Northern Oil & Gas (NOG) FY2021 results: revenue $497 million, down 10.0% on the year

Northern Oil & Gas, Inc. (NOG) reported revenue of $497 million for fiscal 2021, the year ended 31 December 2021, down 10.0% on the year before. Net income was $6 million, and diluted earnings per share $-0.13. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$497 million

-10.0% on the year

FY2014FY2021

Operating margin

15.7%

-152.3% a year earlier

FY2014FY2021

Net income

$6 million

FY2014FY2021

Diluted EPS

-$0.13

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	497	552	472	-10.0%
Cost of revenue	171	116	119	+46.8%
Gross profit	326	436	354	-25.2%
Gross margin	65.6%	78.9%	74.8%
Operating income	78.0	-841	55.5
Operating margin	15.7%	-152.3%	11.8%
Interest expense	59.0	58.5	79.2	+0.9%
Pre-tax income	6.6	-906	-76.3
Income tax	0.2	-0.2	0.0
Effective tax rate	3.5%	n/a	n/a
Net income	6.4	-906	-76.3
Net margin	1.3%	-164.1%	-16.2%
Diluted EPS	-$0.13	-$21.55	-$2.00

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	396	332	340	+19.5%
Capital expenditure	0.6	0.3	1.2	+88.5%
Free cash flow	396	331	339	+19.5%
Free cash flow margin	79.7%	60.0%	71.7%
Cash from investing	-634	-284	-569
Cash from financing	246	-62.4	243
Share-based compensation	3.6	4.1	8.0	-12.1%
Buybacks	0.0	0.0	15.1
Dividends paid	4.9	0.0	0.0
Diluted shares, weighted	63m	43m	39m	+47.4%
Shares outstanding at period end	77m	46m	41m	+68.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	215	-223	559
Debt	803	945	1,118	-15.0%
Other liabilities	504	151	229	+235.0%
Total liabilities and equity	1,523	872	1,905	+74.6%
Fixed assets	1,253	735	1,749	+70.5%
Cash and equivalents	9.5	1.4	16.1	+566.6%
Receivables	194	71.0	108	+172.6%
Other assets	66.5	64.4	32.5	+3.1%
Total assets	1,523	872	1,905	+74.6%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.