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.