Northern Oil and Gas (NOG) Financials

$26.98 +0.14 (+0.51%)

Closing price 05/23/2025 03:59 PM Eastern

Extended Trading

$26.85 -0.13 (-0.47%)

As of 05/23/2025 07:07 PM Eastern

Annual Income Statements for Northern Oil and Gas

This table shows Northern Oil and Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	520	923	728	-8.40	-921	-77	144	216	-293	-975
Consolidated Net Income / (Loss)	520	923	773	6.36	-906	-76	144	-9.19	-293	-975
Net Income / (Loss) Continuing Operations	520	923	773	6.36	-906	-76	144	216	-293	-975
Total Pre-Tax Income	681	1,001	776	6.59	-906	-76	144	-11	-295	-1,178
Total Operating Income	838	1,122	853	78	-841	56	433	60	-229	-1,119
Total Gross Profit	1,796	1,819	1,310	326	436	354	612	384	99	275
Total Revenue	2,226	2,166	1,571	497	552	472	679	433	145	275
Operating Revenue	2,226	2,166	1,571	497	324	601	494	448	160	203
Total Cost of Revenue	430	347	261	171	116	119	67	50	46	0.00
Operating Cost of Revenue	430	347	261	171	116	119	67	50	46	-
Total Operating Expenses	958	697	457	248	1,277	298	180	99	329	1,394
Selling, General & Admin Expense	60	51	47	30	19	24	15	19	15	19
Marketing Expense	157	160	158	77	30	58	45	21	16	74
Depreciation Expense	741	486	251	141	162	210	120	60	61	138
Total Other Income / (Expense), net	-157	-121	-77	-71	-65	-132	-289	-70	-66	-58
Interest Expense	158	135	80	72	64	102	259	70	66	58
Interest & Investment Income	0.26	-1.02	0.99	1.04	-1.02	-	0.00	-	-	-
Other Income / (Expense), net	0.44	15	1.67	-0.30	-0.18	-29	-30	0.12	-0.02	-0.03
Income Tax Expense	161	78	3.10	0.23	-0.17	0.00	-0.06	-1.57	-1.40	-202
Preferred Stock Dividends Declared	0.00	0.00	46	15	15	1.03	0.00	-	-	-
Basic Earnings per Share	$5.21	$10.09	$9.26	($0.13)	($21.55)	($2.00)	$6.08	($0.15)	($4.80)	($16.08)
Weighted Average Basic Shares Outstanding	99.85M	91.48M	78.56M	62.99M	42.74M	38.71M	23.62M	62.41M	61.17M	60.65M
Diluted Earnings per Share	$5.14	$10.03	$8.92	($0.13)	($21.55)	($2.00)	$6.07	($0.15)	($4.80)	($16.08)
Weighted Average Diluted Shares Outstanding	101.27M	92.06M	86.68M	62.99M	42.74M	38.71M	23.68M	62.41M	61.17M	60.65M
Weighted Average Basic & Diluted Shares Outstanding	99.11M	100.87M	85.27M	77.34M	60.42M	406.02M	376.98M	61.30M	63.25M	60.70M
Cash Dividends to Common per Share	$1.64	-	-	-	-	-	-	-	-	-

This table shows Northern Oil and Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	139	72	298	139	12	389	26	168	340	133	581
Consolidated Net Income / (Loss)	139	72	298	139	12	389	26	168	340	145	583
Net Income / (Loss) Continuing Operations	139	72	298	139	12	389	26	168	340	145	583
Total Pre-Tax Income	186	88	397	181	14	448	5.42	207	341	145	585
Total Operating Income	229	133	434	219	52	484	42	235	361	168	605
Total Gross Profit	488	398	647	460	291	691	231	392	504	297	723
Total Revenue	602	515	754	561	396	794	314	477	582	370	792
Operating Revenue	602	515	754	561	396	794	314	477	582	370	792
Total Cost of Revenue	114	117	107	101	105	102	83	84	78	73	68
Operating Cost of Revenue	114	117	107	101	105	102	83	84	78	73	68
Total Operating Expenses	259	266	213	241	239	207	189	157	144	130	119
Selling, General & Admin Expense	17	18	12	16	13	10	13	14	14	15	10
Marketing Expense	36	43	15	49	51	46	42	37	35	37	42
Depreciation Expense	206	205	186	177	174	151	134	106	95	77	66
Total Other Income / (Expense), net	-43	-45	-37	-38	-38	-36	-37	-28	-20	-22	-20
Interest Expense	44	45	37	38	38	37	37	32	29	24	20
Interest & Investment Income	-0.14	0.28	-0.02	0.00	0.00	-	0.00	0.00	-1.02	-	-
Other Income / (Expense), net	0.50	0.18	0.14	0.06	0.06	0.08	0.02	4.00	11	0.09	-0.04
Income Tax Expense	47	16	99	43	2.85	59	-21	39	0.69	-0.03	1.33
Basic Earnings per Share	$1.41	$0.71	$3.00	$1.38	$0.12	$3.91	$0.28	$1.89	$4.01	$1.71	$7.39
Weighted Average Basic Shares Outstanding	98.56M	99.85M	99.49M	100.27M	100.44M	91.48M	92.77M	88.80M	84.92M	78.56M	78.59M
Diluted Earnings per Share	$1.39	$0.71	$2.96	$1.36	$0.11	$3.89	$0.28	$1.88	$3.98	$2.33	$6.77
Weighted Average Diluted Shares Outstanding	99.99M	101.27M	100.72M	101.99M	101.64M	92.06M	93.74M	89.11M	85.41M	86.68M	86.14M
Weighted Average Basic & Diluted Shares Outstanding	98.70M	99.11M	99.83M	100.17M	101.06M	100.87M	100.51M	93.02M	85.36M	85.27M	77.87M
Cash Dividends to Common per Share	$0.45	-	$0.42	-	-	-	-	-	-	-	$0.05

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	0.74	5.67	-6.99	8.09	-15	14	-100	96	3.10	-5.95
Net Cash From Operating Activities	1,409	1,183	928	396	332	340	244	73	102	247
Net Cash From Continuing Operating Activities	1,409	1,183	928	396	332	340	244	73	102	247
Net Income / (Loss) Continuing Operations	520	923	773	6.36	-906	-76	144	-9.19	-293	-975
Consolidated Net Income / (Loss)	520	923	773	6.36	-906	-76	144	-9.19	-293	-975
Depreciation Expense	741	486	251	141	162	210	120	60	61	138
Amortization Expense	8.27	6.62	2.85	3.35	4.14	2.60	4.58	4.62	4.30	3.45
Non-Cash Adjustments To Reconcile Net Income	13	-2.70	5.21	20	1,076	30	209	7.23	242	1,171
Changes in Operating Assets and Liabilities, net	127	-230	-104	226	-4.51	173	-233	11	88	-90
Net Cash From Investing Activities	-1,675	-1,862	-1,403	-634	-284	-569	-475	-119	-91	-289
Net Cash From Continuing Investing Activities	-1,675	-1,862	-1,403	-634	-284	-569	-475	-119	-91	-289
Purchase of Property, Plant & Equipment	-1,692	-1,845	-1,360	-594	-284	-340	-217	-105	-73	-0.09
Acquisitions	17	-17	-43	-41	0.00	-229	-258	-14	-20	-289
Net Cash From Financing Activities	267	685	467	246	-62	243	130	142	-7.83	36
Net Cash From Continuing Financing Activities	267	685	467	246	-62	243	130	142	-7.83	36
Repayment of Debt	-457	-1,187	-1,028	-1,475	-140	-753	-603	-193	-69	-304
Repurchase of Preferred Equity	0.00	0.00	-81	0.00	0.00	-	-	-	-	-
Repurchase of Common Equity	-94	-8.00	-55	0.00	0.00	-15	-22	0.00	0.00	-
Payment of Dividends	-162	-124	-73	-34	0.00	0.00	-	-	-	-
Issuance of Debt	984	1,491	1,743	1,318	78	953	614	336	63	150
Issuance of Common Equity	0.00	515	0.00	438	0.00	0.00	142	0.00	0.00	-
Other Financing Activities, net	-3.79	-2.62	-38	-0.84	-0.44	-13	-0.68	-0.67	-1.40	190

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	25	-25	27	-25	24	-4.76	-1.85	8.73	3.55	-6.60	7.66
Net Cash From Operating Activities	407	290	386	340	392	342	264	308	269	287	277
Net Cash From Continuing Operating Activities	407	290	386	340	392	342	264	308	269	287	277
Net Income / (Loss) Continuing Operations	139	72	298	139	12	389	26	168	340	145	583
Consolidated Net Income / (Loss)	139	72	298	139	12	389	26	168	340	145	583
Depreciation Expense	206	205	186	177	174	151	134	106	95	77	66
Amortization Expense	2.11	2.13	2.12	2.10	1.92	1.99	1.89	1.51	1.24	1.13	0.61
Non-Cash Adjustments To Reconcile Net Income	3.56	3.61	1.39	2.94	4.59	0.70	1.19	-2.99	-1.60	53	-381
Changes in Operating Assets and Liabilities, net	57	8.17	-102	20	200	-200	101	35	-165	10	8.17
Net Cash From Investing Activities	-265	-663	-382	-223	-407	-378	-613	-410	-461	-544	-313
Net Cash From Continuing Investing Activities	-265	-663	-382	-223	-407	-378	-613	-410	-461	-544	-313
Purchase of Property, Plant & Equipment	-261	-705	-382	-198	-407	-361	-650	-373	-461	-530	-301
Acquisitions	-4.00	43	-	-	-	-17	38	-	-	-15	-12
Net Cash From Financing Activities	-118	347	23	-142	39	31	347	111	195	250	44
Net Cash From Continuing Financing Activities	-118	347	23	-142	39	31	347	111	195	250	44
Repayment of Debt	-115	-141	-105	-133	-78	-319	-142	-620	-105	-558	-202
Repurchase of Common Equity	-15	-25	-14	-35	-20	-	-	-	-8.00	-33	-8.69
Payment of Dividends	-42	-42	-40	-40	-40	-35	-34	-29	-25	-35	-15
Issuance of Debt	55	556	182	66	180	95	523	536	337	913	269
Other Financing Activities, net	-1.49	-1.08	-	-	-2.71	-	-	-	-2.62	-36	-

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	5,604	4,484	2,875	1,523	872	1,905	1,504	632	432	721
Total Current Assets	501	509	320	215	126	133	228	153	47	122
Cash & Equivalents	8.93	8.20	2.53	9.52	1.43	16	2.36	102	6.49	3.39
Accounts Receivable	390	371	271	194	71	108	96	47	36	51
Prepaid Expenses	5.27	2.49	2.01	3.42	1.42	1.96	12	2.33	1.58	0.89
Current Deferred & Refundable Income Taxes	38	3.25	0.34	0.00	-	0.21	1.21	0.79	1.40	0.00
Other Current Assets	59	125	44	8.84	52	6.52	116	0.60	1.58	66
Plant, Property, & Equipment, net	5,082	3,932	2,483	1,253	735	1,749	1,203	473	376	589
Plant, Property & Equipment, gross	10,358	8,473	6,541	5,062	4,406	4,192	3,437	2,588	2,432	2,349
Accumulated Depreciation	5,276	4,542	4,058	3,809	3,671	2,443	2,234	2,115	2,056	1,759
Total Noncurrent Assets	21	43	72	54	11	24	72	6.28	8.43	10
Other Noncurrent Operating Assets	21	43	72	54	11	24	72	5.49	8.43	10
Total Liabilities & Shareholders' Equity	5,604	4,484	2,875	1,523	872	1,905	1,504	632	432	721
Total Liabilities	3,283	2,437	2,130	1,308	1,095	1,347	1,074	1,123	919	919
Total Current Liabilities	544	386	345	328	182	203	232	124	77	78
Accounts Payable	203	193	129	65	36	69	55	93	56	65
Accrued Expenses	291	148	122	106	69	110	83	6.34	6.09	7.89
Other Current Liabilities	25	19	60	136	4.17	12	19	19	11	0.19
Other Current Nonoperating Liabilities	26	26	24	20	8.34	12	16	4.84	4.68	4.71
Total Noncurrent Liabilities	2,739	2,051	1,785	980	913	1,143	842	1,000	842	841
Long-Term Debt	2,369	1,836	1,525	803	880	1,118	830	979	833	835
Asset Retirement Reserve & Litigation Obligation	46	38	32	26	18	17	12	8.56	6.99	5.63
Noncurrent Deferred & Payable Income Tax Liabilities	228	68	0.00	-	-	-	-	-	-	-
Other Noncurrent Operating Liabilities	96	109	228	151	15	8.42	0.11	12	1.89	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,320	2,048	745	215	-223	559	430	-491	-487	-198
Total Preferred & Common Equity	2,320	2,048	745	215	-223	559	430	-491	-487	-198
Total Common Equity	2,320	2,048	745	215	-223	559	430	-491	-487	-198
Common Stock	1,878	2,125	1,746	1,989	1,557	1,432	1,227	450	444	440
Retained Earnings	443	-78	-1,001	-1,774	-1,780	-873	-797	-941	-931	-638

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	5,675	5,055	4,725	4,634	4,305	3,665	3,343	2,471
Total Current Assets	522	519	414	413	470	386	396	377
Cash & Equivalents	34	34	7.78	32	13	15	6.07	9.13
Accounts Receivable	410	317	360	331	364	265	274	318
Prepaid Expenses	5.08	12	2.65	2.57	2.57	2.49	2.33	2.29
Current Deferred & Refundable Income Taxes	9.85	37	2.34	3.14	0.00	0.50	0.00	-
Other Current Assets	63	119	41	44	91	103	113	47
Plant, Property, & Equipment, net	5,138	4,480	4,266	4,205	3,789	3,217	2,916	2,015
Plant, Property & Equipment, gross	10,619	9,556	9,157	8,921	8,180	7,475	7,068	5,996
Accumulated Depreciation	5,481	5,076	4,891	4,715	4,391	4,258	4,152	3,981
Total Noncurrent Assets	15	56	45	16	46	62	31	80
Other Noncurrent Operating Assets	15	56	45	16	46	62	31	80
Total Liabilities & Shareholders' Equity	5,675	5,055	4,725	4,634	4,305	3,665	3,343	2,471
Total Liabilities	3,273	2,742	2,656	2,632	2,897	2,249	2,295	1,762
Total Current Liabilities	564	420	466	428	602	379	345	382
Accounts Payable	231	152	150	156	235	154	134	143
Accrued Expenses	273	237	216	162	155	179	162	115
Other Current Liabilities	33	2.56	73	82	178	17	29	116
Other Current Nonoperating Liabilities	27	28	27	28	32	29	15	5.97
Total Noncurrent Liabilities	2,708	2,322	2,191	2,204	2,294	1,870	1,949	1,381
Long-Term Debt	2,311	1,953	1,875	1,939	2,057	1,673	1,757	1,169
Asset Retirement Reserve & Litigation Obligation	47	43	41	40	37	35	33	30
Noncurrent Deferred & Payable Income Tax Liabilities	275	211	113	71	7.29	31	-	-
Other Noncurrent Operating Liabilities	76	115	162	154	193	132	160	182
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,402	2,314	2,068	2,002	1,408	1,416	1,048	709
Total Preferred & Common Equity	2,402	2,314	2,068	2,002	1,408	1,416	1,048	709
Total Common Equity	2,402	2,314	2,068	2,002	1,408	1,416	1,048	709
Common Stock	1,821	1,943	1,996	2,068	1,874	1,909	1,709	1,855
Retained Earnings	582	371	72	-66	-467	-493	-661	-1,146

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.75%	37.93%	216.07%	-10.02%	16.89%	-30.42%	56.68%	199.29%	-47.36%	-53.77%
EBITDA Growth	-2.58%	46.93%	399.91%	132.86%	-382.61%	-54.71%	322.86%	176.16%	83.26%	-304.06%
EBIT Growth	-26.26%	32.98%	1,000.81%	109.23%	-3,324.09%	-93.53%	565.01%	126.43%	79.51%	-466.76%
NOPAT Growth	-38.12%	21.76%	1,029.97%	112.77%	-1,615.51%	-91.02%	922.03%	126.38%	79.52%	-512.58%
Net Income Growth	-43.63%	19.36%	12,055.90%	100.70%	-1,087.19%	-153.11%	1,662.86%	96.87%	69.91%	-695.65%
EPS Growth	-48.75%	12.44%	6,961.54%	99.40%	-977.50%	-153.11%	1,662.86%	96.88%	70.15%	-697.77%
Operating Cash Flow Growth	19.04%	27.46%	134.17%	19.53%	-2.37%	39.09%	234.76%	-28.39%	-58.75%	-9.93%
Free Cash Flow Firm Growth	70.70%	-33.24%	-87.78%	-163.58%	217.69%	40.74%	-9,331.02%	-103.99%	0.25%	174.24%
Invested Capital Growth	20.65%	69.43%	123.65%	41.24%	-56.41%	25.53%	240.61%	13.90%	-46.26%	-58.97%
Revenue Q/Q Growth	-11.12%	24.27%	3.37%	0.00%	0.00%	-52.25%	36.71%	108.19%	-12.72%	-42.17%
EBITDA Q/Q Growth	-15.79%	31.60%	1.16%	308.81%	-16.21%	-60.16%	188.81%	-1.26%	47.46%	-57.73%
EBIT Q/Q Growth	-29.53%	38.59%	-2.53%	132.28%	-8.18%	-93.51%	357.12%	-9.02%	40.90%	-42.53%
NOPAT Q/Q Growth	-33.10%	32.07%	-2.58%	144.56%	-8.55%	-91.78%	733.70%	-74.79%	40.90%	-42.53%
Net Income Q/Q Growth	-37.87%	35.89%	-3.69%	102.05%	1.11%	-125.94%	245.95%	-495.52%	35.28%	-39.44%
EPS Q/Q Growth	-38.22%	18.42%	-8.42%	0.00%	0.00%	-125.94%	245.95%	-475.00%	35.48%	-39.34%
Operating Cash Flow Q/Q Growth	-3.57%	4.87%	19.93%	17.86%	0.79%	-12.25%	82.55%	4.61%	-40.03%	3.05%
Free Cash Flow Firm Q/Q Growth	-191.24%	31.54%	-40.37%	-757.37%	53.37%	39.82%	-90.36%	-104.22%	-37.50%	1,119.81%
Invested Capital Q/Q Growth	10.48%	11.97%	22.67%	46.41%	-19.56%	-0.45%	88.60%	0.96%	-1.06%	-23.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.69%	83.98%	83.40%	65.62%	78.93%	74.83%	90.18%	88.52%	68.45%	100.00%
EBITDA Margin	71.32%	75.22%	70.61%	44.64%	-122.27%	50.57%	77.69%	28.78%	-113.12%	-355.63%
Operating Margin	37.64%	51.79%	54.32%	15.69%	-152.34%	11.75%	63.72%	13.96%	-158.38%	-406.97%
EBIT Margin	37.66%	52.48%	54.43%	15.63%	-152.37%	5.52%	59.37%	13.99%	-158.39%	-406.98%
Profit (Net Income) Margin	23.38%	42.61%	49.23%	1.28%	-164.08%	-16.16%	21.16%	-2.12%	-202.72%	-354.60%
Tax Burden Percent	76.42%	92.23%	99.60%	96.47%	99.98%	100.00%	100.04%	85.41%	99.52%	82.81%
Interest Burden Percent	81.22%	88.03%	90.81%	8.49%	107.70%	-292.43%	35.64%	-17.76%	128.60%	105.21%
Effective Tax Rate	23.58%	7.77%	0.40%	3.53%	0.00%	0.00%	-0.04%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	14.88%	33.36%	51.01%	8.55%	-49.05%	2.59%	50.23%	11.53%	-32.68%	-71.35%
ROIC Less NNEP Spread (ROIC-NNEP)	9.22%	26.81%	44.55%	0.76%	-79.75%	-8.84%	17.82%	5.51%	-48.63%	-94.98%
Return on Net Nonoperating Assets (RNNOA)	8.95%	32.74%	110.02%	-164.29%	-491.33%	-18.03%	-521.53%	-9.65%	118.37%	-268.93%
Return on Equity (ROE)	23.82%	66.09%	161.02%	-155.74%	-540.37%	-15.44%	-471.30%	1.88%	85.69%	-340.28%
Cash Return on Invested Capital (CROIC)	-3.84%	-18.18%	-25.40%	-25.64%	29.53%	-20.05%	-58.99%	-1.47%	27.50%	12.27%
Operating Return on Assets (OROA)	16.62%	30.89%	38.87%	6.49%	-60.59%	1.53%	37.74%	11.40%	-39.78%	-81.47%
Return on Assets (ROA)	10.32%	25.08%	35.16%	0.53%	-65.24%	-4.48%	13.45%	-1.73%	-50.91%	-70.98%
Return on Common Equity (ROCE)	23.82%	66.09%	161.02%	-155.83%	-540.37%	-15.44%	-471.30%	1.88%	85.69%	-340.28%
Return on Equity Simple (ROE_SIMPLE)	22.42%	45.07%	103.75%	2.96%	405.74%	-13.66%	33.43%	1.87%	60.21%	493.60%
Net Operating Profit after Tax (NOPAT)	640	1,035	850	75	-589	39	433	42	-161	-784
NOPAT Margin	28.77%	47.76%	54.11%	15.13%	-106.64%	8.23%	63.75%	9.77%	-110.87%	-284.88%
Net Nonoperating Expense Percent (NNEP)	5.66%	6.55%	6.45%	7.79%	30.70%	11.43%	32.40%	6.02%	15.95%	23.63%
Return On Investment Capital (ROIC_SIMPLE)	13.65%	26.64%	37.26%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	19.31%	16.02%	16.60%	34.38%	21.07%	25.17%	9.82%	11.48%	31.55%	0.00%
SG&A Expenses to Revenue	2.70%	2.37%	3.01%	6.11%	3.36%	5.00%	2.15%	4.38%	10.19%	6.92%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.05%	32.19%	29.08%	49.93%	231.27%	63.08%	26.46%	22.87%	226.91%	506.97%
Earnings before Interest and Taxes (EBIT)	838	1,137	855	78	-841	26	403	61	-229	-1,119
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,587	1,629	1,109	222	-675	239	527	125	-164	-978
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.60	1.74	2.95	5.76	0.00	1.53	1.83	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.60	1.74	2.95	5.76	0.00	1.53	1.83	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.67	1.64	1.40	2.49	0.66	1.81	1.16	0.29	1.08	0.80
Price to Earnings (P/E)	7.13	3.86	3.02	0.00	0.00	0.00	5.48	0.57	0.00	0.00
Dividend Yield	4.41%	4.20%	3.12%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	14.03%	25.91%	33.10%	0.00%	0.00%	0.00%	18.26%	174.53%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.29	1.38	1.62	1.97	1.79	1.17	1.26	2.56	2.86	1.65
Enterprise Value to Revenue (EV/Rev)	2.73	2.49	2.38	4.09	2.37	4.15	2.46	2.31	6.79	3.82
Enterprise Value to EBITDA (EV/EBITDA)	3.82	3.31	3.37	9.16	0.00	8.20	3.17	8.02	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	7.24	4.74	4.37	26.18	0.00	75.07	4.15	16.51	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	9.48	5.21	4.39	27.03	0.00	50.42	3.86	23.63	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.31	4.55	4.02	5.13	3.94	5.77	6.85	13.72	9.64	4.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	3.69	0.00	0.00	0.00	7.27	7.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	0.90	2.06	3.73	-4.23	2.00	2.07	-2.00	-1.71	-4.23
Long-Term Debt to Equity	1.02	0.90	2.05	3.73	-3.94	2.00	1.93	-2.00	-1.71	-4.23
Financial Leverage	0.97	1.22	2.47	-216.26	6.16	2.04	-29.26	-1.75	-2.43	2.83
Leverage Ratio	2.31	2.64	4.58	-293.18	8.28	3.45	-35.03	-1.09	-1.68	4.79
Compound Leverage Factor	1.88	2.32	4.16	-24.89	8.92	-10.09	-12.48	0.19	-2.16	5.04
Debt to Total Capital	50.52%	47.27%	67.32%	78.88%	130.93%	66.68%	67.39%	200.48%	241.20%	130.99%
Short-Term Debt to Total Capital	0.00%	0.00%	0.44%	0.00%	9.07%	0.00%	4.41%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	50.52%	47.27%	66.88%	78.88%	121.86%	66.68%	62.98%	200.48%	241.20%	130.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	49.48%	52.73%	32.68%	21.12%	-30.93%	33.32%	32.61%	-100.48%	-141.20%	-30.99%
Debt to EBITDA	1.49	1.13	1.38	3.62	-1.40	4.68	1.68	7.85	-5.08	-0.85
Net Debt to EBITDA	1.49	1.12	1.38	3.58	-1.40	4.61	1.68	7.03	-5.04	-0.85
Long-Term Debt to EBITDA	1.49	1.13	1.38	3.62	-1.30	4.68	1.57	7.85	-5.08	-0.85
Debt to NOPAT	3.70	1.77	1.81	10.68	-1.61	28.78	2.05	23.13	-5.19	-1.07
Net Debt to NOPAT	3.69	1.77	1.80	10.56	-1.60	28.36	2.05	20.71	-5.15	-1.06
Long-Term Debt to NOPAT	3.70	1.77	1.80	10.68	-1.49	28.78	1.92	23.13	-5.19	-1.07
Altman Z-Score	1.67	2.21	1.65	-0.66	-5.29	-0.01	1.03	-0.96	-4.42	-5.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	1.32	0.93	0.66	0.69	0.65	0.99	1.24	0.61	1.56
Quick Ratio	0.73	0.98	0.79	0.62	0.40	0.61	0.43	1.21	0.55	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-165	-564	-423	-225	355	-301	-508	-5.39	135	135
Operating Cash Flow to CapEx	83.26%	64.13%	68.28%	66.77%	116.82%	99.94%	112.70%	69.49%	139.30%	1,317,346.90%
Free Cash Flow to Firm to Interest Expense	-1.05	-4.18	-5.32	-3.13	5.56	-2.94	-1.96	-0.08	2.06	2.31
Operating Cash Flow to Interest Expense	8.93	8.77	11.68	5.50	5.20	3.32	0.94	1.04	1.55	4.23
Operating Cash Flow Less CapEx to Interest Expense	-1.80	-4.90	-5.42	-2.74	0.75	0.00	0.11	-0.46	0.44	4.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.59	0.71	0.42	0.40	0.28	0.64	0.81	0.25	0.20
Accounts Receivable Turnover	5.86	6.75	6.76	3.76	6.16	4.62	9.48	10.48	3.32	4.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.49	0.68	0.84	0.50	0.44	0.32	0.81	1.02	0.30	0.23
Accounts Payable Turnover	2.17	2.16	2.69	3.37	2.21	1.91	0.90	0.67	0.75	0.00
Days Sales Outstanding (DSO)	62.33	54.08	54.02	97.17	59.25	79.05	38.49	34.83	110.02	91.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	167.95	168.96	135.85	108.19	165.03	190.96	405.73	547.87	485.28	0.00
Cash Conversion Cycle (CCC)	-105.62	-114.88	-81.83	-11.02	-105.77	-111.91	-367.24	-513.04	-375.25	91.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,707	3,901	2,303	1,030	729	1,672	1,332	391	343	639
Invested Capital Turnover	0.52	0.70	0.94	0.57	0.46	0.31	0.79	1.18	0.29	0.25
Increase / (Decrease) in Invested Capital	806	1,599	1,273	301	-943	340	941	48	-296	-918
Enterprise Value (EV)	6,070	5,390	3,732	2,033	1,306	1,959	1,673	1,001	983	1,051
Market Capitalization	3,710	3,563	2,199	1,239	363	857	787	124	156	219
Book Value per Share	$23.25	$20.37	$9.57	$3.25	($4.87)	$1.38	$1.11	($7.35)	($7.73)	($3.14)
Tangible Book Value per Share	$23.25	$20.37	$9.57	$3.25	($4.87)	$1.38	$1.11	($7.35)	($7.73)	($3.14)
Total Capital	4,690	3,883	2,281	1,019	722	1,677	1,318	488	345	638
Total Debt	2,369	1,836	1,536	803	945	1,118	888	979	833	835
Total Long-Term Debt	2,369	1,836	1,525	803	880	1,118	830	979	833	835
Net Debt	2,360	1,827	1,533	794	944	1,102	886	877	826	832
Capital Expenditures (CapEx)	1,692	1,845	1,360	594	284	340	217	105	73	0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-52	115	-17	-122	7.22	-87	53	-73	-37	41
Debt-free Net Working Capital (DFNWC)	-44	124	-14	-112	8.65	-70	55	29	-31	44
Net Working Capital (NWC)	-44	124	-24	-112	-57	-70	-3.11	29	-31	44
Net Nonoperating Expense (NNE)	120	112	77	69	317	115	289	52	133	192
Net Nonoperating Obligations (NNO)	2,386	1,854	1,557	814	952	1,114	902	882	831	837
Total Depreciation and Amortization (D&A)	749	493	254	144	166	213	124	64	66	141
Debt-free, Cash-free Net Working Capital to Revenue	-2.36%	5.33%	-1.08%	-24.50%	1.31%	-18.31%	7.75%	-16.85%	-25.58%	14.73%
Debt-free Net Working Capital to Revenue	-1.96%	5.71%	-0.92%	-22.59%	1.57%	-14.91%	8.09%	6.73%	-21.10%	15.97%
Net Working Capital to Revenue	-1.96%	5.71%	-1.56%	-22.59%	-10.29%	-14.91%	-0.46%	6.73%	-21.10%	15.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.21	$10.09	$9.26	($0.13)	($21.55)	($2.00)	$6.10	($1.50)	($48.00)	($160.80)
Adjusted Weighted Average Basic Shares Outstanding	99.85M	91.48M	78.56M	62.99M	42.74M	38.71M	23.62M	6.24M	6.12M	6.07M
Adjusted Diluted Earnings per Share	$5.14	$10.03	$8.92	($0.13)	($21.55)	($2.00)	$6.10	($1.50)	($48.00)	($160.80)
Adjusted Weighted Average Diluted Shares Outstanding	101.27M	92.06M	86.68M	62.99M	42.74M	38.71M	23.68M	6.24M	6.12M	6.07M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($160.80)
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.11M	100.87M	85.27M	77.34M	60.42M	40.60M	37.70M	6.59M	6.33M	6.31M
Normalized Net Operating Profit after Tax (NOPAT)	640	1,035	850	75	158	43	303	42	5.40	31
Normalized NOPAT Margin	28.77%	47.76%	54.11%	15.13%	28.58%	9.17%	44.61%	9.77%	3.73%	11.34%
Pre Tax Income Margin	30.59%	46.20%	49.43%	1.33%	-164.11%	-16.16%	21.16%	-2.48%	-203.68%	-428.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.32	8.42	10.75	1.08	-13.20	0.25	1.55	0.86	-3.50	-19.18
NOPAT to Interest Expense	4.06	7.66	10.69	1.04	-9.24	0.38	1.67	0.60	-2.45	-13.43
EBIT Less CapEx to Interest Expense	-5.41	-5.25	-6.35	-7.16	-17.65	-3.06	0.72	-0.63	-4.61	-19.18
NOPAT Less CapEx to Interest Expense	-6.67	-6.00	-6.41	-7.19	-13.69	-2.94	0.83	-0.89	-3.56	-13.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.13%	13.43%	9.48%	536.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	49.29%	14.30%	16.52%	536.87%	0.00%	-19.80%	15.45%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.91%	-35.10%	140.03%	17.67%	-31.92%	114.24%	-60.34%	7.95%	1,868.04%	16.04%	501.98%
EBITDA Growth	91.71%	-46.71%	249.09%	14.70%	-51.15%	158.99%	-73.46%	6.43%	448.53%	5.45%	950.33%
EBIT Growth	338.71%	-72.57%	922.35%	-8.29%	-85.90%	188.82%	-92.98%	-11.70%	297.76%	-11.69%	2,127.69%
NOPAT Growth	308.21%	-74.25%	59.45%	-12.17%	-88.32%	150.95%	-66.10%	-29.19%	371.88%	-11.82%	2,137.27%
Net Income Growth	1,097.50%	-81.56%	1,042.99%	-17.44%	-96.59%	168.05%	-95.52%	-33.21%	264.69%	-16.97%	4,547.64%
EPS Growth	1,163.64%	-81.75%	957.14%	-27.66%	-97.24%	66.95%	-95.86%	-31.39%	236.30%	-14.34%	5,107.69%
Operating Cash Flow Growth	3.90%	-15.21%	46.20%	10.62%	45.61%	19.13%	-4.66%	46.40%	74.84%	115.91%	193.14%
Free Cash Flow Firm Growth	44.45%	40.82%	67.92%	57.71%	21.55%	-6.57%	-145.86%	-356.11%	-137.06%	-899.77%	-348.06%
Invested Capital Growth	19.55%	20.65%	22.27%	27.71%	39.68%	69.43%	85.63%	143.45%	159.40%	123.65%	166.93%
Revenue Q/Q Growth	16.92%	-31.67%	34.39%	41.48%	-50.05%	152.73%	-34.12%	-18.15%	57.19%	-53.21%	79.33%
EBITDA Q/Q Growth	28.84%	-45.39%	56.36%	74.24%	-64.18%	257.76%	-48.62%	-25.79%	89.88%	-63.34%	106.01%
EBIT Q/Q Growth	73.01%	-69.40%	98.21%	318.12%	-89.18%	1,040.22%	-82.22%	-35.70%	121.56%	-72.28%	123.56%
NOPAT Q/Q Growth	58.43%	-66.79%	94.86%	298.21%	-90.01%	105.65%	7.33%	-47.06%	114.76%	-72.22%	124.24%
Net Income Q/Q Growth	93.84%	-75.98%	115.40%	1,093.83%	-97.02%	1,389.23%	-84.44%	-50.67%	134.50%	-75.14%	132.21%
EPS Q/Q Growth	95.77%	-76.01%	117.65%	1,136.36%	-97.17%	1,289.29%	-85.11%	-52.76%	70.82%	-65.58%	147.08%
Operating Cash Flow Q/Q Growth	40.36%	-24.75%	13.30%	-13.18%	14.54%	29.75%	-14.27%	14.29%	-6.29%	3.83%	31.64%
Free Cash Flow Firm Q/Q Growth	14.26%	-54.96%	35.02%	35.66%	8.66%	16.01%	14.34%	-19.37%	-24.10%	-93.75%	-58.92%
Invested Capital Q/Q Growth	-0.02%	10.48%	7.52%	0.66%	0.90%	11.97%	12.31%	10.09%	22.39%	22.67%	47.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.06%	77.36%	85.82%	82.01%	73.40%	87.14%	73.72%	82.30%	86.59%	80.29%	91.35%
EBITDA Margin	72.68%	65.95%	82.51%	70.92%	57.59%	80.31%	56.74%	72.76%	80.25%	66.44%	84.78%
Operating Margin	38.08%	25.76%	57.58%	39.04%	13.20%	61.00%	13.52%	49.27%	61.93%	45.23%	76.38%
EBIT Margin	38.16%	25.79%	57.60%	39.05%	13.21%	61.01%	13.52%	50.11%	63.79%	45.26%	76.37%
Profit (Net Income) Margin	23.08%	13.92%	39.60%	24.71%	2.93%	49.00%	8.32%	35.21%	58.43%	39.17%	73.70%
Tax Burden Percent	74.81%	81.63%	75.13%	76.42%	80.31%	86.87%	481.84%	81.14%	99.80%	100.02%	99.77%
Interest Burden Percent	80.85%	66.14%	91.51%	82.79%	27.59%	92.46%	12.76%	86.61%	91.79%	86.53%	96.73%
Effective Tax Rate	25.19%	18.37%	24.87%	23.58%	19.69%	13.13%	-381.82%	18.86%	0.20%	-0.02%	0.23%
Return on Invested Capital (ROIC)	16.03%	10.87%	27.98%	17.44%	6.22%	37.01%	42.35%	40.57%	69.20%	42.65%	89.74%
ROIC Less NNEP Spread (ROIC-NNEP)	14.49%	9.15%	26.61%	15.83%	4.57%	35.15%	31.35%	38.95%	67.84%	40.75%	87.79%
Return on Net Nonoperating Assets (RNNOA)	13.95%	8.88%	28.77%	16.27%	5.56%	42.93%	48.05%	69.74%	193.70%	100.64%	323.03%
Return on Equity (ROE)	29.98%	19.75%	56.74%	33.71%	11.77%	79.94%	90.40%	110.31%	262.90%	143.28%	412.78%
Cash Return on Invested Capital (CROIC)	0.05%	-3.84%	4.68%	-4.67%	-11.87%	-18.18%	-30.73%	-23.05%	-17.01%	-25.40%	-23.37%
Operating Return on Assets (OROA)	18.00%	11.38%	30.82%	19.22%	6.56%	35.92%	6.96%	38.00%	51.95%	32.32%	62.46%
Return on Assets (ROA)	10.89%	6.14%	21.19%	12.16%	1.45%	28.85%	4.28%	26.70%	47.59%	27.97%	60.28%
Return on Common Equity (ROCE)	29.98%	19.75%	56.74%	33.71%	11.77%	79.94%	90.40%	110.31%	262.90%	143.28%	412.77%
Return on Equity Simple (ROE_SIMPLE)	26.96%	0.00%	36.20%	27.32%	29.69%	0.00%	48.24%	87.34%	125.95%	0.00%	113.23%
Net Operating Profit after Tax (NOPAT)	172	108	326	167	42	421	204	191	360	168	603
NOPAT Margin	28.49%	21.02%	43.26%	29.84%	10.60%	52.99%	65.13%	39.98%	61.81%	45.24%	76.20%
Net Nonoperating Expense Percent (NNEP)	1.54%	1.72%	1.37%	1.61%	1.64%	1.86%	11.00%	1.62%	1.36%	1.90%	1.95%
Return On Investment Capital (ROIC_SIMPLE)	3.64%	2.31%	-	-	-	10.83%	-	-	-	7.35%	-
Cost of Revenue to Revenue	18.94%	22.64%	14.18%	17.99%	26.60%	12.86%	26.28%	17.70%	13.41%	19.71%	8.65%
SG&A Expenses to Revenue	2.83%	3.59%	1.65%	2.81%	3.38%	1.30%	4.17%	2.91%	2.40%	4.06%	1.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.98%	51.61%	28.24%	42.97%	60.19%	26.14%	60.21%	33.03%	24.65%	35.05%	14.97%
Earnings before Interest and Taxes (EBIT)	230	133	434	219	52	484	42	239	371	168	605
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	438	340	622	398	228	637	178	347	467	246	671
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.60	1.53	1.82	1.98	1.74	2.55	1.99	2.34	2.95	2.84
Price to Tangible Book Value (P/TBV)	1.25	1.60	1.53	1.82	1.98	1.74	2.55	1.99	2.34	2.95	2.84
Price to Revenue (P/Rev)	1.23	1.67	1.42	1.82	2.00	1.64	2.06	1.27	1.12	1.40	1.32
Price to Earnings (P/E)	4.63	7.13	4.24	6.65	6.66	3.86	5.37	2.30	1.90	3.02	2.63
Dividend Yield	5.59%	4.41%	4.58%	4.25%	3.95%	4.20%	3.61%	3.82%	3.75%	3.12%	2.59%
Earnings Yield	21.62%	14.03%	23.61%	15.05%	15.01%	25.91%	18.63%	43.45%	52.60%	33.10%	38.07%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.29	1.28	1.42	1.49	1.38	1.62	1.44	1.49	1.62	1.69
Enterprise Value to Revenue (EV/Rev)	2.17	2.73	2.18	2.72	2.96	2.49	3.23	2.01	1.93	2.38	2.09
Enterprise Value to EBITDA (EV/EBITDA)	2.93	3.82	2.90	3.90	4.22	3.31	4.55	2.58	2.46	3.37	2.89
Enterprise Value to EBIT (EV/EBIT)	5.19	7.24	4.59	7.05	7.17	4.74	6.86	3.23	2.98	4.37	3.62
Enterprise Value to NOPAT (EV/NOPAT)	6.84	9.48	5.71	8.09	8.18	5.21	7.18	3.38	3.01	4.39	3.64
Enterprise Value to Operating Cash Flow (EV/OCF)	3.70	4.31	3.74	4.20	4.49	4.55	4.99	3.92	4.04	4.02	4.10
Enterprise Value to Free Cash Flow (EV/FCFF)	2,714.06	0.00	30.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	1.02	0.84	0.91	0.97	0.90	1.46	1.18	1.68	2.06	1.65
Long-Term Debt to Equity	0.96	1.02	0.84	0.91	0.97	0.90	1.46	1.18	1.68	2.05	1.65
Financial Leverage	0.96	0.97	1.08	1.03	1.21	1.22	1.53	1.79	2.86	2.47	3.68
Leverage Ratio	2.34	2.31	2.52	2.41	2.62	2.64	3.20	3.73	5.30	4.58	6.74
Compound Leverage Factor	1.89	1.53	2.30	1.99	0.72	2.44	0.41	3.23	4.86	3.96	6.52
Debt to Total Capital	49.03%	50.52%	45.78%	47.55%	49.20%	47.27%	59.37%	54.16%	62.69%	67.32%	62.29%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.14%	0.44%	0.10%
Long-Term Debt to Total Capital	49.03%	50.52%	45.78%	47.55%	49.20%	47.27%	59.37%	54.16%	62.55%	66.88%	62.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.97%	49.48%	54.22%	52.45%	50.80%	52.73%	40.63%	45.84%	37.31%	32.68%	37.71%
Debt to EBITDA	1.29	1.49	1.04	1.30	1.39	1.13	1.66	0.97	1.03	1.38	1.07
Net Debt to EBITDA	1.27	1.49	1.02	1.30	1.37	1.12	1.65	0.96	1.03	1.38	1.06
Long-Term Debt to EBITDA	1.29	1.49	1.04	1.30	1.39	1.13	1.66	0.97	1.03	1.38	1.07
Debt to NOPAT	3.00	3.70	2.04	2.70	2.70	1.77	2.63	1.26	1.26	1.81	1.34
Net Debt to NOPAT	2.95	3.69	2.00	2.69	2.66	1.77	2.61	1.25	1.25	1.80	1.33
Long-Term Debt to NOPAT	3.00	3.70	2.04	2.70	2.70	1.77	2.63	1.26	1.26	1.80	1.34
Altman Z-Score	1.25	1.25	1.68	1.45	1.34	1.73	0.99	1.39	1.40	0.86	1.46
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	0.92	1.23	0.89	0.96	1.32	0.78	1.02	1.15	0.93	0.99
Quick Ratio	0.79	0.73	0.84	0.79	0.85	0.98	0.62	0.74	0.81	0.79	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-598	-697	-450	-692	-1,076	-1,178	-1,403	-1,638	-1,372	-1,105	-571
Operating Cash Flow to CapEx	156.37%	41.16%	101.02%	172.22%	96.34%	94.82%	40.57%	82.59%	58.39%	54.25%	91.87%
Free Cash Flow to Firm to Interest Expense	-13.63	-15.41	-12.22	-18.37	-28.38	-32.27	-37.87	-51.23	-46.53	-46.89	-28.82
Operating Cash Flow to Interest Expense	9.29	6.41	10.47	9.03	10.34	9.38	7.12	9.63	9.13	12.19	13.98
Operating Cash Flow Less CapEx to Interest Expense	3.35	-9.17	0.11	3.79	-0.39	-0.51	-10.43	-2.03	-6.51	-10.28	-1.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.44	0.54	0.49	0.50	0.59	0.51	0.76	0.81	0.71	0.82
Accounts Receivable Turnover	6.57	5.86	7.36	6.61	6.54	6.75	5.11	7.10	7.64	6.76	6.38
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.52	0.49	0.61	0.55	0.56	0.68	0.60	0.89	0.95	0.84	0.99
Accounts Payable Turnover	2.26	2.17	2.14	2.57	2.58	2.16	1.68	2.06	2.41	2.69	2.28
Days Sales Outstanding (DSO)	55.60	62.33	49.59	55.22	55.80	54.08	71.37	51.44	47.77	54.02	57.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	161.17	167.95	170.33	142.02	141.62	168.96	216.85	177.37	151.51	135.85	159.79
Cash Conversion Cycle (CCC)	-105.58	-105.62	-120.74	-86.80	-85.81	-114.88	-145.48	-125.94	-103.74	-81.83	-102.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,706	4,707	4,260	3,962	3,936	3,901	3,484	3,102	2,818	2,303	1,877
Invested Capital Turnover	0.56	0.52	0.65	0.58	0.59	0.70	0.65	1.01	1.12	0.94	1.18
Increase / (Decrease) in Invested Capital	769	806	776	860	1,118	1,599	1,607	1,828	1,732	1,273	1,174
Enterprise Value (EV)	5,273	6,070	5,466	5,623	5,867	5,390	5,628	4,470	4,212	3,732	3,173
Market Capitalization	2,996	3,710	3,547	3,756	3,961	3,563	3,583	2,813	2,457	2,199	2,011
Book Value per Share	$24.24	$23.25	$23.10	$20.47	$19.85	$20.37	$15.13	$16.59	$12.29	$9.57	$8.99
Tangible Book Value per Share	$24.24	$23.25	$23.10	$20.47	$19.85	$20.37	$15.13	$16.59	$12.29	$9.57	$8.99
Total Capital	4,713	4,690	4,267	3,943	3,941	3,883	3,465	3,088	2,809	2,281	1,880
Total Debt	2,311	2,369	1,953	1,875	1,939	1,836	2,057	1,673	1,761	1,536	1,171
Total Long-Term Debt	2,311	2,369	1,953	1,875	1,939	1,836	2,057	1,673	1,757	1,525	1,169
Net Debt	2,277	2,360	1,919	1,867	1,906	1,827	2,044	1,658	1,755	1,533	1,162
Capital Expenditures (CapEx)	261	705	382	198	407	361	650	373	461	530	301
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-76	-52	64	-60	-48	115	-146	-7.80	48	-17	-12
Debt-free Net Working Capital (DFNWC)	-43	-44	99	-52	-15	124	-133	7.00	55	-14	-3.19
Net Working Capital (NWC)	-43	-44	99	-52	-15	124	-133	7.00	51	-24	-5.05
Net Nonoperating Expense (NNE)	33	37	28	29	30	32	178	23	20	22	20
Net Nonoperating Obligations (NNO)	2,304	2,386	1,947	1,894	1,934	1,854	2,076	1,687	1,770	1,557	1,168
Total Depreciation and Amortization (D&A)	208	207	188	179	176	153	136	108	96	78	67
Debt-free, Cash-free Net Working Capital to Revenue	-3.14%	-2.36%	2.57%	-2.89%	-2.41%	5.33%	-8.37%	-0.35%	2.22%	-1.08%	-0.81%
Debt-free Net Working Capital to Revenue	-1.76%	-1.96%	3.94%	-2.51%	-0.77%	5.71%	-7.62%	0.32%	2.50%	-0.92%	-0.21%
Net Working Capital to Revenue	-1.76%	-1.96%	3.94%	-2.51%	-0.77%	5.71%	-7.62%	0.32%	2.32%	-1.56%	-0.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.41	$0.71	$3.00	$1.38	$0.12	$3.91	$0.28	$1.89	$4.01	$1.71	$7.39
Adjusted Weighted Average Basic Shares Outstanding	98.56M	99.85M	99.49M	100.27M	100.44M	91.48M	92.77M	88.80M	84.92M	78.56M	78.59M
Adjusted Diluted Earnings per Share	$1.39	$0.71	$2.96	$1.36	$0.11	$3.89	$0.28	$1.88	$3.98	$2.33	$6.77
Adjusted Weighted Average Diluted Shares Outstanding	99.99M	101.27M	100.72M	101.99M	101.64M	92.06M	93.74M	89.11M	85.41M	86.68M	86.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	98.70M	99.11M	99.83M	100.17M	101.06M	100.87M	100.51M	93.02M	85.36M	85.27M	77.87M
Normalized Net Operating Profit after Tax (NOPAT)	172	108	326	167	42	421	30	191	360	117	603
Normalized NOPAT Margin	28.49%	21.02%	43.26%	29.84%	10.60%	52.99%	9.46%	39.98%	61.81%	31.66%	76.20%
Pre Tax Income Margin	30.86%	17.06%	52.71%	32.33%	3.65%	56.41%	1.73%	43.40%	58.55%	39.16%	73.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.24	2.93	11.78	5.81	1.38	13.26	1.15	7.47	12.60	7.11	30.54
NOPAT to Interest Expense	3.91	2.39	8.85	4.44	1.11	11.52	5.52	5.96	12.21	7.11	30.47
EBIT Less CapEx to Interest Expense	-0.70	-12.65	1.42	0.57	-9.35	3.37	-16.41	-4.19	-3.05	-15.36	15.32
NOPAT Less CapEx to Interest Expense	-2.03	-13.19	-1.52	-0.81	-9.63	1.63	-12.04	-5.70	-3.44	-15.36	15.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.26%	31.13%	18.56%	26.52%	23.32%	13.43%	18.27%	8.47%	7.01%	9.48%	5.98%
Augmented Payout Ratio	39.08%	49.29%	26.84%	36.23%	26.68%	14.30%	24.31%	12.49%	11.75%	16.52%	8.66%

Frequently Asked Questions About Northern Oil and Gas' Financials

When does Northern Oil and Gas's financial year end?

According to the most recent income statement we have on file, Northern Oil and Gas' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Northern Oil and Gas' net income changed over the last 9 years?

Northern Oil and Gas' net income appears to be on an upward trend, with a most recent value of $520.31 million in 2024, falling from -$975.35 million in 2015. The previous period was $922.97 million in 2023. Check out Northern Oil and Gas' forecast to explore projected trends and price targets.

What is Northern Oil and Gas's operating income?

Northern Oil and Gas's total operating income in 2024 was $837.83 million, based on the following breakdown:

Total Gross Profit: $1.80 billion
Total Operating Expenses: $958.11 million

How has Northern Oil and Gas revenue changed over the last 9 years?

Over the last 9 years, Northern Oil and Gas' total revenue changed from $275.06 million in 2015 to $2.23 billion in 2024, a change of 709.2%.

How much debt does Northern Oil and Gas have?

Northern Oil and Gas' total liabilities were at $3.28 billion at the end of 2024, a 34.8% increase from 2023, and a 257.3% increase since 2015.

How much cash does Northern Oil and Gas have?

In the past 9 years, Northern Oil and Gas' cash and equivalents has ranged from $1.43 million in 2020 to $102.18 million in 2017, and is currently $8.93 million as of their latest financial filing in 2024.

How has Northern Oil and Gas' book value per share changed over the last 9 years?

Over the last 9 years, Northern Oil and Gas' book value per share changed from -3.14 in 2015 to 23.25 in 2024, a change of -840.7%.

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This page (NYSE:NOG) was last updated on 5/25/2025 by MarketBeat.com Staff

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Northern Oil and Gas (NOG) Financials

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