Northern Oil & Gas Inc (NOG)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	878,508	558,109	341,571	1,363,380	358,944
Inventory	US$ in thousands	—	44,269	8,838	51,766	6,521
Inventory turnover		—	12.61	38.65	26.34	55.04

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $878,508K ÷ $—K
= —

To calculate Northern Oil and Gas Inc.'s inventory turnover for each year, we need the following formula:

Inventory Turnover = Cost of Goods Sold / Average Inventory

Given that the table does not provide the Cost of Goods Sold or the Inventory values directly, we can still analyze the trend and potential implications based on the concept of inventory turnover.

A higher inventory turnover ratio typically indicates that a company is selling its inventory more quickly, which is generally seen as positive as it suggests efficient inventory management. Conversely, a lower ratio may indicate slower sales or excess inventory, which could tie up capital and lead to potential write-downs.

Without the specific values for Cost of Goods Sold and Inventory, we cannot calculate the ratio for Northern Oil and Gas Inc. over the stated years. However, if the company has not previously disclosed this information, it may be beneficial for stakeholders to consider requesting this data to gain a more comprehensive understanding of the company's operations and efficiency in managing inventory.