Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - NORTHERN OIL & GAS, INC. | exhibit32120180630.htm |
| EX-31.2 - EXHIBIT 31.2 - NORTHERN OIL & GAS, INC. | exhibit31220180630.htm |
| EX-31.1 - EXHIBIT 31.1 - NORTHERN OIL & GAS, INC. | exhibit31120180630.htm |
| EX-10.15 - EXHIBIT 10.15 - NORTHERN OIL & GAS, INC. | exhibit1015-formofperforma.htm |
| EX-10.14 - EXHIBIT 10.14 - NORTHERN OIL & GAS, INC. | exhibit1014-employmentagre.htm |
| EX-10.13 - EXHIBIT 10.13 - NORTHERN OIL & GAS, INC. | exhibit1013-employmentagre.htm |
| EX-10.3 - EXHIBIT 10.3 - NORTHERN OIL & GAS, INC. | exhibit103-thirdamendmentt.htm |
| 10-Q - 10-Q - NORTHERN OIL & GAS, INC. | nog-20180630x10q.htm |
Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
Northern Oil and Gas, Inc.
Year Ended December 31, | Six Months Ended June 30, 2018 | ||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Earnings (Deficit) Before Income Taxes | $ | 84,834,650 | $ | 263,112,945 | $ | (1,177,778,745 | ) | $ | (294,895,887 | ) | $ | (10,763,788 | ) | $ | (93,581,601 | ) | |||||||
Add: | |||||||||||||||||||||||
Fixed Charges | 38,688,300 | 46,517,384 | 59,869,939 | 64,854,615 | 70,450,324 | 45,591,817 | |||||||||||||||||
Subtract: | |||||||||||||||||||||||
Capitalized Interest | 5,976,981 | 4,409,544 | 1,506,172 | 356,196 | 147,775 | 73,235 | |||||||||||||||||
Total Earnings (Deficit) Before Fixed Charges | 117,545,969 | 305,220,785 | (1,119,414,978 | ) | (230,397,468 | ) | 59,538,761 | (48,063,019 | ) | ||||||||||||||
Fixed Charges | |||||||||||||||||||||||
Interest Expense | 32,709,056 | 42,105,676 | 58,360,387 | 64,485,623 | 70,286,341 | 45,510,134 | |||||||||||||||||
Capitalized Interest | 5,976,981 | 4,409,544 | 1,506,172 | 356,196 | 147,775 | 73,235 | |||||||||||||||||
Estimated Interest Component of Rent | 2,263 | 2,164 | 3,380 | 12,796 | 16,208 | 8,448 | |||||||||||||||||
Total Fixed Charges | 38,688,300 | 46,517,384 | 59,869,939 | 64,854,615 | 70,450,324 | 45,591,817 | |||||||||||||||||
Ratio of Earnings (Deficit) to Fixed Charges(1) | 3.0x | 6.6x | (18.7)x(2) | (3.6)x(2) | 0.9x(2) | (1.1)x(3) | |||||||||||||||||
_______________
(1) | The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges. |
(2) | Earnings were insufficient to cover fix charges by approximately $10.9 million for the year ended December 31, 2017. Earnings were insufficient to cover fixed charges by approximately $295.3 million and $1,179.3 million for the years ended December 31, 2016 and 2015, respectively, due primarily to a non-cash impairment charge. |
(3) | Earnings were insufficient to cover fix charges by approximately $93.7 million for the six months ended June 30, 2018 due primarily to a non-cash loss on the extinguishment of debt. |