EOG Resources, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance

• Total operating revenues for Q3 2026 were $8,549 million, compared to $5,847 million in Q3 2025.
• Net income for Q3 2026 was $2,781 million, an increase from $1,471 million in Q3 2025.
• Diluted earnings per share (EPS) for Q3 2026 were $5.33, up from $2.70 in Q3 2025.
• Adjusted Net Income (Non-GAAP) for Q3 2026 was $2,540 million, compared to $1,472 million in Q3 2025.
• Adjusted Net Income per share (Non-GAAP) for Q3 2026 was $4.87, compared to $2.71 in Q3 2025.
• Net cash provided by operating activities for Q3 2026 was $3,813 million, compared to $3,111 million in Q3 2025.
• Free Cash Flow (Non-GAAP) for Q3 2026 was $2,176 million, compared to $1,383 million in Q3 2025.
• Total capital expenditures (Non-GAAP) for Q3 2026 were $1,597 million, compared to $1,648 million in Q3 2025.
• Cash and cash equivalents at September 30, 2026, were $5,747 million.
• Net Debt-to-Total Capitalization ratio (Non-GAAP) was 6.2% at September 30, 2026, down from 12.1% at September 30, 2025.
• Composite average realized price per Boe for Q3 2026 was $48.05, compared to $38.05 in Q3 2025.
• Composite average margin per Boe (including Total Exploration Costs) for Q3 2026 was $23.40, compared to $13.42 in Q3 2025.
• Cash operating costs (Non-GAAP) for the full year 2025 were $10.09 per Boe.

Business Segments and Product Lines

• Crude oil and condensate volumes averaged 550.4 MBod in Q3 2026, up from 534.5 MBod in Q3 2025.
• Natural gas liquids volumes averaged 357.1 MBbld in Q3 2026, up from 309.3 MBbld in Q3 2025.
• Natural gas volumes averaged 3,153 MMcfd in Q3 2026, up from 2,745 MMcfd in Q3 2025.
• Total crude oil equivalent volumes averaged 1,433.1 MBoed in Q3 2026, up from 1,301.2 MBoed in Q3 2025.
• United States crude oil and condensate volumes averaged 547.7 MBod in Q3 2026, up from 532.9 MBod in Q3 2025.
• United States natural gas volumes averaged 2,882 MMcfd in Q3 2026, up from 2,511 MMcfd in Q3 2025.
• Gathering, processing, and marketing revenues were $1,846 million in Q3 2026, compared to $1,178 million in Q3 2025.
• Gains on asset dispositions were $242 million in Q3 2026, compared to a loss of $18 million in Q3 2025.

Other Key Points

• Dividends declared per common share were $1.02 in Q3 2026, compared to no dividend declared in Q3 2025.
• Treasury stock purchased totaled $1,063 million in Q3 2026, compared to $479 million in Q3 2025.
• The company recorded $24 million in impairments in Q3 2026, compared to $71 million in Q3 2025.
• Acquisition-related costs were not present in Q3 2026, whereas Q3 2025 included $68 million in Encino acquisition-related G&A costs.
• The company excluded $657 million in impairments from its Non-GAAP results for the full year 2025, primarily associated with the Barnett Shale and Woodford Oil Window.
• Net interest expense was $67 million in Q3 2026, compared to $71 million in Q3 2025.
• The effective income tax rate for Q3 2026 was 22% (imputed for variance analysis), with a GAAP effective rate of 21.7% for the full year 2025.
• Total expenditures (GAAP) for Q3 2026 were $1,871 million, compared to $1,492 million in Q3 2025.