EOG Resources, Inc. press release

EOG Resources Reports Second Quarter 2026 Results

2026-08-04

NYSE - New York Stock Exchange · Oil · Natural Gas · Natural Gas Liquids · United States · Corporate Finance

PR Newswire

HOUSTON, Aug. 4, 2026/PRNewswire/ -- EOG Resources, Inc. (EOG) today reported second quarter 2026 results. The attached schedules for the reconciliation of non-GAAP measures to GAAP measures, along with a related presentation, are also available on EOG's website at http://investors.eogresources.com/investors.

Second Quarter Highlights

Earned net income of $2.72 billion, or $5.15 per share, and adjusted net income of $2.68 billion, or $5.07 per share Delivered net cash provided by operating activities of $4.7 billion and adjusted CFO1of $4.4 billion Generated $2.8 billion of free cash flow Declared regular quarterly dividend of $1.02 per share Paid $540 million in regular dividends and repurchased $1.3 billion of shares Quarterly oil volumes of 548.8 MBod and total volumes of 1,410.4 MBoed Delivered lease & well and gathering, processing & transportation costs better than guidance midpoints Established UAE oil production with successful initial test

CEO Commentary "EOG delivered outstanding second quarter results, including record financial performance. Strong operational execution highlighted by LOE and GP&T costs below guidance midpoints coupled with higher oil prices drove this robust financial performance. In the second quarter, we generated $2.8 billion of free cash flow and returned $1.8 billion to shareholders through our regular dividend and share repurchases. Our cash return reflects the significant cash generation capacity of our business, the strength of our balance sheet, and confidence in our ability to drive further value creation.

We are well positioned to capture opportunities across commodity cycles. Our diversified asset portfolio spans oil, NGLs, and natural gas across unconventional and conventional resources, which we continue to strengthen through organic exploration. On that front, during the quarter, we established UAE oil production with successful test results from two one-mile lateral wells that averaged over 25,000 barrels of cumulative oil production per well for the first 30 days.

Our operating model maximizes the value of our low-cost, high-return inventory across multiple basins. Vertical integration and in-house technology support repeatable cost discipline, and our pricing exposure to premium markets drives strong realizations. Most importantly, our core competitive advantage, the unique EOG culture, allows our employees to innovate and operate at a high level, supporting efficient operations and long-term returns.

We executed strongly in the first half of 2026 and enter the second half with positive momentum. Based on current guidance, we expect to deliver 5% oil production growth and 14% total production growth this year. At the current forward strip, this performance is expected to drive substantial free cash flow for the full-year 2026, supporting opportunistic and disciplined cash returns to shareholders. We remain focused on sustainable value creation through industry cycles by being among the highest return and lowest cost producers."

Return of Capital The Board of Directors today declared a regular dividend of $1.02 per share on EOG's common stock. The regular dividend will be payable October 30, 2026, to stockholders of record as of October 16, 2026. The indicated annual rate is $4.08 per share.

During the second quarter, the company repurchased 9.6 million shares for $1,294 million under its share repurchase authorization, at an average purchase price of $135 per share. As of June 30, 2026, EOG had $11.7 billion remaining on its current repurchase authorization.

| Key Financial Results | | | | | | | In millions of USD, except per-share, per-Boe and ratio data | | | | | | | | | | | | | | GAAP | 2Q2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | | Total Revenue | 8,620 | 6,921 | 5,638 | 5,847 | 5,478 | | Net Income | 2,724 | 1,980 | 701 | 1,471 | 1,345 | | Net Income Per Share | 5.15 | 3.70 | 1.30 | 2.70 | 2.46 | | Net Cash Provided by Operating Activities | 4,669 | 2,966 | 2,612 | 3,111 | 2,032 | | Total Expenditures | 1,919 | 1,768 | 1,730 | 8,544 | 1,883 | | Current and Long-Term Debt | 7,926 | 7,931 | 7,936 | 7,694 | 4,236 | | Cash and Cash Equivalents | 4,907 | 3,849 | 3,396 | 3,530 | 5,216 | | Debt-to-Total Capitalization | 19.9 % | 20.4 % | 21.0 % | 20.3 % | 12.7 % | | Cash Operating Costs ($/Boe) | 10.57 | 10.45 | 10.28 | 10.50 | 10.05 | | | | | | | | | Non–GAAP | | | | | | | Adjusted Net Income | 2,683 | 1,825 | 1,222 | 1,472 | 1,268 | | Adjusted Net Income Per Share | 5.07 | 3.41 | 2.27 | 2.71 | 2.32 | | Adjusted CFO1 | 4,386 | 3,129 | 2,617 | 3,031 | 2,496 | | Capital Expenditures | 1,587 | 1,636 | 1,639 | 1,648 | 1,523 | | Free Cash Flow | 2,799 | 1,493 | 978 | 1,383 | 973 | | Net Debt | 3,019 | 4,082 | 4,540 | 4,164 | (980) | | Net Debt-to-Total Capitalization | 8.7 % | 11.7 % | 13.2 % | 12.1 % | (3.5 %) | | Cash Operating Costs ($/Boe)2 | 10.57 | 10.45 | 10.22 | 9.93 | 9.94 |

| Key Operational Results | | | | | | | | | | | | | | Volumes | 2Q2026 | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | | Crude Oil and Condensate (MBod) | 548.8 | 548.5 | 546.1 | 534.5 | 504.2 | | Natural Gas Liquids (MBbld) | 346.8 | 332.1 | 342.1 | 309.3 | 258.4 | | Natural Gas (MMcfd) | 3,089 | 3,020 | 3,065 | 2,745 | 2,229 | | Total Crude Oil Equivalent (MBoed) | 1,410.4 | 1,383.8 | 1,399.0 | 1,301.2 | 1,134.1 | | | | | | | | | Cash Operating Costs ($/Boe) | | | | | | | Lease & Well | 3.64 | 3.71 | 3.47 | 3.60 | 3.84 | | Gathering, Processing & Transportation Costs | 5.27 | 5.25 | 5.07 | 4.90 | 4.41 | | General & Administrative (GAAP) | 1.66 | 1.49 | 1.74 | 2.00 | 1.80 | | General & Administrative (Non-GAAP)2 | 1.66 | 1.49 | 1.68 | 1.43 | 1.69 | | Cash Operating Costs (GAAP) | 10.57 | 10.45 | 10.28 | 10.50 | 10.05 | | Cash Operating Costs (Non-GAAP)2 | 10.57 | 10.45 | 10.22 | 9.93 | 9.94 | | | | | | | | | Depreciation, Depletion & Amortization ($/Boe) | 9.81 | 9.58 | 9.53 | 9.77 | 10.20 |

| Second Quarter 2026 Results vs Guidance | | | | | | | | | | | | | | | | | | (Unaudited) | 2Q 2026 | 2Q 2026 Guidance Midpoint4 | Variance | 1Q 2026 | 4Q 2025 | 3Q 2025 | 2Q 2025 | | Crude Oil and Condensate Volumes (MBod) | | | | | | | | | United States | 546.2 | 546.5 | (0.3) | 546.5 | 544.5 | 532.9 | 503.1 | | Trinidad | 2.1 | 2.0 | 0.1 | 1.9 | 1.5 | 1.6 | 1.1 | | Other International5 | 0.5 | | | 0.1 | 0.1 | 0.0 | 0.0 | | Total | 548.8 | 548.5 | 0.3 | 548.5 | 546.1 | 534.5 | 504.2 | | Natural Gas Liquids Volumes (MBbld) | | | | | | | | | Total | 346.8 | 337.0 | 9.8 | 332.1 | 342.1 | 309.3 | 258.4 | | Natural Gas Volumes (MMcfd) | | | | | | | | | United States | 2,784 | 2,785 | (1) | 2,769 | 2,859 | 2,511 | 1,977 | | Trinidad | 293 | 250 | 43 | 239 | 195 | 230 | 252 | | Other International5 | 12 | | | 12 | 11 | 4 | 0 | | Total | 3,089 | 3,035 | 54 | 3,020 | 3,065 | 2,745 | 2,229 | | | | | | | | | | | Total Crude Oil Equivalent Volumes (MBoed) | 1,410.4 | 1,391.4 | 19.0 | 1,383.8 | 1,399.0 | 1,301.2 | 1,134.1 | | Total MMBoe | 128.3 | 126.6 | 1.7 | 124.5 | 128.7 | 119.7 | 103.2 | | | | | | | | | | | Benchmark Price | | | | | | | | | Oil (WTI) ($/Bbl) | 92.85 | | | 72.17 | 59.17 | 64.95 | 63.71 | | Natural Gas (HH) ($/Mcf) | 2.89 | | | 4.96 | 3.55 | 3.07 | 3.44 | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6($/Bbl) | | | | | | | | | United States | 5.33 | 5.75 | (0.42) | 0.31 | 0.37 | 1.02 | 1.13 | | Trinidad | (3.98) | (1.00) | (2.98) | (3.26) | (2.10) | (7.21) | (9.21) | | Other International | 10.55 | | | 16.95 | 4.81 | 0.00 | 0.00 | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | Total | 26.3 % | 27.0 % | (0.7 %) | 30.8 % | 35.7 % | 32.7 % | 35.6 % | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | United States | (0.12) | (0.15) | 0.03 | (1.21) | (0.61) | (0.36) | (0.57) | | Natural Gas Realizations ($/Mcf) | | | | | | | | | Trinidad | 3.99 | 3.75 | 0.24 | 3.91 | 3.94 | 3.80 | 3.65 | | Other International5 | 3.27 | | | 3.26 | 3.29 | 3.27 | 0.00 | | | | | | | | | | | Total Expenditures (GAAP) ($MM) | 1,919 | | | 1,768 | 1,730 | 8,544 | 1,883 | | Capital Expenditures (Non-GAAP) ($MM) | 1,587 | 1,625 | (38) | 1,636 | 1,639 | 1,648 | 1,523 | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | Lease and Well | 3.64 | 3.70 | (0.06) | 3.71 | 3.47 | 3.60 | 3.84 | | Gathering, Processing and Transportation Costs | 5.27 | 5.30 | (0.03) | 5.25 | 5.07 | 4.90 | 4.41 | | General & Administrative (GAAP) | 1.66 | | | 1.49 | 1.74 | 2.00 | 1.80 | | General & Administrative (Non-GAAP)2 | 1.66 | 1.50 | 0.16 | 1.49 | 1.68 | 1.43 | 1.69 | | Cash Operating Costs (GAAP) | 10.57 | | | 10.45 | 10.28 | 10.50 | 10.05 | | Cash Operating Costs (Non-GAAP)2 | 10.57 | 10.50 | 0.07 | 10.45 | 10.22 | 9.93 | 9.94 | | Depreciation, Depletion and Amortization | 9.81 | 9.70 | 0.11 | 9.58 | 9.53 | 9.77 | 10.20 | | | | | | | | | | | Expenses ($MM) | | | | | | | | | Exploration and Dry Hole | 77 | 65 | 12 | 68 | 54 | 71 | 85 | | Impairment (GAAP) | 19 | | | 39 | 689 | 71 | 39 | | Impairment (excluding certain impairments (Non-GAAP))8 | 19 | 80 | (61) | 39 | 43 | 71 | 28 | | Capitalized Interest | 38 | 37 | 1 | 37 | 36 | 27 | 11 | | Net Interest (GAAP) | 67 | | | 66 | 66 | 71 | 51 | | Net Interest (Non-GAAP)9 | 67 | 68 | (1) | 66 | 66 | 71 | 45 | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | | | | | | | | | (GAAP) | 6.6 % | | | 6.4 % | 6.3 % | 6.8 % | 7.3 % | | (Non-GAAP) | 6.6 % | 7.0 % | (0.4 %) | 6.4 % | 6.3 % | 6.8 % | 7.3 % | | Income Taxes | | | | | | | | | Effective Rate | 22.1 % | 22.5 % | (0.4 %) | 22.5 % | 22.8 % | 19.4 % | 23.2 % | | Current Tax Expense ($MM) | 429 | 575 | (146) | 557 | 293 | 75 | 301 |

| Third Quarter and Full-Year 2026 Guidance10 | | | | | | | | | | | | | | | | | | | | | 3Q 2026 | 3Q2026 | FY 2026 | FY 2026 | | | | | | (Unaudited) | Guidance Range | Midpoint | Guidance Range | Midpoint | | | | | | | | | | | | | | | | CrudeOilandCondensateVolumes(MBod) | | | | | | | | | | United States | 544.5 | - | 549.1 | 546.8 | 544.8 | - | 549.2 | 547.0 | | Trinidad | 1.5 | - | 1.9 | 1.7 | 1.5 | - | 1.9 | 1.7 | | Total | 546.0 | - | 551.0 | 548.5 | 546.3 | - | 551.1 | 548.7 | | NaturalGasLiquidsVolumes(MBbld) | | | | | | | | | | Total | 337.0 | - | 357.0 | 347.0 | 332.0 | - | 352.0 | 342.0 | | Natural Gas Volumes (MMcfd) | | | | | | | | | | United States | 2,800 | - | 2,900 | 2,850 | 2,760 | - | 2,860 | 2,810 | | Trinidad | 240 | - | 260 | 250 | 240 | - | 260 | 250 | | Total | 3,040 | - | 3,160 | 3,100 | 3,000 | - | 3,120 | 3,060 | | Crude Oil Equivalent Volumes (MBoed) | | | | | | | | | | United States | 1,348.2 | - | 1,389.4 | 1,368.8 | 1,336.8 | - | 1,377.9 | 1,357.3 | | Trinidad | 41.5 | - | 45.2 | 43.4 | 41.5 | - | 45.2 | 43.4 | | Total | 1,389.7 | - | 1,434.7 | 1,412.2 | 1,378.3 | - | 1,423.1 | 1,400.7 | | | | | | | | | | | | Crude Oil and Condensate - above (below) WTI6($/Bbl) | | | | | | | | | | United States | 0.90 | - | 2.40 | 1.65 | 1.25 | - | 3.25 | 2.25 | | Trinidad | (3.35) | - | (1.85) | (2.60) | (3.40) | - | (1.40) | (2.40) | | Natural Gas Liquids - Realizations as % of WTI | | | | | | | | | | Total | 23.0 % | - 33.0% | 28.0 % | 23.0 % | - 33.0% | 28.0 % | | | | Natural Gas - above (below) NYMEX Henry Hub7($/Mcf) | | | | | | | | | | United States | 0.15 | - | 0.85 | 0.50 | (1.10) | - | 0.90 | (0.10) | | Natural Gas Realizations ($/Mcf) | | | | | | | | | | Trinidad | 3.45 | - | 4.15 | 3.80 | 3.25 | - | 4.25 | 3.75 | | | | | | | | | | | | Capital Expenditures11($MM) | 1,600 | - | 1,700 | 1,650 | 6,300 | - | 6,700 | 6,500 | | | | | | | | | | | | Operating Unit Costs ($/Boe) | | | | | | | | | | Lease and Well | 3.55 | - | 4.05 | 3.80 | 3.55 | - | 4.05 | 3.80 | | Gathering, Processing and Transportation Costs | 5.15 | - | 5.65 | 5.40 | 5.10 | - | 5.60 | 5.35 | | General & Administrative | 1.35 | - | 1.65 | 1.50 | 1.40 | - | 1.70 | 1.55 | | Cash Operating Costs | 10.05 | - | 11.35 | 10.70 | 10.05 | - | 11.35 | 10.70 | | Depreciation, Depletion and Amortization | 9.50 | - | 10.50 | 10.00 | 9.40 | - | 10.40 | 9.90 | | | | | | | | | | | | Expenses ($MM) | | | | | | | | | | Exploration and Dry Hole | 45 | - | 85 | 65 | 235 | - | 275 | 255 | | Impairment (excluding certain impairments)8 | 70 | - | 150 | 110 | 190 | - | 370 | 280 | | Capitalized Interest | 36 | - | 40 | 38 | 147 | - | 151 | 149 | | Net Interest | 64 | - | 68 | 66 | 267 | - | 271 | 269 | | | | | | | | | | | | TOTI (% of revenues from sales of crude oil and condensate, NGLs and natural gas) | 5.8 % | - | 7.8 % | 6.8 % | 5.8 % | - | 7.8 % | 6.8 % | | | | | | | | | | | | Income Taxes | | | | | | | | | | Effective Rate | 20.0 % | - | 25.0 % | 22.5 % | 20.0 % | - | 25.0 % | 22.5 % | | Current Tax Expense ($MM) | 545 | - | 645 | 595 | 2,015 | - | 2,215 | 2,115 |

Second Quarter 2026 Results Webcast Wednesday, August 5, 2026, 9:00 a.m. Central time (10:00 a.m. Eastern time) Webcast will be available on EOG's website for one year. https://investors.eogresources.com/Investors

About EOG EOG Resources, Inc. (NYSE: EOG) is one of the largest crude oil and natural gas exploration and production companies in the United States with proved reserves in the United States and Trinidad. To learn more visit https://www.eogresources.com/

Investor Contacts Pearce Hammond 713-571-4684 Neel Panchal 713-571-4884 Shelby O'Connor 713-571-4560 Cameron Hughes 713-571-3724

Media Contact Kimberly Ehmer 713-571-4676

| Endnotes | | | 1) | Cash flow from operations before changes in working capital and certain acquisition-related costs. | | 2) | Cash Operating Costs consist of LOE, GP&T and G&A. Non-GAAP G&A excludes Encino acquisition-related G&A costs of $8 million for 4Q 2025, $68 million for 3Q 2025 and $12 million for 2Q 2025, as reflected in the accompanying reconciliation schedules (see "Revenues, Costs and Margins Per Barrel of Oil Equivalent"). The per-Boe impact of such Encino acquisition-related costs on G&A and total Cash Operating Costs for 4Q 2025 was ($0.06), for 3Q 2025 was ($0.57) and for 2Q 2025 was ($0.11) as set forth in "Second Quarter 2026 Results vs Guidance" above. | | 3) | Other includes gathering, processing and marketing revenue, gains (losses) on asset dispositions (for GAAP earnings per share only), other revenue, exploration costs, dry hole costs, impairments, marketing costs, taxes other than income, other income (expense), interest expense, the impact of changes in the effective income tax rate and the impact of share repurchases on diluted shares. | | 4) | GAAP and non-GAAP distinctions apply solely to actual results and do not pertain to EOG's second quarter 2026 guidance midpoint disclosures. | | 5) | Crude oil and condensate volumes are from UAE and Bahrain operations. Natural gas volumes are from Bahrain operations; natural gas realized price represents contract price less partner's processing and distribution costs. | | 6) | EOG bases United States, Trinidad, and Other International crude oil and condensate price differentials upon the West Texas Intermediate crude oil price at Cushing, Oklahoma, using the simple average of the daily settlement prices for the prompt-month NYMEX futures contract for each of the applicable calendar months. | | 7) | EOG bases United States natural gas price differentials upon the natural gas price at Henry Hub, Louisiana, using the NYMEX Last Day Settle price for each of the applicable months. | | 8) | In general, EOG excludes impairments which are (i) attributable to declines in commodity prices, (ii) related to sales of certain oil and gas properties or (iii) the result of certain other events or decisions (e.g., a periodic review of EOG's oil and gas properties or other assets). EOG believes excluding these impairments from total impairment costs is appropriate and provides useful information to investors, as such impairments were caused by factors outside of EOG's control (versus, for example, impairments that are due to EOG's proved oil and gas properties not being as productive as it originally estimated). Impairments (Non-GAAP) for 4Q 2025 are adjusted from Impairments (GAAP) for 4Q 2025 by excluding $646 million of impairments, primarily associated with the write-down to fair value of natural gas and crude oil assets in the Barnett Shale and Woodford Oil Window (mainly driven by play-specific economics and resource allocation). | | 9) | Net interest expense (Non-GAAP) excludes Encino acquisition-related financing commitment costs of $6 million in 2Q 2025. | | 10) | The forecast items for the third quarter and full year 2026 set forth above for EOG are based on currently available information and expectations as of the date of this press release. EOG undertakes no obligation, other than as required by applicable law, to update or revise this forecast, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise. This forecast, which should be read in conjunction with this press release and EOG's related Current Report on Form 8-K filing, replaces and supersedes any previously issued guidance or forecast. | | 11) | The forecast includes expenditures for Exploration and Development Drilling, Facilities, Leasehold Acquisitions, Capitalized Interest, Dry Hole Costs and Other Property, Plant and Equipment. The forecast excludes Property Acquisitions, Asset Retirement Costs, Non-Cash Exchanges and Transactions and exploration costs incurred as operating expenses. |

Cautionary Notice This press release and any accompanying disclosures may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, including, among others, statements and projections regarding EOG's future financial position, operations, performance, business strategy, goals, returns and rates of return, budgets, reserves, levels of production, capital expenditures, operating costs and asset sales, statements regarding future commodity prices, statements regarding the plans and objectives of EOG's management for future operations and statements and projections regarding the strategic rationale for, and anticipated benefits of, EOG's acquisition of Encino Acquisition Partners, LLC (Encino) are forward-looking statements. EOG typically uses words such as "expect," "anticipate," "estimate," "project," "strategy," "intend," "plan," "target," "aims," "ambition," "initiative," "goal," "may," "will," "focused on," "should" and "believe" or the negative of those terms or other variations or comparable terminology to identify its forward-looking statements. In particular, statements, express or implied, concerning (i) EOG's future financial or operating results and returns, (ii) EOG's ability to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control drilling, completion and operating costs and capital expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, other environmental matters or safety matters, pay and/or increase regular and/or special dividends or repurchase shares or (iii) the successful integration of Encino's assets and operations or the strategic rationale for, or anticipated benefits of, EOG's acquisition of Encino, in each case are forward-looking statements. Forward-looking statements are not guarantees of performance. Although EOG believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that such assumptions are accurate or will prove to have been correct or that any of such expectations will be achieved (in full or at all) or will be achieved on the expected or anticipated timelines. Moreover, EOG's forward-looking statements may be affected by known, unknown or currently unforeseen risks, events or circumstances that may be outside EOG's control. Important factors that could cause EOG's actual results to differ materially from the expectations reflected in EOG's forward-looking statements include, among others: