10-QPeriod: Q2 FY2026

EOG RESOURCES INC Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 4, 2026For Securities:EOG

Summary

EOG Resources, Inc. reported strong financial performance for the six months ended June 30, 2026, with total operating revenues increasing by 39% year-over-year to $15.54 billion. This growth was primarily driven by significantly higher realized prices for crude oil and condensate, which rose 24% to $85.38 per barrel, and increased production volumes across all product lines. Net income for the period was $4.70 billion, a substantial increase from $2.81 billion in the prior year period. The company also demonstrated robust operating cash flows of $7.64 billion, reflecting strong operational execution and favorable commodity price environments. EOG continues to prioritize returning capital to shareholders, with significant share repurchases and dividend payments. The company increased its share repurchase authorization to $20 billion and is committed to returning a minimum of 70% of net cash provided by operating activities to stockholders. The balance sheet remains strong, with a debt-to-total capitalization ratio of 20% as of June 30, 2026. The company is executing its 2026 capital expenditure plan, focused on high-return areas within the United States, and anticipates a roughly 14% increase in total production for the full year.

Key Highlights

  • 1Total operating revenues surged by 39% to $15.54 billion for the six months ended June 30, 2026.
  • 2Net income more than doubled to $4.70 billion for the six-month period, up from $2.81 billion in the prior year.
  • 3Average crude oil and condensate prices increased significantly by 24% to $85.38 per barrel for the first six months of 2026.
  • 4Production volumes increased across crude oil/condensate (+9%), NGLs (+36%), and natural gas (+42%) for the six-month period.
  • 5Net cash provided by operating activities was strong at $7.64 billion for the first six months of 2026.
  • 6EOG repurchased approximately $1.7 billion in common stock during the first six months of 2026 and maintained its commitment to returning capital to shareholders.
  • 7The company's debt-to-total capitalization ratio remained conservative at 20% as of June 30, 2026.

Frequently Asked Questions

The primary drivers of EOG's revenue growth were significantly higher realized prices for crude oil and condensate, which saw a 24% increase, coupled with substantial increases in production volumes across crude oil and condensate, natural gas liquids, and natural gas. Favorable commodity prices, particularly for crude oil and condensate, and operational efficiencies contributed to this strong performance.

EOG is actively returning capital to shareholders through regular dividends and significant share repurchases. The company increased its share repurchase authorization to $20 billion and is committed to returning a minimum of 70% of its annual net cash provided by operating activities (less capital expenditures) to stockholders. During the first six months of 2026, EOG repurchased approximately $1.7 billion of its common stock.

For the full year 2026, EOG anticipates an approximate 14% increase in total crude oil, NGLs, and natural gas production compared to 2025. The company plans to invest between $6.3 billion and $6.7 billion in capital expenditures, focusing on high-return areas within the United States, particularly the Delaware Basin, Utica, and Eagle Ford plays.

EOG maintains a strong balance sheet with a conservative capital structure. As of June 30, 2026, the company's debt-to-total capitalization ratio was 20%. The company has significant liquidity, with $4.9 billion in cash and cash equivalents and an undrawn $3.0 billion revolving credit facility, providing flexibility for its operations and capital return initiatives.