Northern Oil & Gas (NOG) FY2023 results: revenue $2.2 billion, up 37.9% on the year

Northern Oil & Gas, Inc. (NOG) reported revenue of $2.2 billion for fiscal 2023, the year ended 31 December 2023, up 37.9% on the year before. Net income was $923 million, up 19.4%, and diluted earnings per share $10.03. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$2.2 billion

+37.9% on the year

FY2016FY2023

Operating margin

51.8%

54.3% a year earlier

FY2016FY2023

Net income

$923 million

+19.4% on the year

FY2016FY2023

Diluted EPS

$10.03

+12.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,166	1,571	497	+37.9%
Cost of revenue	347	261	171	+33.1%
Gross profit	1,819	1,310	326	+38.9%
Gross margin	84.0%	83.4%	65.6%
Operating income	1,122	853	78.0	+31.5%
Operating margin	51.8%	54.3%	15.7%
Interest expense	136	80.3	59.0	+68.9%
Pre-tax income	1,001	776	6.6	+28.9%
Income tax	77.8	3.1	0.2	+2,408.0%
Effective tax rate	7.8%	0.4%	3.5%
Net income	923	773	6.4	+19.4%
Net margin	42.6%	49.2%	1.3%
Diluted EPS	$10.03	$8.92	-$0.13	+12.4%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,183	928	396	+27.5%
Capital expenditure	1.2	4.6	0.6	-73.5%
Free cash flow	1,182	924	396	+28.0%
Free cash flow margin	54.6%	58.8%	79.7%
Cash from investing	-1,862	-1,403	-634
Cash from financing	685	467	246	+46.5%
Share-based compensation	5.7	5.7	3.6	+0.1%
Buybacks	8.0	54.5	0.0	-85.3%
Dividends paid	124	51.6	4.9	+140.2%
Diluted shares, weighted	92m	87m	63m	+6.2%
Shares outstanding at period end	101m	85m	77m	+18.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,048	745	215	+174.8%
Debt	1,836	1,525	803	+20.3%
Other liabilities	601	605	504	-0.6%
Total liabilities and equity	4,484	2,875	1,523	+56.0%
Fixed assets	3,932	2,483	1,253	+58.3%
Cash and equivalents	8.2	2.5	9.5	+224.2%
Receivables	371	271	194	+36.6%
Other assets	174	118	66.5	+46.9%
Total assets	4,484	2,875	1,523	+56.0%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.