Northern Oil & Gas Inc (NOG)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 2,166,260 | 1,570,540 | 496,899 | 552,210 | 472,402 |
| Total assets | US$ in thousands | 4,484,260 | 2,875,180 | 1,522,870 | 872,089 | 1,905,460 |
| Total asset turnover | 0.48 | 0.55 | 0.33 | 0.63 | 0.25 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $2,166,260K ÷ $4,484,260K
= 0.48
Based on the total asset turnover ratios of Northern Oil and Gas Inc. over the past five years, there has been some fluctuation in the efficiency with which the company generates revenue from its total assets.
In 2023, the total asset turnover ratio was 0.48, indicating that the company generated $0.48 in revenue for every $1 of total assets. This represents a decrease from the previous year's ratio of 0.55 in 2022.
The total asset turnover ratio was significantly lower in 2021 at 0.33, suggesting that the company's efficiency in utilizing its assets to generate revenue was weaker compared to the two preceding years. However, the ratio improved in 2020 to 0.63, reflecting a more efficient use of assets to generate revenue.
The lowest total asset turnover ratio was observed in 2019 at 0.25, indicating a relatively lower revenue generation from total assets during that year.
Overall, there seems to be some variability in Northern Oil and Gas Inc.'s ability to effectively utilize its total assets to generate revenue over the past five years. Further analysis and comparison with industry standards may provide additional insights into the company's operational efficiency and asset utilization strategies.
Peer comparison
Dec 31, 2023