Other Noncurrent Assets, Net 16,155 15,466 Total Assets $ 5,055,327 $ 4,484,255 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable $ 152,455 $ 192,672 Accrued Liabilities 237,244 147,943 Accrued Interest 28,034 26,219 Derivative Instruments 804 16,797 Other Current Liabilities 1,751 2,130 Total Current Liabilities 420,288 385,761 Long-term Debt, Net 1,953,099 1,835,554 Deferred Tax Liability 210,738 68,488 Derivative Instruments 112,442 105,831 Asset Retirement Obligations 42,867 38,203 Other Noncurrent Liabilities 2,391 2,741 Total Liabilities $ 2,741,825 $ 2,436,578 Commitments and Contingencies Stockholders' Equity 2 Table of Contents Common Stock, Par Value $ .001 ; 270,000,000 Shares Authorized; 99,825,164 Shares Outstanding at 9/30/2024 100,761,148 Shares Outstanding at 12/31/2023 502 503 Additional Paid-In Capital 1,942,181 2,124,963 Retained Earnings (Deficit) 370,819 ( 77,790 ) Total Stockholders' Equity 2,313,502 2,047,676 Total Liabilities and Stockholders' Equity

View Full Filing

View this 10-Q filing on SEC EDGAR