Northern Oil & Gas Inc (NOG)

Working capital turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	2,166,258	1,743,120	2,220,787	2,185,679	2,059,923	2,008,734	1,348,601	931,960	496,899	227,784	143,599	139,461	624,849	633,787	820,348	986,121	612,025	1,023,318	891,704	772,110
Total current assets	US$ in thousands	509,407	469,626	385,753	395,941	320,485	376,694	382,795	323,456	215,328	167,583	139,664	102,424	125,629	183,749	205,094	354,847	133,037	172,110	133,068	126,461
Total current liabilities	US$ in thousands	385,761	602,491	378,751	345,300	344,972	381,746	635,932	625,529	327,557	355,172	300,837	155,968	182,475	170,455	179,220	235,078	203,477	230,824	232,726	226,054
Working capital turnover		17.52	—	317.16	43.16	—	—	—	—	—	—	—	—	—	47.67	31.71	8.23	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,166,258K ÷ ($509,407K – $385,761K)
= 17.52

Northern Oil and Gas Inc.'s working capital turnover has shown significant volatility over the past eight quarters. In Q4 2023, the working capital turnover stood at an impressive 17.52, indicating that the company efficiently utilized its working capital to generate revenue during that period. However, it is worth noting that there is missing data for Q3 2023, which makes it challenging to track the trend more accurately.

The working capital turnover in Q2 2023 spiked significantly to 317.16, suggesting a substantial improvement in the efficiency of the company in turning its working capital into revenue. This exceptional performance may be attributed to effective management of current assets and liabilities during the period. On the other hand, in Q1 2023, the working capital turnover dropped to 43.16, indicating a decrease in the efficiency of working capital utilization compared to the previous quarter.

There is no available data for working capital turnover in the previous quarters of Q4 2022, Q3 2022, Q2 2022, and Q1 2022, which limits the ability to provide a more comprehensive trend analysis. In conclusion, while the data suggests some periods of strong performance, the lack of complete data hinders a full assessment of Northern Oil and Gas Inc.'s working capital turnover trend over the past two years.