Northern Oil & Gas (NOG) Q1 FY2022 earnings: revenue -$33 million

Northern Oil & Gas, Inc. (NOG) reported revenue of -$33 million for Q1 FY2022, the quarter ended 31 March 2022. Below zero is how the company filed it: its revenue line takes off losses (on securities sold, hedges or investments), revenue reversed from earlier periods or incentives paid out, and in this quarter they were larger than the rest. Net income was -$207 million, and diluted earnings per share $-2.92. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2022.

Revenue

-$33 million

Q2 FY2020Q1 FY2022

Operating margin

574.2%

-300.8% a year earlier

Q2 FY2020Q1 FY2022

Net income

-$207 million

Q2 FY2020Q1 FY2022

Diluted EPS

-$2.92

Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter
Revenue	-32.9	319	21.4
Cost of revenue	54.5	50.6	n/a	+7.9%
Gross profit	-87.5	269	n/a
Gross margin	n/a	84.2%	n/a
Operating income	-189	190	-64.4
Operating margin	n/a	59.6%	-300.8%
Interest expense	18.0	15.9	n/a	+13.1%
Pre-tax income	-206	175	n/a
Income tax	0.8	0.2	n/a	+238.6%
Effective tax rate	n/a	0.1%	n/a
Net income	-207	175	-90.4
Net margin	n/a	54.7%	n/a
Diluted EPS	-$2.92	$3.02	-$1.73

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Operating cash flow	154	133	n/a	+15.7%
Capital expenditure	0.1	0.2	n/a	-46.1%
Free cash flow	154	133	n/a	+15.8%
Free cash flow margin	n/a	41.6%	n/a
Cash from investing	-418	-270	n/a
Cash from financing	257	144	n/a	+78.7%
Share-based compensation	1.4	1.4	n/a	+5.3%
Buybacks	0.0	n/a	n/a
Dividends paid	6.2	3.0	n/a	+108.4%
Diluted shares, weighted	77m	63m	55m	+22.1%	+41.0%
Shares outstanding at period end	77m	77m	60m	-0.1%	+28.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Shareholders' equity	-35.3	215	-181
Debt	1,120	803	817	+39.3%	+37.0%
Other liabilities	940	504	n/a	+86.5%
Total liabilities and equity	2,024	1,523	n/a	+32.9%
Fixed assets	1,690	1,253	n/a	+34.8%
Cash and equivalents	3.3	9.5	2.7	-65.0%	+22.2%
Receivables	298	194	n/a	+53.8%
Other assets	33.8	66.5	n/a	-49.1%
Total assets	2,024	1,523	n/a	+32.9%

Questions

What was Northern Oil & Gas' revenue in Q1 FY2022?

Northern Oil & Gas (NOG) reported revenue of -$33 million for Q1 FY2022, the quarter ended 31 March 2022.

How much did Northern Oil & Gas earn in Q1 FY2022?

Net loss for Q1 FY2022 was $207 million, and the diluted loss per share $2.92.

When did Northern Oil & Gas report Q1 FY2022 results?

Northern Oil & Gas filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 6 May 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	319	-32.9	441	792	370	582	477	314	794	396	561	754	515	602	707	557	610	5.0	745	346
Cost of revenue	50.6	54.5	64.6	68.5	73.0	78.1	84.3	82.5	102	105	101	107	117	114	121	118	120	130	127	143
Gross profit	269	-87.5	377	723	297	504	392	231	691	291	460	647	398	488	585	438	490	-125	618	202
Gross margin	84%	n/a	85%	91%	80%	87%	82%	74%	87%	73%	82%	86%	77%	81%	83%	79%	80%	-2480%	83%	59%
Operating income	190	-189	270	605	168	361	235	42.4	484	52.3	219	434	133	229	176	-126	-33.8	-655	353	-76.9
Operating margin	60%	n/a	61%	76%	45%	62%	49%	14%	61%	13%	39%	58%	26%	38%	25%	-23%	-6%	-13022%	47%	-22%
Interest expense	15.9	18.0	18.4	20.1	23.8	30.1	32.0	37.0	36.5	37.9	37.7	36.8	45.3	43.4	44.4	43.0	41.1	42.6	41.4	43.7
Pre-tax income	175	-206	252	585	145	341	207	5.4	448	14.5	181	397	87.8	186	132	-169	-86.1	-696	311	-125
Tax rate	0%	n/a	0%	0%	-0%	0%	19%	-382%	13%	20%	24%	25%	18%	25%	24%	n/a	n/a	n/a	24%	n/a
Net income	175	-207	251	583	145	340	168	26.1	389	11.6	139	298	71.7	139	99.6	-129	-70.7	-523	237	-112
Net margin	55%	n/a	57%	74%	39%	58%	35%	8%	49%	3%	25%	40%	14%	23%	14%	-23%	-12%	-10397%	32%	-32%
Diluted EPS	$3.02	-$2.92	$2.74	$6.77	$1.63	$3.98	$1.88	$0.28	$3.90	$0.11	$1.36	$2.96	$0.71	$1.39	$1.00	-$1.33	-$0.73	-$5.31	$2.19	-$1.06
Operating cash flow	133	154	210	277	287	269	308	264	342	392	340	386	290	407	362	423	313	324	322	398
Capital expenditure	0.2	0.1	4.4	0.0	n/a	0.2	0.3	0.1	0.6	0.1	0.0	0.0	0.0	0.6	n/a	0.2	0.0	0.1	n/a	n/a
Free cash flow	133	154	206	277	n/a	269	308	264	342	392	340	386	290	407	n/a	423	313	324	n/a	n/a
Buybacks	n/a	0.0	12.8	8.7	33.0	8.0	0.0	0.0	0.0	20.0	34.9	14.5	25.2	15.0	35.0	0.0	7.0	0.0	50.0	26.0
Dividends paid	3.0	6.2	10.8	15.0	19.6	25.5	28.9	34.3	35.2	40.1	40.2	39.9	41.8	41.7	44.3	43.7	43.7	44.5	47.4	48.0
Shares outstanding	77m	77m	79m	79m	85m	85m	93m	93m	101m	101m	100m	100m	99m	99m	98m	98m	97m	106m	107m	106m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Revenue below zero (Q1 FY2022) is as the company filed it: its revenue line takes off losses (on securities sold, hedges or investments), revenue reversed from earlier periods or incentives paid out, and in that period they were larger than the rest. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 6 May 2022: the filing.