Northern Oil & Gas Inc (NOG)

Return on total capital

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	838,534	1,189,563	797,962	817,757	1,136,406	821,129	1,383,604	1,415,489	856,669	878,678	300,884	-45,334	65,613	-254,012	-499,518	-1,309,222	-847,704	-805,036	-470,781	476,639
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,320,440	2,313,500	2,068,310	2,001,980	2,047,680	1,407,790	1,415,800	1,048,070	745,260	709,097	152,650	-35,302	215,134	-157,711	-168,217	-180,683	-223,304	-83,731	140,728	1,009,010
Return on total capital		36.14%	51.42%	38.58%	40.85%	55.50%	58.33%	97.73%	135.06%	114.95%	123.92%	197.11%	—	30.50%	—	—	—	—	—	-334.53%	47.24%

December 31, 2024 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $838,534K ÷ ($—K + $2,320,440K)
= 36.14%

Northern Oil & Gas Inc's return on total capital has shown significant fluctuations over the past few years. Starting at a high of 47.24% in March 2020, it plummeted to -334.53% in June 2020 before data gaps emerged for the subsequent quarters. However, from December 2021 to December 2024, the return on total capital showed a pattern of recovery and improvement, reaching a peak of 135.06% in March 2023. The ratio then experienced some fluctuations but remained above 30% until December 2024 when it settled at 36.14%. Overall, the trending data suggests that Northern Oil & Gas Inc has been able to effectively deploy its capital to generate returns, with some periods of turbulence but ultimately showing a positive trajectory.