10-Q Filing

NORTHERN OIL & GAS, INC. CIK: 1104485 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001104485-18-000065`
Period End Date	20180331
Filing Date	20180507
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	nog-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 40 Cash Flow Statement 64

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.49M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$102.18M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.52M	USD	Point-in-time
Cash and Cash Equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.47M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$46.85M	USD	Point-in-time
Accounts Receivable, Net	`AccountsReceivableNetCurrent`	$51.28M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	142.50M	shares	Point-in-time
Advances to Operators	`AdvancesToOperators`	$3.02M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	142.50M	shares	Point-in-time
Advances to Operators	`AdvancesToOperators`	$604.98K	USD	Point-in-time
Prepaid and Other Expenses	`PrepaidExpenseAndOtherAssets`	$2.45M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	63.26M	shares	Point-in-time
Prepaid and Other Expenses	`PrepaidExpenseAndOtherAssets`	$2.33M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	66.79M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	65.94M	shares	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$785.02K	USD	Point-in-time
Income Tax Receivable	`IncomeTaxesReceivable`	$785.02K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$147.02M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$152.76M	USD	Point-in-time
Proved	`CapitalizedCostsProvedProperties`	$2.59B	USD	Point-in-time
Proved	`CapitalizedCostsProvedProperties`	$2.64B	USD	Point-in-time
Unproved	`CapitalizedCostsUnprovedProperties`	$1.70M	USD	Point-in-time
Unproved	`CapitalizedCostsUnprovedProperties`	$1.58M	USD	Point-in-time
Other Property and Equipment	`PropertyPlantAndEquipmentOther`	$1.00M	USD	Point-in-time
Other Property and Equipment	`PropertyPlantAndEquipmentOther`	$981.30K	USD	Point-in-time
Total Property and Equipment	`PropertyPlantAndEquipmentGross`	$2.64B	USD	Point-in-time
Total Property and Equipment	`PropertyPlantAndEquipmentGross`	$2.59B	USD	Point-in-time
Less Accumulated Depreciation, Depletion and Impairment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.13B	USD	Point-in-time
Less Accumulated Depreciation, Depletion and Impairment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.11B	USD	Point-in-time
Total Property and Equipment, Net	`PropertyPlantAndEquipmentNet`	$473.22M	USD	Point-in-time
Total Property and Equipment, Net	`PropertyPlantAndEquipmentNet`	$510.67M	USD	Point-in-time
Deferred Income Taxes (Note 9)	`DeferredTaxAssetsNetNoncurrent`	$785.00K	USD	Point-in-time
Deferred Income Taxes (Note 9)	`DeferredTaxAssetsNetNoncurrent`	$785.00K	USD	Point-in-time
Other Noncurrent Assets, Net	`OtherAssetsNoncurrent`	$5.49M	USD	Point-in-time
Other Noncurrent Assets, Net	`OtherAssetsNoncurrent`	$6.00M	USD	Point-in-time
Total Assets	`Assets`	$664.47M	USD	Point-in-time
Total Assets	`Assets`	$632.25M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$93.15M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$95.15M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$6.61M	USD	Point-in-time
Accrued Expenses	`AccruedLiabilitiesCurrent`	$6.34M	USD	Point-in-time
Accrued Interest	`InterestPayableCurrent`	$18.84M	USD	Point-in-time
Accrued Interest	`InterestPayableCurrent`	$4.84M	USD	Point-in-time
Derivative Instruments	`DerivativeLiabilitiesCurrent`	$18.68M	USD	Point-in-time
Derivative Instruments	`DerivativeLiabilitiesCurrent`	$26.80M	USD	Point-in-time
Asset Retirement Obligations	`AssetRetirementObligationCurrent`	$550.44K	USD	Point-in-time
Asset Retirement Obligations	`AssetRetirementObligationCurrent`	$565.52K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$147.94M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$123.58M	USD	Point-in-time
Long-term Debt, Net	`LongTermLineOfCredit`	$980.78M	USD	Point-in-time
Long-term Debt, Net	`LongTermLineOfCredit`	$979.32M	USD	Point-in-time
Derivative Instruments	`DerivativeLiabilitiesNoncurrent`	$15.52M	USD	Point-in-time
Derivative Instruments	`DerivativeLiabilitiesNoncurrent`	$11.50M	USD	Point-in-time
Asset Retirement Obligations	`AssetRetirementObligationsNoncurrent`	$8.87M	USD	Point-in-time
Asset Retirement Obligations	`AssetRetirementObligationsNoncurrent`	$8.56M	USD	Point-in-time
Other Noncurrent Liabilities	`DeferredTaxLiabilitiesNoncurrent`	$135.22K	USD	Point-in-time
Other Noncurrent Liabilities	`DeferredTaxLiabilitiesNoncurrent`	$127.76K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.15B	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.12B	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, Par Value $.001; 142,500,000 Authorized (3/31/2018 65,937,945 Shares Outstanding and 12/31/2017 66,791,633 Shares Outstanding)	`CommonStockValue`	$65.94K	USD	Point-in-time
Common Stock, Par Value $.001; 142,500,000 Authorized (3/31/2018 65,937,945 Shares Outstanding and 12/31/2017 66,791,633 Shares Outstanding)	`CommonStockValue`	$66.79K	USD	Point-in-time
Additional Paid-In Capital	`AdditionalPaidInCapitalCommonStock`	$449.67M	USD	Point-in-time
Additional Paid-In Capital	`AdditionalPaidInCapitalCommonStock`	$448.77M	USD	Point-in-time
Retained Deficit	`RetainedEarningsAccumulatedDeficit`	$-940.57M	USD	Point-in-time
Retained Deficit	`RetainedEarningsAccumulatedDeficit`	$-937.61M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-488.78M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-490.84M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$632.25M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$664.47M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Oil, Natural Gas, and NGL Sales	`OilAndGasSalesRevenue`	$48.85M	USD	1 Quarter
Oil, Natural Gas, and NGL Sales	`OilAndGasSalesRevenue`	$86.88M	USD	1 Quarter
Gain (Loss) on Derivative Instruments, Net	`DerivativeGainLossOnDerivativeNet`	$-20.27M	USD	1 Quarter
Gain (Loss) on Derivative Instruments, Net	`DerivativeGainLossOnDerivativeNet`	$16.96M	USD	1 Quarter
Other Revenue	`OtherSalesRevenueNet`	$7.74K	USD	1 Quarter
Other Revenue	`OtherSalesRevenueNet`	$4.10K	USD	1 Quarter
Total Revenues	`Revenues`	$65.82M	USD	1 Quarter
Total Revenues	`Revenues`	$66.61M	USD	1 Quarter
Production Expenses	`OilAndGasProductionExpense`	$12.49M	USD	1 Quarter
Production Expenses	`OilAndGasProductionExpense`	$11.67M	USD	1 Quarter
Production Taxes	`ProductionTaxExpense`	$7.92M	USD	1 Quarter
Production Taxes	`ProductionTaxExpense`	$4.46M	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$3.61M	USD	1 Quarter
General and Administrative Expenses	`GeneralAndAdministrativeExpense`	$1.67M	USD	1 Quarter
Depletion, Depreciation, Amortization and Accretion	`DepletionDepreciationAmortizationAndAccretion`	$18.63M	USD	1 Quarter
Depletion, Depreciation, Amortization and Accretion	`DepletionDepreciationAmortizationAndAccretion`	$12.83M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$32.57M	USD	1 Quarter
Total Operating Expenses	`OperatingExpenses`	$40.71M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$25.91M	USD	1 Quarter
INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$33.24M	USD	1 Quarter
Interest Expense, Net of Capitalization	`InterestExpense`	$23.11M	USD	1 Quarter
Interest Expense, Net of Capitalization	`InterestExpense`	$16.30M	USD	1 Quarter
Other Income	`OtherNonoperatingIncomeExpense`	$166.63K	USD	1 Quarter
Other Income	`OtherNonoperatingIncomeExpense`	$180.00	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-16.30M	USD	1 Quarter
Total Other Income (Expense)	`NonoperatingIncomeExpense`	$-22.94M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.94M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.97M	USD	1 Quarter
INCOME TAX PROVISION (BENEFIT)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
INCOME TAX PROVISION (BENEFIT)	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$16.94M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$2.97M	USD	1 Quarter
Net Income Per Common Share - Basic (in dollars per share)	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Net Income Per Common Share - Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Net Income Per Common Share - Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.27	USD	1 Quarter
Net Income Per Common Share - Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Weighted Average Shares Outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	65.22M	shares	1 Quarter
Weighted Average Shares Outstanding - Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	61.45M	shares	1 Quarter
Weighted Average Shares Outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.97M	shares	1 Quarter
Weighted Average Shares Outstanding - Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	65.38M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Rate of senior notes	`DebtInstrumentInterestRateStatedPercentage`	0.08	pure	Point-in-time
Net Income	`NetIncomeLoss`	$16.94M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$2.97M	USD	1 Quarter
Depletion, Depreciation, Amortization and Accretion	`DepletionDepreciationAmortizationAndAccretion`	$18.63M	USD	1 Quarter
Depletion, Depreciation, Amortization and Accretion	`DepletionDepreciationAmortizationAndAccretion`	$12.83M	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	$943.41K	USD	1 Quarter
Amortization of Debt Issuance Costs	`AmortizationOfFinancingCosts`	$1.36M	USD	1 Quarter
Amortization/Accretion of 8% Senior Notes Premium/Discount	`AmortizationOfDebtDiscountPremium`	$117.18K	USD	1 Quarter
Amortization/Accretion of 8% Senior Notes Premium/Discount	`AmortizationOfDebtDiscountPremium`	$117.18K	USD	1 Quarter
Deferred Income Taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred Income Taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
(Gain) Loss on the Mark-to-Market of Derivative Instruments	`UnrealizedGainLossOnDerivatives`	$17.06M	USD	1 Quarter
(Gain) Loss on the Mark-to-Market of Derivative Instruments	`UnrealizedGainLossOnDerivatives`	$-12.14M	USD	1 Quarter
Share-Based Compensation Expense	`ShareBasedCompensation`	$613.58K	USD	1 Quarter
Share-Based Compensation Expense	`ShareBasedCompensation`	$-819.60K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-118.98K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$39.98K	USD	1 Quarter
Accounts Receivable, Net	`IncreaseDecreaseInAccountsReceivable`	$-1.89M	USD	1 Quarter
Accounts Receivable, Net	`IncreaseDecreaseInAccountsReceivable`	$4.34M	USD	1 Quarter
Prepaid and Other Expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$723.30K	USD	1 Quarter
Prepaid and Other Expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$888.19K	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$1.89M	USD	1 Quarter
Accounts Payable	`IncreaseDecreaseInAccountsPayable`	$1.64M	USD	1 Quarter
Accrued Interest	`IncreaseDecreaseInInterestPayableNet`	$13.98M	USD	1 Quarter
Accrued Interest	`IncreaseDecreaseInInterestPayableNet`	$13.95M	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.38M	USD	1 Quarter
Accrued Expenses	`IncreaseDecreaseInAccruedLiabilities`	$353.76K	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$29.72M	USD	1 Quarter
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$45.52M	USD	1 Quarter
Purchases of Oil and Natural Gas Properties and Development Capital Expenditures, Net	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$20.27M	USD	1 Quarter
Purchases of Oil and Natural Gas Properties and Development Capital Expenditures, Net	`PaymentsToAcquireOilAndGasPropertyAndEquipment`	$58.00M	USD	1 Quarter
Purchases of Other Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchases of Other Property and Equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.09K	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.27M	USD	1 Quarter
Net Cash Used for Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-58.02M	USD	1 Quarter
Repayments on Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments on Revolving Credit Facility	`RepaymentsOfLinesOfCredit`	$10.00M	USD	1 Quarter
Debt Issuance Costs Paid	`PaymentsOfDebtIssuanceCosts`	$21.46K	USD	1 Quarter
Debt Issuance Costs Paid	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Repurchase of Common Stock Tax Obligations	`PaymentsForRepurchaseOfCommonStock`	$412.22K	USD	1 Quarter
Repurchase of Common Stock Tax Obligations	`PaymentsForRepurchaseOfCommonStock`	$188.15K	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-209.61K	USD	1 Quarter
Net Cash Used for Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.41M	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-967.30K	USD	1 Quarter
NET DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-12.71M	USD	1 Quarter
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.49M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$102.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$89.47M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$6.49M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$102.18M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$5.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$89.47M	USD	Point-in-time
Cash Paid During the Period for Interest	`InterestPaid`	$1.28M	USD	1 Quarter
Cash Paid During the Period for Interest	`InterestPaid`	$7.63M	USD	1 Quarter
Cash Paid During the Period for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash Paid During the Period for Income Taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Oil and Natural Gas Properties Included in Accounts Payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.00M	USD	Annual
Oil and Natural Gas Properties Included in Accounts Payable	`CapitalExpendituresIncurredButNotYetPaid`	$85.07M	USD	1 Quarter
Oil and Natural Gas Properties Included in Accounts Payable	`CapitalExpendituresIncurredButNotYetPaid`	$57.11M	USD	1 Quarter
Capitalized Asset Retirement Obligations	`CapitalizedAssetRetirementObligations`	$184.31K	USD	1 Quarter
Capitalized Asset Retirement Obligations	`CapitalizedAssetRetirementObligations`	$127.44K	USD	1 Quarter
Non-Cash Compensation Capitalized on Oil and Gas Properties	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$53.69K	USD	1 Quarter
Non-Cash Compensation Capitalized on Oil and Gas Properties	`EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount`	$74.39K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.