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How Northern Oil & Gas (NOG) makes money

Northern Oil & Gas (NOG) made $346M of revenue in the third quarter 2026 (Q3 2026), -38% from a year earlier.

Drawing the Sankey…

Northern Oil & Gas revenue by quarterNorthern Oil & Gas revenue by quarter$602MQ1 2025$707MQ2 2025$557MQ3 2025$610MQ4 2025$5.0MQ1 2026$745MQ2 2026$346MQ3 2026
Northern Oil & Gas: where each dollar of revenue goesNorthern Oil & Gas: where each dollar of revenue goesOperating cash flow115¢Free cash flow43¢

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$346M100.0%
Operating cash flow$398M115.0%
Free cash flow$149M42.9%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$346M-38%
Q2 2026$745M+5%
Q1 2026$5.0M-99%
Q4 2025$610M+18%
Q3 2025$557M-26%
Q2 2025$707M+26%
Q1 2025$602M+52%

From Northern Oil & Gas' 10-Q filed Nov 6, 2026 (on EDGAR).

Questions

How does Northern Oil & Gas make money?

Northern Oil & Gas (NOG) made $346M of revenue in the third quarter 2026 (Q3 2026), -38% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.