Northern Oil & Gas Inc (NOG)

Debt-to-equity ratio

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
Long-term debt US$ in thousands 1,835,550 2,057,360 1,672,550 1,756,950 1,525,410 1,169,220 1,102,210 1,119,500 803,437 858,415 801,998 817,061 879,843 918,327 924,171 975,282 1,118,160 1,140,070 857,198 839,229
Total stockholders’ equity US$ in thousands 2,047,680 1,407,790 1,415,800 1,048,070 745,260 709,097 152,650 -35,302 215,135 -157,710 -168,217 -180,682 -223,304 -83,731 140,729 1,009,010 558,643 514,114 389,649 312,760
Debt-to-equity ratio 0.90 1.46 1.18 1.68 2.05 1.65 7.22 — 3.73 — — — — — 6.57 0.97 2.00 2.22 2.20 2.68

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $1,835,550K ÷ $2,047,680K
= 0.90

The debt-to-equity ratio of Northern Oil and Gas Inc. has fluctuated over the past quarters, indicating varying levels of leverage within the company. In Q4 2023, the ratio stood at 0.90, suggesting a relatively balanced mix of debt and equity. This marks an improvement from Q3 2023, where the ratio was higher at 1.46, indicating higher reliance on debt financing.

In Q2 2023, the ratio decreased to 1.18, signaling a decrease in leverage compared to the previous quarter. However, by Q1 2023, the ratio increased significantly to 1.68, indicating higher debt levels relative to equity. The company's leverage was notably higher in Q4 2022, with a ratio of 2.05, and Q3 2022 with a ratio of 1.65.

A significant anomaly is observed in Q2 2022, where the debt-to-equity ratio spiked to 7.22. This suggests a substantial increase in debt compared to equity in that quarter, possibly due to specific financing activities or exceptional circumstances.

Overall, the trend in Northern Oil and Gas Inc.'s debt-to-equity ratio indicates fluctuations in the company's capital structure and financial risk profile over the quarters, reflecting changes in its leverage position and potential impact on the company's financial health and stability. It is important for stakeholders to monitor these variations to assess the company's risk exposure and financial stability.