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Northern OIL & Gas (NOG) Q3 FY2023 earnings: revenue $314 million, down 60.3% on the year

Northern OIL & Gas, Inc. (NOG) reported revenue of $314 million for Q3 FY2023, the quarter ended 30 September 2023, down 60.3% on the same quarter a year earlier. Net income was $26 million, down 95.5% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$314 milliondown 60.3%
Net income$26 milliondown 95.5%
Diluted EPS$0.28
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue314n/an/an/a
Cost of revenue82.5n/an/an/a
Gross profit231n/an/an/a
Gross margin73.7%n/an/a
Operating income42.4n/an/an/a
Operating margin13.5%n/an/a
Interest expense37.0n/an/an/a
Pre-tax income5.4n/an/an/a
Income tax-20.7n/an/an/a
Effective tax rate-381.8%n/an/a
Net income26.1n/an/an/a
Net margin8.3%n/an/a
Diluted EPS$0.28n/an/an/a
$ million except per share.
Read moreFree 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 and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow264n/an/an/a
Capital expenditure0.1n/an/an/a
Free cash flow264n/an/an/a
Free cash flow margin84.0%n/an/a
Cash from investing-613n/an/an/a
Cash from financing347n/an/an/a
Share-based compensation1.3n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid34.3n/an/an/a
Diluted shares, weighted94mn/an/an/a
Shares outstanding at period end93mn/an/an/a

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

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity1,408n/an/an/a
Debt2,057n/an/an/a
Other liabilities840n/an/an/a
Total liabilities and equity4,305n/an/an/a
Fixed assets3,789n/an/an/a
Cash and equivalents13.0n/an/an/a
Receivables364n/an/an/a
Other assets140n/an/an/a
Total assets4,305n/an/an/a

Questions

What was Northern OIL & Gas' revenue in Q3 FY2023?

Northern OIL & Gas (NOG) reported revenue of $314 million for Q3 FY2023, the quarter ended 30 September 2023, down 60.3% on the same quarter a year earlier.

How much did Northern OIL & Gas earn in Q3 FY2023?

Net income for Q3 FY2023 was $26 million, down 95.5% on the year, and diluted earnings per share $0.28.

When did Northern OIL & Gas report Q3 FY2023 results?

Northern OIL & Gas filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 2 November 2023.

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3147943965617545156027075576105.0745
Cost of revenue82.5102105101107117114121118120130127
Gross profit231691291460647398488585438490-125618
Gross margin74%87%73%82%86%77%81%83%79%80%-2480%83%
Operating income42.448452.3219434133229176-126-33.8-655353
Operating margin14%61%13%39%58%26%38%25%-23%-6%-13022%47%
Interest expense37.036.537.937.736.845.343.444.443.041.142.641.4
Pre-tax income5.444814.518139787.8186132-169-86.1-696311
Tax rate-382%13%20%24%25%18%25%24%n/an/an/a24%
Net income26.138911.613929871.713999.6-129-70.7-523237
Net margin8%49%3%25%40%14%23%14%-23%-12%-10397%32%
Diluted EPS$0.28$3.90$0.11$1.36$2.96$0.71$1.39$1.00-$1.33-$0.73-$5.31$2.19
Operating cash flow264342392340386290407362423313324322
Capital expenditure0.10.60.10.00.00.00.6n/a0.20.00.1n/a
Free cash flow264342392340386290407n/a423313324n/a
Buybacks0.00.020.034.914.525.215.035.00.07.00.050.0
Dividends paid34.335.240.140.239.941.841.744.343.743.744.547.4
Shares outstanding93m101m101m100m100m99m99m98m98m97m106m107m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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 diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. 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. 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.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001104485-23-000188: the filing on EDGAR. All of Northern OIL & Gas, Inc.'s filings: EDGAR company page.

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