Northern Oil & Gas Inc (NOG)

Financial leverage ratio

		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
Total assets	US$ in thousands	5,603,820	5,055,330	4,724,660	4,633,800	4,484,260	4,304,670	3,664,750	3,342,870	2,875,180	2,471,480	2,192,240	2,024,470	1,522,870	1,244,060	1,091,810	873,243	872,089	1,025,520	1,263,270	2,237,390
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
Financial leverage ratio		2.41	2.19	2.28	2.31	2.19	3.06	2.59	3.19	3.86	3.49	14.36	—	7.08	—	—	—	—	—	8.98	2.22

December 31, 2024 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $5,603,820K ÷ $2,320,440K
= 2.41

The financial leverage ratio of Northern Oil & Gas Inc has shown fluctuations over the years. As of March 31, 2020, the ratio stood at 2.22, indicating a moderate level of financial leverage. In the subsequent quarters, the ratio saw significant increases, reaching a high of 14.36 on June 30, 2022, suggesting a much higher degree of financial leverage.

However, from September 30, 2022, onwards, the financial leverage ratio started to decline gradually, indicating a decrease in the company's reliance on debt financing. By December 31, 2024, the ratio had decreased to 2.41, showing a more conservative level of financial leverage compared to the peak in mid-2022.

Overall, it is important to monitor the trend of the financial leverage ratio for Northern Oil & Gas Inc to assess the company's risk profile and financial stability, as changes in leverage can impact the company's ability to meet its financial obligations and achieve its strategic objectives.