Northern Oil & Gas (NOG) FY2024 results: revenue $2.2 billion, up 2.7% on the year

Northern Oil & Gas, Inc. (NOG) reported revenue of $2.2 billion for fiscal 2024, the year ended 31 December 2024, up 2.7% on the year before. Net income was $520 million, down 43.6%, and diluted earnings per share $5.14. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$2.2 billion

+2.7% on the year

FY2017FY2024

Operating margin

37.6%

51.8% a year earlier

FY2017FY2024

Net income

$520 million

-43.6% on the year

FY2017FY2024

Diluted EPS

$5.14

-48.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,226	2,166	1,571	+2.7%
Cost of revenue	430	347	261	+23.9%
Gross profit	1,796	1,819	1,310	-1.3%
Gross margin	80.7%	84.0%	83.4%
Operating income	838	1,122	853	-25.3%
Operating margin	37.6%	51.8%	54.3%
Interest expense	158	136	80.3	+16.3%
Pre-tax income	681	1,001	776	-32.0%
Income tax	161	77.8	3.1	+106.4%
Effective tax rate	23.6%	7.8%	0.4%
Net income	520	923	773	-43.6%
Net margin	23.4%	42.6%	49.2%
Diluted EPS	$5.14	$10.03	$8.92	-48.8%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,409	1,183	928	+19.0%
Capital expenditure	0.1	1.2	4.6	-89.4%
Free cash flow	1,409	1,182	924	+19.2%
Free cash flow margin	63.3%	54.6%	58.8%
Cash from investing	-1,675	-1,862	-1,403
Cash from financing	267	685	467	-61.0%
Share-based compensation	12.0	5.7	5.7	+111.5%
Buybacks	94.5	8.0	54.5	+1,080.6%
Dividends paid	162	124	51.6	+30.7%
Diluted shares, weighted	101m	92m	87m	+10.0%
Shares outstanding at period end	99m	101m	85m	-1.6%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,320	2,048	745	+13.3%
Debt	2,369	1,836	1,525	+29.1%
Other liabilities	914	601	605	+52.1%
Total liabilities and equity	5,604	4,484	2,875	+25.0%
Fixed assets	5,082	3,932	2,483	+29.3%
Cash and equivalents	8.9	8.2	2.5	+9.0%
Receivables	390	371	271	+5.2%
Other assets	123	174	118	-29.3%
Total assets	5,604	4,484	2,875	+25.0%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.