Northern Oil and Gas, Inc. (NOG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $16.94 million, or $ 0.27 a share in the quarter, against a net loss of $126.57 million, or $2.08 a share in the last year period. On an adjusted basis, net loss for the quarter was $0.07 million, when compared with net profit $0.55 million in the last year period.
Revenue during the quarter surged 106.74 percent to $65.82 million from $31.84 million in the previous year period. Gross margin for the quarter expanded 1983 basis points over the previous year period to 82.26 percent.
Operating income for the quarter was $33.24 million, compared with an operating loss of $109.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $29.64 million compared with $36.15 million in the prior year period.
"Northern's ability to allocate our capital expenditures to the highest return wells is allowing us to maintain production levels despite our dramatic reduction in capital expenditures since 2015," commented Northern's Interim chief executive officer and chief financial officer, Tom Stoelk. "Increased well productivity is being aided by the enhanced completion designs, which is improving returns as we execute on our capital allocation focused business plan. As the weather improves, an increase in completions is expected to drive production growth during the second half of 2017."
Working capital remains negative
Working capital of Northern Oil and Gas, Inc. was negative $40.40 million on Mar. 31, 2017 compared with negative $7.67 million on Mar. 31, 2016. Current ratio was at 0.54 as on Mar. 31, 2017, down from 0.91 on Mar. 31, 2016.
Days sales outstanding went down to 64 days for the quarter compared with 126 days for the same period last year.
At the same time, days payable outstanding went up to 499 days for the quarter from 488 for the same period last year.
Debt moves up marginally
Northern Oil and Gas, Inc. has witnessed an increase in total debt over the last one year. It stood at $823.45 million as on Mar. 31, 2017, up 2.53 percent or $20.33 million from $803.12 million on Mar. 31, 2016. Northern Oil and Gas, Inc. has witnessed an increase in long-term debt over the last one year. It stood at $823.45 million as on Mar. 31, 2017, up 2.53 percent or $20.33 million from $803.12 million on Mar. 31, 2016. Total debt was 183.30 percent of total assets as on Mar. 31, 2017, compared with 140.11 percent on Mar. 31, 2016.
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