Northern Oil & Gas Inc (NOG)

Working capital 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 current assets	US$ in thousands	509,407	320,485	215,328	125,629	133,037
Total current liabilities	US$ in thousands	385,761	344,972	327,557	182,475	203,477
Working capital turnover		17.52	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $2,166,260K ÷ ($509,407K – $385,761K)
= 17.52

The working capital turnover ratio for Northern Oil and Gas Inc. in 2023 was 17.52. This indicates that the company generated $17.52 in revenue for every $1 of working capital during the year. A high working capital turnover ratio suggests that the company efficiently utilizes its working capital to generate sales. Since there is no data available for the previous years, it is difficult to assess the trend in the company's working capital turnover over time. However, a working capital turnover ratio of 17.52 is generally considered favorable and reflects strong efficiency in managing working capital to support revenue generation.