Northern Oil & Gas (NOG) FY2022 results: revenue $1.6 billion, up 216.1% on the year

Northern Oil & Gas, Inc. (NOG) reported revenue of $1.6 billion for fiscal 2022, the year ended 31 December 2022, up 216.1% on the year before. Net income was $773 million, up 12055.9%, and diluted earnings per share $8.92. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.6 billion

+216.1% on the year

FY2015FY2022

Operating margin

54.3%

15.7% a year earlier

FY2015FY2022

Net income

$773 million

+12,055.9% on the year

FY2015FY2022

Diluted EPS

$8.92

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,571	497	552	+216.1%
Cost of revenue	261	171	116	+52.6%
Gross profit	1,310	326	436	+301.7%
Gross margin	83.4%	65.6%	78.9%
Operating income	853	78.0	-841	+994.4%
Operating margin	54.3%	15.7%	-152.3%
Interest expense	80.3	59.0	58.5	+36.1%
Pre-tax income	776	6.6	-906	+11,673.4%
Income tax	3.1	0.2	-0.2	+1,230.9%
Effective tax rate	0.4%	3.5%	n/a
Net income	773	6.4	-906	+12,055.9%
Net margin	49.2%	1.3%	-164.1%
Diluted EPS	$8.92	-$0.13	-$21.55

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	928	396	332	+134.2%
Capital expenditure	4.6	0.6	0.3	+723.6%
Free cash flow	924	396	331	+133.3%
Free cash flow margin	58.8%	79.7%	60.0%
Cash from investing	-1,403	-634	-284
Cash from financing	467	246	-62.4	+89.9%
Share-based compensation	5.7	3.6	4.1	+56.2%
Buybacks	54.5	0.0	0.0
Dividends paid	51.6	4.9	0.0	+945.0%
Diluted shares, weighted	87m	63m	43m	+37.6%
Shares outstanding at period end	85m	77m	46m	+10.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	745	215	-223	+246.4%
Debt	1,525	803	945	+89.9%
Other liabilities	605	504	151	+19.9%
Total liabilities and equity	2,875	1,523	872	+88.8%
Fixed assets	2,483	1,253	735	+98.1%
Cash and equivalents	2.5	9.5	1.4	-73.4%
Receivables	271	194	71.0	+40.2%
Other assets	118	66.5	64.4	+78.2%
Total assets	2,875	1,523	872	+88.8%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.